Lowe’s Credit Card Review: Who Should Get It And Why?

Lowe’s Credit Card Review: Who Should Get It And Why?

This post may contain affiliate links, which means I might make a small commission at no additional cost to you.

Hardware store purchases are so expensive! So we’re taking a look at the Lowe’s credit card to see if we can save extra money with this card.

We took a look at the Lowe’s credit card to analyze who the card is useful for and who should stay away. At the end of this post, we have other tips for saving money on home improvement and Lowe’s purchases.

Who Is The Lowe’s Credit Card Good For?

The Lowe’s credit card is best for 2 groups of people: contractors who are buying a lot of home supplies and homeowners who are doing a lot of renovation and home improvement work.

Types Of Lowe’s Credit Cards

Lowe’s has one credit card for personal use and four credit cards for business use.

Personal Use:

  • Lowe’s Advantage Credit Card

Business Use:

  • Lowe’s Business Account
  • The Lowe’s Accounts Receivable
  • Lowe’s Business Rewards Card From American Express
  • Lowe’s 5% Statement Credit

If you’re looking for a Lowe’s Business card, check them out here. We only really recommend these cards for contractors or other businesses that use home improvement stores heavily. The personal Lowe’s credit card is located here.

The Basics: Lowe’s Credit Card Main Advantages And Benefits

You get a $30 coupon off of your first purchase with the Lowe’s credit card.

You get the choice of 3 main advantages with the Lowe’s credit card:

  • 5 percent off on all purchases
  • 6 months of special financing (with options of 12,18, or 24-month financing)
  • Project financing

The card has a $0 annual fee, so it won’t cost you anything to keep it. The APR is at least 26.99%, which is very high.

The late payments penalty is $27 and if you’ve had a previous late payment in the last 6 months, you’ll pay $38 for the late fee instead.

You can apply for the Lowe’s credit card online or in person. The application asks for basic information — anytime you apply for a credit card you’re asked for your name, address, social security, income, etc.

Lowe's credit card DIY tools

Which Benefit Should You Use For The Lowe’s Credit Card?

I don’t know about you, but anytime I head to a home improvement store, I realize how expensive tools and furnishings are.

5 percent off a large purchase is a great discount for home improvement items you can’t buy for cheaper anywhere else. Things like grout, specific tiles, etc. Basically things you can’t buy secondhand on the market.

I would take the 5 percent off versus going for financing because a 5 percent discount is better than 0 percent financing for a few months. If you don’t have enough to buy the item currently, start saving up in a high-yield savings account for a few months until you have enough.

High-Yield savings accounts currently have interest rates of 2.25 percent, so you’ll earn even more of a “discount” by keeping your money in there until you have enough for your home improvement purchase.

Lowe’s Credit Card Financing Benefits

The Lowe’s Credit Card offers different levels of 0 percent financing depending on how much your purchase is.

You need to spend a minimum of $299 for 6-month financing. If you want 12-month financing you’ll need to spend $299-$998.99, for 18-month financing you need to spend $999-$1998.99, and for 24-month financing, you’ll need to spend $1,999 or more.

If you spend more than $2,000, you can choose between:

  • 36 months of monthly payments at 3.99 percent
  • 60 months of monthly payments at 5.99 percent
  • 84 months of monthly payments at 7.99 percent

Obviously, the best choice is to get the 5 percent discount or even 0 percent financing. But if you’ve fallen on hard times (and absolutely need the item) and are unable to do either, either consider these rates or check out a personal loan to see if you can beat these rates. The Lowe’s credit card financing rates for these deals are definitely better than normal credit card APRs, but a personal loan might still beat these rates.

If you do choose the financing option, be aware the that minimum payment on your statement will not allow you to pay off your Lowe’s credit card in the period you chose. Do the math with a calculator to make sure you’ll pay it off in time. Even $1 short will have you on the hook for the entire deferred interest!

Lowe’s Credit Card Deferred Interest

If you need financing, keep in mind that if you don’t pay off your entire balance by the time your financing period is over, you’re going to be hit with all the entire amount of interest on the full balance of your purchase.

For example, let’s say the APR on the Lowe’s credit card was 26.99 percent and you bought something for $900. If you only pay off $899 during your 12 month financing period, you’ll need to pay at least $242.91 in interest ($900*26.99%), even if you don’t pay off just that $1. That’s a crazy penalty, so be ultra careful to pay off the entire amount by the end of the period!

The penalty is based on the purchase price, not the amount you haven’t paid off yet, so make sure you finish paying your purchase off by the end of the financing period or you’ll get hit with some insane interest!

Lowe's credit card: Drills, paint, and beer?

Other Lowe’s Credit Card Benefits

Lowe’s Credit Card Weekly Savings Coupons And Deals

The Lowe’s credit card has special coupons and deals through the Lowe’s site that aren’t available to normal shoppers. Make sure to check it out if you’re in the middle of a home renovation or looking to see what kind of deals they offer for future comparison.

Lowe’s Credit Card Free Shipping

You get one to three-day free shipping on some purchases with no minimum required. Kind of like Amazon Prime, but free!

Lowe’s Credit Card: The Disadvantages

Higher Discounts Elsewhere

The Lowe’s credit card does give you a great discount if paid in full, but check out other gift card resale sites to see if they give you more than 5 percent off.

You want to be careful when you buy second-hand gift cards online. Make sure the company you’re buying them from stands behind them! We’ve bought gift cards from the below retailers safely and checked their reviews online to make sure they’re trustworthy.

Check out the below second-hand gift card sites:

For example, see the gift card sites above that offer higher discounts than 5 percent. If you’re going to purchase gift cards, use a cashback credit card and online cashback site to triple dip on your cashback and discounts.

Cheaper Ways To Buy Materials Sometimes

Check out these places first to see if you can get home improvement materials for cheaper:

Lowe’s Credit Card Vs Home Depot Credit Card

One big benefit the Lowe’s credit card has versus the Home Depot credit card is that the Lowe’s credit card gives you 5 percent off and the Home Depot does not. As we stated, 5 percent is a huge discount considering how much people spend on home improvement.

The Home Depot APR is between 17.99% to 26.99% , which is better than the Lowe’s credit card of a minimum of 26.99%. However, remember that interest is costly and you should always pay off your balance in full each month, so it’s not a good idea to get a credit card based on the lowest APR.

Lastly, the Home Depot credit card offers an extra benefit of a one-year return policy for anything purchased as long as it’s not excluded in Home Depot’s return exclusion policy. The Lowe’s credit card does not offer an extended warranty.

Lowe’s Credit Card Exceptions

Though there are ways to stack cash back, discounts, and promo codes, the Lowe’s credit card doesn’t allow you to stack the 5 percent discount with other kinds of discounts, including:

  • Any other coupon
  • Military Discount
  • Employee Discount
  • Low Price Guarantee
  • Volume or Special discount programs
  • Manager discretion price adjustments
  • Contractor Packs
  • Or any other offer that says it cannot be used for specifically

The Lowe’s credit card also doesn’t stack with the following product categories:

  • Gift Cards (so make sure to use a cashback credit card and cashback site to go around this)
  • Extended protection/replacement warranty plans
  • Shipping/Delivery/Assembly charges
  • Specific brands (Currently it is: NXR, AGA, MARVEL, Bosch Benchmark, Heartland, ICON, Fisher & Paykel, Monogram, SMEG, and Liebherr, Weber, or Kichler – check the full list at the bottom here)
  • Taxes

Lowe's credit card , save money on paint!

Lowe’s Credit Card Alternatives

The Lowe’s credit card is great if you’re looking to purchase home improvement purchases, but isn’t the best card for overall cashback.

If you’re looking for a great card that gives you a cash sign up bonus and pays you in cashback for every purchase you make, check out our favorite options here.

How To Apply For The Lowe’s Credit Card

You can either apply for the Lowe’s credit card online or in person at the Lowe’s store.

You must be 18 or older to apply for a Lowe’s credit card.

Lowe’s has been known to give instant approvals or make you wait 7-10 days, though a decent credit score is required.

How To Manage Your Lowe’s Credit Card Account

You can manage your account online through the Lowe’s Advantage website.

You have the option to pay your monthly bill, check the activity in your account, get special offers and promotions, and opt to receive a digital statement instead of paper.

Other Ways To Save On Lowe’s Purchases

Getting Lowe’s Cash Back

There are many cash back portals that give you a percentage of your purchase back. For Lowe’s, we recommend taking a look at Ebates [$10 Bonus] and BeFrugal [$10 Bonus] as they tend to have the highest cashback rates.

 Getting Lowe’s Gift Cards

There are entire websites dedicated to reselling gift cards. If you’re looking for Lowe’s gift cards, check out Cardpool and Raise. These are the main gift card reseller sites. Each site will have a different discount on the gift cards, so look at all of them and compare the percentage off before you buy. It’s important to note that these all offer money back guarantees if there is something wrong with the card. Other sites might not offer the same guarantee.

Lowe’s Price Match

Lowe’s does do price match, but you can’t stack that with the 5 percent discount or other offers.

Retail Store Credit Card FAQs

Can I Use The Lowe’s credit card At Another Store And Get The Same Benefits?

No, you only get the benefits if you shop at Lowe’s. Many retail stores have their own cards and give out small benefits.


Author: Olivia

Olivia worked in finance and wants you to learn the secrets of financial independence. She believes there are so many ways to monetize your life and make money doing the things you're already doing because so many companies offer free money.

The average savings account rate is 0.1%. The big banks have incredibly low savings accounts rates. CIT Bank offers a 1.75% savings account. You can open an account with just $100 and no monthly fees or charge . Tired of being charged fees and getting peanuts in interest at your current bank? Open a CIT Bank savings account in less than 15 minutes online.

If you have a car, Rideshare apps allow you to pick a direction you want to go twice a day, so you can get extra money going somewhere you were driving to anyway at least twice a day. Get a $300 sign-up bonus with Lyft.

One of my favorite ways ways of monetizing my life is via credit card bonuses with cards that give you cashback or rewards. Check out our review of the Chase Sapphire cards, which give you at least $500 in cash or $625 in travel credit.

Leave a Reply

Your email address will not be published. Required fields are marked *