Should I get a credit card? It also earns 1% cash back on all other purchases. It offers 5% back on all purchases and has a $0 annual fee. However, keep in mind that this is deferred-interest financing, not 0% APR financing. ), and somehow still sports a $0 annual fee. NerdWallet reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with NerdWallet. When evaluating offers, please review the financial institutions Terms and Conditions. Even with those limitations, though, the card can still deliver outstanding savings on home improvement spending at Lowe's. There is also a business Lowe's credit card that is issued by American Express, and several forms of Lowe's business accounts. If you shop at Lowe's, or are planning to do some major home improvements, there are certainly some good reasons to add the Lowe's credit card to your wallet. , offered by the biggestname in the home improvement game. If you want a card that can be used at more than one place, try the Discover it Cash Back, which offers 5% cash back in rotating, quarterly categories on up to $1,500 in purchases each quarter, and 1% cash back on all other purchases. These payments will be included in your minimum amount due every month. Claire Tsosie is an assistant assigning editor for NerdWallet. It also earns 1% cash back on all other purchases. But in ahead-to-head comparison, the. The card also offers 3% cash back on a category of your choice from a list ("home improvement and furnishings" is an option) and 2% cash back at wholesale clubs and grocery stores, on up to $2,500 in category/wholesale club/grocery store rewards each quarter. This one is rather obvious but is worth mentioning. Read more. For you to qualify for a Lowes credit card, your credit score has to be average, meaning at least 580 or more before applying. New cardholderoffer:When you're approved, you'll receive a coupon good for 20% off your first purchase (maximum savings: $100). You can unsubscribe at any time. Purchases of $299 and up are eligible for special financing. Lowe's actually does a hard pull when checking your credit. You can get six months of deferred-interest special financing on purchases of $299 or more, or up to 24 months for certain promotions, and you get a year to make returns as opposed to the usual three months. The Lowe's Consumer Credit Card from Lowe's Companies Inc. (LOW) offers customers financing and special perks on home improvement products at Lowe's Activation is required. We do not recommend getting a credit card if you: Have no emergency fund. There's a sign-up bonus, too. A good APR for a credit card is one below the current average interest rate, although the lowest interest rates will only be available to applicants with excellent credit. Like most national retailers, Lowe's has a co-branded credit card product its customers can obtain, called the Lowe's Advantage Card. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews. Both Lowe's and Home Depot will knock up to 20% off the price of top-of-the-line appliances during sales. These are available on purchases of $2,000 or more on the Lowe's Advantage Card, and to be perfectly clear, project financing needs to be requested -- it isn't automatic. This causes your score to drop. We do receive compensation from some partners whose offers appear on this page. Not everyone is accepted for a 0% credit card, so you should also use our Eligibility Checker to find out what cards youre likely to get. This information may be different than what you see when you visit a financial institution, service provider or specific products site. Considering that the Lowe's Advantage Card's standard APR is 26.99% as of this writing, this benefit can be far more valuable over a six-month period than the discount. It's not uncommon for cash-back credit cards to give introductory bonuses worth $100 or more after as little as $500 in spending. If you need more time to pay off a big purchase than the six months of "special financing" offered by the Lowe's Advantage Card, consider this option. The offer is available through July 31, 2020. And that's about it. But then you get another credit card with a $1,000 limit, increasing your available credit to $2,000. With this option, you pay for the purchase in fixed monthly installments (each of which, Lowe's says, is equal to about 1.56% of the initial purchase price). Do not You get an automatic 5% discount on almost everything in the store. As long as you pay them off each month, credit cards are a no-brainer for savvy Americans. It's more difficult for young adults under age 21 to get a credit card on their own since federal law now requires credit card issuers to verify their personal income before granting a credit card. You want the 5% discount and plan to pay your entire statement balance in full each month; You like the special financing terms, and are confident that you can pay the entire balance during the promotional period; You want to finance a high-cost home improvement project with a low fixed interest rate. If you do decide to get a joint credit card, make sure youre both on the same page on what this will entail. All rights reserved. What do I need to qualify for the Lowes credit card? Because the credit limit isn't going to be very high, there is only so much damage that you're going to be able to do. Here's a rundown of the benefits and drawbacks of the Lowe's Advantage Card, as well as some alternatives you may want to consider. Also, you can't stack this on top of other discount programs (e.g., military, employee, low-price guarantee), and you don't get 5% off if you're using a coupon for a product. Enjoy everyday savings of 5% off* your eligible purchase or order when charged to your Lowe's account. NerdWallet's ratings are determined by our editorial team. The Lowe's Advantage Card comes out ahead of The Home Depot Consumer Credit Card, since it has a consistent everyday discount and longer financing options. The automatic discount can easily save you hundreds of dollars on a big project. Issued by store credit card giant Synchrony Financial, the Lowe's Advantage Card offers some pretty valuable perks. But with so many cards out there, you need to choose wisely. The Ascent does not cover all offers on the market. Scores in the 600-850 range are most likely to be approved. The best credit card for you will depend on whether youll be able to pay off the balance each month, so make sure youre able to do this to avoid incurring interest on your debt. We have not reviewed all available products or offers. Lowes Accounts Receivable Business Credit Card is very similar to the Business Account card; youll collect 5% off every eligible Lowes purchase without any special financing options. Should Your Kid Get a Credit Card? Alternate Pick: 0% APR + up to 3% cash back. Thats why our expert who has reviewed hundreds of cards signed up for this one personally. The Home Depot Consumer Credit Card offers no ongoing purchase benefits at all no discount, no rewards. could be a great pick. It comes with an intro APR period. is a closed-loop card, which means you can use it only at Lowe's. A card that offers a true. The Lowe's Advantage Card is truly a store credit card. The Lowe's credit card is a very tempting card for DIY'ers who shop at Lowe's regularly. This is about 10 percentage points above the U.S. average credit card APR. That makes it easy to pull ahead in savings, even if you don't use it for a time say, when you're between remodeling projects. The minimum payments on a starter credit card usually are around $15 per month. No, a My Lowes card is not the same as a Lowes Advantage Credit Card. This card gets you a 5% discount at Lowe's on all eligible purchases. Installment financing comes with interest charges, and deferred interest offers can hit you with huge fees if they aren't paid in full before the terms expire. Discover will automatically match all the cash back youve earned at the end of your first year! could be a better option, since it gives you a break on interest and doesn't surprise you with big charges if there's a balance when the promotion ends. is such a better product that it's not even a competition. But thats only good for three months at a time, and is set to run out June 30th. And it can't be combined with the 5% everyday discount. The Lowe's Advantage Card is truly a store credit card. ), This card gets you a 5% discount at Lowe's on all eligible purchases. He has worked at USA Today and the Des Moines Register and has an MBA. Purchases of $2,000 or more are eligible for 84 months of installment financing at a lower APR of 7.99%. TheLowe's Advantage Card is a closed-loop card, which means you can use it only at Lowe's. While you can apply for the Lowe's card online, it's Customers who charge Lowe's purchases to the card can choose between a strong everyday discount, or special financing terms, and the card has no annual fee. TheLowe's Advantage Card comes with your choice of a deferred interest offer or installment financing, but neither of these options is a true 0% APR offer. Enjoy 6 months Special Financing** on each qualifying purchase. Activation is required. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.
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