Citi® Double Cash Card – 18 month BT offer, 0% intro APR on Balance Transfers for 18 months, 0% intro APR for 14 months on purchases and balance transfers, Get more smart money moves — straight to your inbox. 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. (This is a, offer, which means interest is still being calculated on the purchase. NerdWallet reviews are the result of independent research by our editorial team while cardholder reviews are contributions from independent users not affiliated with NerdWallet. Most store credit cards don't charge an annual fee, and the Lowe's Advantage Card is no exception. Purchases of $299 and up are eligible for special financing. And because the discount is taken instantly at purchase, you get rewarded right away; there's no waiting to collect points. Not everyone is accepted for a 0% credit card, so you should also use our Eligibility Checker to find out what cards you’re likely to get. So how do we make money? Enjoy 6 months Special Financing** on each qualifying purchase. It offers 5% back on all purchases and has a $0 annual fee. After using the card into the second cycle (charged $150 in split charges and paid off quickly) I used the on-line chat. You also won’t get 5% discounts on purchases when you opt for these financing offers. If you do decide to get a joint credit card, make sure you’re both on the same page on what this will entail. Enjoy up to 84 fixed monthly payments with reduced APR financing until paid in full when you use the Lowe’s Advantage Credit Card on any purchase $2,000 or more. The Lowe's Credit Card is one of the best store credit cards on the market right now. Claire Tsosie is an assistant assigning editor for NerdWallet. Everything You Need to Know About Savings, Copyright, Trademark and Patent Information. 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. You can change your category selection up to once a month. All rights reserved. offers no ongoing purchase benefits at all — no discount, no rewards. When you consider that pricing reviews have found that the two chains are roughly equivalent in terms of cost, the. Discover will automatically match all the cash back you’ve earned at the end of your first year! Plan on living beyond your means. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Our partners compensate us. Unlike with most credit cards, the Lowe's Advantage Card comes with a sign-up bonus you can get right away: When you're approved, you'll receive a coupon good for 10% off your first purchase (maximum savings: $100). Pre-qualified offers are not binding. So, unless you take advantage of one of the special financing deals I mentioned or pay your bill in full every month, the Lowe's Advantage Card can become an expensive way to pay for purchases, even considering the 5% discount. of dollars in rewards back in your pocket each year. There are some downsides to consider as well, as the card isn't the best choice for everyone. It's a 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. The Lowe's Advantage Card has an above-average interest rate. "Home improvement stores" was a bonus category during one quarter of 2014, 2015, 2016 and 2017. 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. Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love. Users who post a review directly on the NerdWallet site will not be compensated in any way. Discover will automatically match all the cash back you’ve earned at the end of your first year! You’ve heard you should keep your credit card utilization under 30%. New cardholder offer: When you're approved, you'll receive a coupon good for 20% off your first purchase (maximum savings: $100). Its rewards include up to 3% cash back at home improvement stores. Home Depot's annual sales are higher than Lowe's, so you might expect its credit card to offer richer perks, too. Issued by store credit card giant Synchrony Financial, the Lowe's Advantage Card offers some pretty valuable perks. 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. Here are some of the major negative factors to keep in mind when deciding whether or not to apply for the Lowe's Advantage Card. It is not part of a major credit card network, such as Visa or Mastercard, and can therefore only be used for Lowe's purchases. So, a 5% rewards rate on purchases is rather competitive. The Ascent is reader-supported: we may earn a commission from offers on this page. If you want a card with rewards and advantages like 5% off* when you shop, or six months Special Financing** on purchases of $299 or more, or 84 fixed monthly payments with reduced APR † financing on purchases of $2,000 or more, a Lowe’s Advantage Credit Card may be right for you. For those who spend plenty at Lowe's and want top-notch savings on those purchases, the Lowe's Advantage Card is a standout choice. 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. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Lowe's Advantage Card customers also have the ability to request "project financing," which provides extended, low-APR repayment terms. When evaluating offers, please review the financial institution’s Terms and Conditions. Interest rate: The ongoing APR is 26.99% Variable. Furthermore, shopping with a store-branded credit card will save you 5% at Lowe's. How to Protect Yourself from Credit Card Fraud. Here is a list of, Prevent identity theft, protect your credit, The difference between term and whole life insurance, How medical conditions affect your life insurance rate. With deferred-interest financing, if you don't pay the balance in full before the promotional period ends (within six months, in this case), interest will be charged to your account retroactively from the date of the purchase. New cardholders get 0% intro APR for 12 billing cycles on purchases and on balance transfers made within 60 days of account opening, and then the ongoing APR of 13.99% - 23.99% Variable APR, as well as a sign-up bonus that could be pretty easy to attain with the spending from a DIY project. 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. INTRO OFFER: Unlimited Cashback Match – only from Discover. And that's about it. Copyright © 2018 - 2021 The Ascent. What do I need to qualify for the Lowe’s credit card? If you could just as easily go to Lowe's as Home Depot, then consider getting this card and pledging your allegiance. Here’s why it’s important and how you could do it. That makes it one of the most, rewarding credit cards for home improvement purchases. To be clear, this isn't cash back, but it's effectively the same thing. The automatic discount can easily save you hundreds of dollars on a big project. There's a sign-up bonus, too. Like most national retailers, Lowe's has a co-branded credit card product its customers can obtain, called the Lowe's Advantage Card. Customers can get 5% off all purchases on their cards, on top of any other applicable discounts. Bank of America® Cash Rewards credit card. Explore the best credit cards in every category as of February 2021. 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 … ), and somehow still sports a $0 annual fee. While there are certainly some good reasons to use the Lowe's credit card, like most credit card products, there are a few notable drawbacks as well. Scores are great, lots of inquiries. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. As of this writing, Lowe's said this offer was good through Jan. 31, 2022. If you have 0% APR financing, interest will only begin accumulating after the no-interest period expires. Those high-value discounts make it a compelling choice not just for loyal Lowe's customers, but also for those who spend heavily on home improvement elsewhere and could easily shift that spending to Lowe's. We do not recommend getting a credit card if you: Have no emergency fund. When you consider that pricing reviews have found that the two chains are roughly equivalent in terms of cost, the Lowe's Advantage Card is such a better product that it's not even a competition. could be a great pick. He has worked at USA Today and the Des Moines Register and has an MBA. I breakdown the pros and cons of the card and how to maximize your savings. Should Your Kid Get a Credit Card? A card that offers a true 0% intro APR period 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. However, there is a business version of the Lowe's credit card that is issued by American Express and can be used everywhere Amex cards are accepted. While the exact offers for the Lowe's Advantage Card change, they are usually in the ballpark of $25 off the first purchase with the card. He writes personal finance and investment advice, and in 2017 he received the SABEW Best in Business Award. It comes with an intro 0% intro APR for 14 months on purchases and balance transfers, and then the ongoing APR of 11.99% - 22.99% Variable APR. Note: This is about the Lowe's Advantage Card, which is the personal (non-business) version of Lowe's co-branded credit card products. Although it might not seem like a priority, getting your child a credit card helps them build credit history. That sounds like a More on that later, but among the exceptions: You won't get this discount on purchases if you use special financing or installment financing offers on the card. We do receive compensation from some partners whose offers appear on this page. comes with a sign-up bonus you can get right away: When you're approved, you'll receive a coupon good for 10% off your first purchase (maximum savings: $100). You spend a lot of time overseas Using a standard credit – or debit – card when you go abroad can be expensive, as many charge fees … This causes your score to drop. But with so many cards out there, you need to choose wisely. This applies to most items in the store, but not all. You can change your category selection up to once a month. Pre-qualified offers are not binding. available. During a recent app spree I got the Lowe's card with a $2,400 limit. Choosing between the Lowe’s Consumer Credit Card and the Home Depot Consumer Credit Card will depend on your individual situation, but both cards offer good financing options for loyal customers. The Home Depot Consumer Credit Card offers no ongoing purchase benefits at all — no discount, no rewards. Do not The Lowe's Advantage Card has no annual fee, so it won't cost you anything on an ongoing basis to take advantage of the card's benefits. The My Lowe’s card is a tool to help customers manage their home improvement projects. Now, your $900 balance accounts for only 45% of your total credit ($900/$2,000). It's not uncommon for cash-back credit cards to give introductory bonuses worth $100 or more after as little as $500 in spending. Her work has been featured by Forbes, USA Today and The Associated Press. The offer is available through July 31, 2020. . INTRO OFFER: Unlimited Cashback Match – only from Discover. But that’s only good for three months at a time, and is set to run out June 30th. It’s generally harder to get a credit card if your FICO score is below 580. The annual fee is $0. Please read our Privacy Statement and Terms & Conditions. The Lowe's Advantage Card is a closed-loop card, which means you can use it only at Lowe's. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. The Bank of America® Cash Rewards credit card could be a great pick. Get Everyday Advantages With the Lowe’s Advantage Card Thinking about applying for the Lowe’s Advantage Card? NerdWallet strives to keep its information accurate and up to date. Tackle your next project with Lowe’s financing options. You can't use it at, say, a restaurant, grocery store or other places that take credit cards. These rates are spelled out in the credit card's terms and conditions, so be sure to review them. When you're approved, you'll receive a coupon good for 20% off your first purchase (maximum savings: $100). Why get the Lowe’s Consumer credit card? That makes it one of the most rewarding credit cards for home improvement purchases available. If you want a card that can be used at more than one place, try the, , 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. If you can qualify for a co-branded card, their flexibility can often help you rack up rewards faster. should be in your wallet. . The Lowe's Advantage Credit Card is reported to be among the more difficult store cards to get, generally preferring applicants with "fair" credit or better (FICO scores above 620). You get an automatic 5% discount on almost everything in the store. The minimum payments on a starter credit card usually are around $15 per month. You’re a do-it-yourselfer who wants access to promotional financing for those big home renovation projects. Before you apply for a personal loan, here's what you need to know. Explore our picks of the best brokerage accounts for beginners for February 2021. There's a sign-up bonus, too. There is also a business Lowe's credit card that is issued by American Express, and several forms of Lowe's business accounts. By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. 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. What’s the best store credit card to get? If you're a regular Lowe's customer already, then the. You can't use it at, say, a restaurant, grocery store or other places that take credit cards. It comes with an intro, 0% intro APR for 14 months on purchases and balance transfers, and then the ongoing APR of 11.99% - 22.99% Variable APR. Lowe’s also offers a PreLoad Card that allows you to use flexible funding from a checking, credit, debit or bank account. 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. Click here to get free access to our expert’s top pick. It also earns 1% cash back on all other purchases. There’s no minimum spending or maximum rewards. According to the Federal Reserve, the average interest rate for U.S. credit cards has … You'd be hard-pressed to find similar value on other cards. How To Pre-Qualify For A Lowes Credit Card You can find out if you prequalify for a Lowe's Advantage Card by applying on their website. Our partners cannot pay us to guarantee favorable reviews of their products or services. Pay over time with Lowe’s Special Financing on purchases of $299 or more. The Ascent does not cover all offers on the market. While the card's standard APR can change over time, for context, consider that the standard APR is 26.99% as of this writing. Again, some restrictions apply; for instance, discounts won't be applied to gift cards, certain brands, taxes and fees or services. Unlike store cards that give you rewards points that have value only if you return to the store and spend more money, this Synchrony Bank-issued card gives you a flat 5% discount on almost everything, and the annual fee is $0. You could turn $150 cash back into $300. You could turn $150 cash back into $300. And in some cases, that instant bonus might give you a reason to choose the card over others. They protect against fraud far better than debit cards, help raise your credit score, and can put hundreds (or thousands!) 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. Home Depot's annual sales are higher than Lowe's, so you might expect its credit card to offer richer perks, too. You already spend a lot of money at Lowe’s and want to benefit from an ongoing discount without having to pay an annual fee. Purchases of $2,000 or more are eligible for 84 months of installment financing at a lower APR of 7.99%. Lowe's Advantage Credit Card Applying for the Lowe's … Should I get a credit card? 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). "Home improvement stores" was a bonus category during one quarter of 2014, 2015, 2016 and 2017. It's the catch-22 of credit for young adults: you can't get a credit card because you don't have any credit, but you can't build enough credit to qualify because you can't get a credit card.

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