- Immediate 5% discount on Lowe’s purchases
- Includes special financing options
- No annual fee
Lowe's Advantage Credit Card Review
![Lowe's credit card review](/personal-finance/static/04fd2ad58d0d9186194af56d190b10bb/8ae18/shopping-at-lowes.jpg)
Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links. This content is created by TIME Stamped, under TIME’s direction and produced in accordance with TIME’s editorial guidelines and overseen by TIME’s editorial staff. Learn more about it.
Store credit cards don’t always offer the best value, but the Lowe’s Advantage Card could be an exception. It offers hard-to-beat benefits for Lowe’s purchases, including a discount on your first purchase. This could make it a great choice if you have a big project coming up.
However, you can only use the card at Lowe’s stores, and the regular APR is high. To know whether the Lowe’s Credit Card is right for you, we must look more closely at its benefits and drawbacks.
The Lowe’s Advantage Card is a great choice for anyone who regularly shops at Lowe’s. It offers a 20% discount on your first purchase, worth up to $100, then 5% off every subsequent purchase. However, you can only use the card at Lowe’s stores, limiting its usefulness for most consumers.
Card | |||
---|---|---|---|
Best for | Flexible cash back | High earnings on daily purchases | Cash back on gas, groceries, and online purchases |
Welcome offer | SPECIAL OFFER: Unlimited Matched Cash Back. Chase will automatically match all the cash back you earned at the end of your first year! There is no limit to how much cash back you can earn. Offer ending soon. | bonus_miles_full | bonus_miles_full |
APR | reg_apr,reg_apr_type | reg_apr,reg_apr_type | reg_apr,reg_apr_type |
Annual fees | annual_fees | annual_fees | annual_fees |
Credit score | credit_score_needed | credit_score_needed | credit_score_needed |
The Lowe’s Advantage Card may be right for you if you regularly shop at Lowe’s or intend to make a large purchase at one of its stores soon. Either situation will benefit from the card’s best rewards, which we discuss in more detail in the next section.
This card is also for people who pay their balances in full every month. Its regular APR is 28.99%, which can make carrying a balance on this card costly. This could negate most, if not all, benefits you receive by using this card.
Lastly, this card is for people with good to excellent credit. As with most credit cards, a higher credit score will increase your approval odds for the Lowe’s Advantage Card. While you may qualify with a lower score, it’s best only to apply if your credit is at least good, meaning a score of 690 or higher.
One of the most attractive rewards you get with the Lowe’s Advantage Credit Card is a 20% discount on your first purchase, limited to $100. After your first purchase, each purchase you make can benefit from one of the following:
You can only opt for one of the above benefits. For instance, you can't get special financing if you opt for a 5% discount. The same is true for the reduced APR.
RELATED: Best 0% APR Credit Cards
If you choose the special financing option, make sure you pay your balance in full within the promotional period. If you fail to do so, interest will be charged retroactively from the date of the purchase. You must also respect the deadlines of the 9.9% APR promotion. If you don’t make the monthly payments on time, you could lose the special offer and get charged more.
The Lowe’s Advantage Card may offer additional benefits to complement its main rewards. At the time of writing, Lowe’s is offering 12 months of special financing on appliances plus installed heating, ventilation, and air conditioning.
Lowe’s also has a lease-to-own program, which lets you take your purchase home after paying just $59, then pay off the full cost of the item, plus interest, over a specified timeframe. The program has three purchase options:
The quicker you pay up, the less you pay overall.
While the Lowe’s Advantage Card has great discounts, its perks are a bit limited overall. There is no welcome offer other than the initial 20% discount and no rewards program outside the discount you receive at Lowe’s stores. You also don’t get the extra perks that some other cards offer, such as 0% intro APR, free shipping, or longer return periods.
While the Lowe’s Advantage Card might be a good choice for some, there is room for improvement. For most customers, its high ongoing APR and limited perks preclude it from a top-tier loyalty card. As mentioned before, you don’t get 0% APR, long return periods, or free shipping. Receiving 5% cash back is nice, but with many card issuers stepping up their game, it would be nice to see Lowe’s sweeten the deal somewhat.
Despite its high APR, you may struggle to gain approval for this card if your credit is fair or poor. If you tend to carry a balance, it might be better to consider one of the alternatives. Yes, the Lowe’s card has a higher cash-back rate. However, you will likely be better off with a lower APR if you tend to carry a balance.
Lastly, the only welcome offer available with the Lowe’s card is a 20% discount on your first purchase worth up to $100. It would be nice to see a slightly more valuable offer, though loyalty cards don’t often have lucrative offers.
RELATED: Best Sign Up Bonus Credit Cards
The Lowe’s Advantage Card offers great benefits for Lowe’s customers—including an immediate 5% discount, special financing, and periodic promotional offers. If you frequently shop at Lowe’s, it’s tough to beat. However, the APR is high, you can’t use it outside Lowe’s stores, and its perks are a bit lacking overall. Those looking for a more well-rounded card might consider the Chase Freedom Unlimited.
You can only use the Lowe’s Advantage Card in Lowe’s stores and on Lowes.com. The card is not accepted anywhere else.
You can use the Lowe’s Advantage Card to make purchases on Lowe’s website. The card is not accepted elsewhere online.
Lowe’s does not specifically say what credit score is necessary to get its Advantage Card. However, your approval odds will improve with good-to-excellent credit.
Reports suggest the Lowe’s Advantage Card is more difficult to get than other credit cards. Therefore, a good credit score, which generally means 690 and above, is recommended to increase your approval odds.
The information presented here is created by TIME Stamped and overseen by TIME editorial staff. To learn more, see our About Us page.