How do I cancel my Lowe's Credit Card?

Closing a credit card with a balance is possible, and it can be beneficial when a credit card company changes your account’s terms for the worse, such as raising the annual fee or APR. It can also be a good idea to remove the credit card itself from the situation if you want to pay off the existing balance without the temptation to spend more. Closing a credit card doesn’t cancel the balance owed, nor does it make the entire balance due immediately. You will have to continue making at least the minimum payment due each billing period until the balance is paid off. But closing the account will prevent you from making new purchases.… read full answer

There are a lot of factors to weigh out when deciding whether or not closing a credit card account is the best idea, so it’s wise not to do it in haste. Before you take action, consider what happens if you cancel a credit card with a balance.

Here’s what happens when you close a credit card with a balance:

1. You will still owe your balance. You won’t be forced to pay the balance on the closed account right away, but you must continue making at least the minimum payment due each billing period. Interest will still accrue, and the minimum amount due will steadily increase. Every card issuer will have different rules for this situation, and you may find information about it in your card’s terms. If not, you should call customer service to find out as much as you can from your card issuer before agreeing to close the account. If you’re thinking about closing the card so you can finally pay it off, consider a balance transfer, a payment plan with your card issuer, or a credit card consolidation loan.
2. Any rewards you have earned will likely be lost. Make sure to use any remaining rewards on your existing card, as they’re likely to be forfeited when you close the account. Plus, it can’t hurt to pay down a bit of your balance by redeeming for cash back.
3. It will affect your credit score. If the credit card is one of your oldest credit accounts, your average credit age will shorten. Your credit utilization could also go up if you have balances on other credit cards, too. Both of these will have a negative effect on your credit score. If you plan on applying for a loan or financing a big purchase anytime soon, check your credit score first to make sure you can afford to take a hit.

All in all, closing a card with a balance is rarely the best option. There are alternatives, but not all of them are available to people of every credit level – such as a good deal on a balance transfer credit card. If you’re willing to endure a potential hit to your credit score in exchange for the long-term health of your finances, closing an account with a balance can be a way to get yourself on track. Just make sure you understand the repayment terms before you act. Closing a credit card with a balance does not get you out of paying that balance.

The Lowe's Store Card is issued by Synchrony Bank. This issuer is one of the largest providers of credit cards in the United States, mostly issuing store credit cards.

What you should know about the Lowe's Store Card:

The Lowe's Store Card is intended for applicants with fair credit. The card’s key feature is 5% discount on anything you buy at the store. You also get 20% off first purchase, up to $100 discount. Plus, the Lowe's Store Card’s annual fee is $0.… read full answer

This card has a WalletHub editor’s rating of 3/5.

Where you can use your Synchrony credit card depends on which card you have. Synchrony Bank mostly issues store credit cards, which only work at the specific retailers they’re affiliated with. But if your card has a Visa or Mastercard logo and an expiration date, it can be used pretty much anywhere.… read full answer

For example, the American Eagle Outfitters (AEO) Store Card can only be used at American Eagle Outfitters. But the American Eagle Outfitters (AEO) Credit Card can be used anywhere Visa is accepted.

Here’s where you can use popular Synchrony credit cards:

• Amazon.com Store Card: Amazon.com
• American Eagle Outfitters (AEO) Store Card: American Eagle Outfitters
• Lowe's Store Card: Lowe’s
• TJX Store Card: T.J.Maxx, Marshalls, HomeGoods and Sierra Trading Post
• JCPenney Credit Card: JCPenney
• Sam's Club® Credit Card: Anywhere Mastercard is accepted

Some of those cards also have a Visa or Mastercard version that can be used basically anywhere that takes credit cards. But they generally offer the best rewards on purchases made through the stores they’re affiliated with.