The Lowe's For Pros rewards program works by offering personalized deals, expense tracking, and tools to better manage your business. To join the Lowe's For Pros rewards program, you have to register at least one credit or debit card.
Benefits of the Lowe’s For Pros Rewards Program:
Loyalty dashboard - provides a simple navigation experience to access your organization; you can register additional credit cards.
Order history page - allows members to view all in-store and online purchases made with any registered cards.
Offer wallet page - allows you to view all personalized offers in one place.
The difference between cash back and points is that the former is the most versatile type of credit card rewards, as it can be redeemed for anything, and there’s never any doubt about how much it’s worth. Points, on the other hand, have a value set by the credit card company and tend to be worth the most when redeemed for travel. Credit card companies won’t always clearly disclose points values, and those values can change over time. It’s possible that points could be worth 1 cent apiece one day and 0.8 cents each the next.… read full answer
You can spend points for many different things. Usually, you can trade them for travel, gift cards, unique experiences, charitable donations or even cash. There are no restrictions on what you can use cash for. You can typically redeem cash back for a statement credit, paper check, or direct deposit to a bank account. One thing credit card shoppers should watch out for are cards advertised as offering cash back that really provide points. For example, the Chase Freedom Flex℠ offers “5% cash back” in certain bonus categories. But what it actually gives is 5 Chase Ultimate Rewards points per $1, which cardholders can then trade for cash back at a rate of 1 cent each.
Earning rate: Usually at least 1% cash back or 1 point per $1 spent.
Devaluation: Points can be devalued by the issuer, while cash back can’t.
Redemption options: Statement credit, check or deposit for cash. Travel, merchandise, gift cards, cash and more for points.
When it’s the best choice: Points for frequent travelers. Cash back for everyone else.
Let’s take a look at two high-profile cards in a battle of cash back vs. points.
Citi Double Cash Card tops the cash back offerings with 2% cash back on all purchases and an introductory APR of 0% for 18 months on balance transfers, with a 3% (min $5) balance transfer fee. It also chases a $0 annual fee and requires good credit to get.
But if you’re a frequent traveler, Chase Sapphire Preferred is a more attractive option. It gives 2 points / $1 spent on travel and dining purchases and 1 point / $1 on everything else. It has an initial bonus of 100,000 points for spending $4,000 in the first 3 months. This card’s points are worth 1 cent each toward cash back or gift cards or 1.25 cents each toward travel. There’s a $95 annual fee and the card requires good credit.
For both cash back and points cards, you can expect to lose your rewards if your account closes for any reason. Most cards don’t let your rewards expire over time. But Citi Double Cash Card’s cash back expires if you don’t use your card for 12 months. And on points cards alone, your points can be devalued if the issuer decides to charge more points for its rewards. So, frequent redemption is essential.
So, the bottom line is that frequent travelers should check out points cards. Otherwise, cash is king.
Occasionally, Lowe’s also runs limited-time credit card promotions for all cardholders. Lowe's Store Card can only be used at Lowe’s. But the business card can be used anywhere American Express is accepted.
Here are the Lowe’s credit card promotions:
5% off all Lowe’s purchases: Both Lowe’s credit cards
0% to 7.99% for 6 to 84 months deferred interest, depending on the purchase: Lowe's Store Card. Can get this or 5% off purchases. 26.99% regular APR.
$100 cash back upon approval: Lowe's Business Credit Card
Special temporary discounts: Both Lowe’s credit cards. A recent example is 20% off your purchase when you open and use your card (up to $100 discount) with Lowe's Store Card.
The Lowe's Business Credit Card offers some great rewards, too; 1 - 3 points per $1 spent, depending on the type of purchase. Plus, the card comes with purchase protection, car rental loss and damage insurance, extended warranty coverage, and special discounts with LowesForPros.
As far as the personal card goes, you should probably pick 5% off Lowe’s purchases out of the two promotions. Deferred interest really isn’t worthwhile. You’d get no interest if you pay in full within 6 months. But if you don’t, you’d owe all 6 months’ worth of interest at 26.99%. If you need to finance, you’re better off getting a card that really gives you 0% interest and only charges interest on the balance that’s left after the intro period ends. For example, you could try the Citi Simplicity® Card.
Lowe's Business Rewards points are worth 0.94 cents each, on average. For example, 10,000 Lowe's Rewards points have a dollar value of roughly $94. As a result, Lowe's Business Rewards points are less valuable than the average home furnishing store's rewards points, which are valued at 5.49 cents each.
The easiest way to calculate the value of a retailer's points for any redemption method is to determine the dollar value of what you're redeeming for, minus any taxes and fees that you'll still have to pay, and then divide that amount by the number of points you're required to redeem. For your convenience, here's the formula for Lowe's Business Rewards points:… read full answer
Dollar Value of Redemption Item / Number of Lowe's Rewards Points Needed = Lowe's Rewards Point Value
How to Earn More Lowe's Rewards Points
It's important to remember that while you can't change the redemption values of Lowe's Rewards points, you can increase the rate at which you earn them. One of the best ways to increase the number of Lowe's Rewards points that you earn is to apply for the Lowe's Business Rewards Credit Card.
Lowe's Business Rewards Points vs. The Competition
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