The Lowe's Credit Card is one of the best store credit cards on the market right now. It’s worth applying for this card because it offers 5% back on all purchases, accepts applicants with fair credit or better, and does not charge an annual fee. Just make sure to read the terms of any promotional financing offer before opting for it.
What I Like About the Lowe's Credit Card
Valuable initial discount
You can get 20% off your first purchase with this card the day you are approved, up to a maximum of $100 saved. This is a very good deal – if you can save the maximum without overspending.
By the way, if you apply in a store, make sure to remind the cashier about this discount. It might not get applied automatically.
Great rewards
You can get 5% back on all Lowe’s purchases made with this card. That’s about five times higher than average for a rewards card, according to WalletHub research, and it’s on par with what the most rewarding store cards will give you.
$0 annual fee is nice
This makes the Lowe’s Credit Card
$28.25 per year cheaper than the average credit card offer, per WalletHub’s Credit Card Landscape Report. If you’re already paying high annual fees on other cards, that’s probably music to your ears. Not having to pay an annual fee also makes it easier to maximize your savings if you don’t spend a ton.
Fairly easy to get approved
You only need “fair” credit to qualify for the Lowe’s Store Card. That, combined with its lack of an annual fee, makes the Lowe’s Card a decent choice for low-cost credit improvement.
If you aren’t sure how good your credit is, you can
check your credit score for free on WalletHub. We estimate that a score of 640+ should give you a good chance of getting approved.
Elite status provides extra perks
Being a cardholder automatically gets you Silver Key status in the Lowe’s loyalty program. This gets you perks such as free shipping with no minimum and points redeemable for store credit. Without the card, you’d have to spend $500+ at Lowe’s in a calendar year to earn this status.
What I Don’t Like About the Lowe's Credit Card
Tricky financing offer
The Lowe’s Credit Card lets you choose between saving 5% on everything you buy at the store and paying down big-ticket purchases with “special” financing. But it’s an easy decision, considering what’s hiding within the financing promotion: a feature known as “
deferred interest.”
You can get a 0% intro rate for six months on purchases of at least $299, but if you don’t repay your full balance by the six-month mark, interest will retroactively apply to your original purchase amount at the high regular rate. So what seems like a great way to save money could easily end up costing you big-time.
Alternatively, you could consider the fixed-rate and equal-monthly-payment financing options available with the Lowe’s Card. They aren’t as dangerous. Still, the best approach is to use the Lowe’s Card to earn rewards on purchases you can repay within a single billing period and get a
0% credit card that’s not associated with a particular retailer for purchases you’ll pay off over time.
Extremely high regular APR
If you’re not convinced that carrying a balance from month to month with the Lowe’s Store Card is a bad idea, just consider the rate at which you’ll pay interest when its standard terms are in effect. The regular APR is well above the
average among credit cards for fair credit – the minimum credit standing required for Lowe’s Card approval – and even that average is too high for comfort.
Only works at Lowe’s
This is a store credit card, which means you can only use it to make purchases from Lowe’s – in-person or online. If you want a card you can use anywhere, check out our editors’ picks for the
best credit cards for home improvement and the
best credit cards for shopping overall.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
