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, does not charge an annual fee, and accepts applicants with fair credit or better. Just make sure to read the terms of any promotional financing offer before opting for it. Below, you can learn everything you need to know about the MyLowe’s Rewards Credit Card before you apply.
 

Key Things to Know About the Lowe's Credit Card 

Way better for rewards than financing

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. 

A better 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.
 

$0 annual fee is nice

This makes the Lowe’s Credit Card $26.75 cheaper than the average card and enables you to maximize your savings.
 

Fairly easy to get approved

You only need “fair” credit to get approved 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.
 

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.