Who Is This Credit Card Best For?
Diligently searches for the best products and delights in a good bargain See more cards
Looks for good quality at a fair price while buying for the household See more cards
Spends time making their house or condo a comfortable, safe place to call home See more cards
Frequently shops with a particular merchant and wants to be rewarded for their loyalty See more cards
The Lowe’s Advantage Card is ideal for Lowe’s fans who spend a fair amount of money improving and maintaining their homes. If you regularly find yourself needing tools, supplies, appliances, hardware, or paint, this card offers an automatic 5% discount on most purchases.Even people with just an occasional project can benefit since you don’t have to spend a certain amount to use your rewards.
The Lowe’s Advantage Card may also be a good choice if you’ve only got fair credit—especially if you need to finance a big appliance purchase and don’t think you’ll qualify for a card with a 0% APR promotion.
This card offers deferred interest promotions, which can save you substantial amounts of money on finance charges, but only if you are super vigilant. If you live on a tight budget or have any doubt you’ll be able to pay off the entire balance in the specified time period, these offers are a big gamble. (More about this below.)
Generous discount on store purchases
No waiting for discount
Decent bonus for new cardholders
Can't be used anywhere but Lowe's
Risky promotional financing
- Generous discount on store purchases: A 5% discount on most store purchases is as good a rewards rate as you’re likely to find on a store credit card, and far better than what’s offered by some direct competitors.
- No waiting for discount: The 5% is taken off at checkout, so you’ll get to benefit from the discount immediately, rather than having to wait to use vouchers or reward certificates that can’t be redeemed until you’ve accumulated a certain amount. This makes the card worthwhile even if you only shop at Lowe’s occasionally.
- Decent bonus for new cardholders: The welcome bonus on this card isn’t bad, considering some store cards offer nothing at all. Depending on the amount of your first purchase, you’ll get up to $100 off.
- Can’t be used anywhere but Lowe’s: Since the Lowe’s Advantage Card is a private label card, you can’t use it at any other store. Some retail outlets offer co-branded credit cards that you can use everywhere—and that will earn you rewards everywhere. For instance, the Capital One Walmart Rewards Card offers at least 1% of every purchase back in points (and more when the purchases are at Walmart, or for travel or dining out.)
- Discount exclusions: Lowe’s excludes a number of appliance and homewares brands from the 5% discount, including ICON, Bosch Benchmark, Fisher & Paykel, Monogram, SMEG, Lieberr, Weber and Kichler. You also can’t stack coupons or other Lowe’s promotions onto the 5% discount, limiting your overall savings.
- Steep APR: Store credit cards tend to have higher interest rates than cash-back or travel rewards cards, and the Lowe’s Advantage Card is no exception. If you carry a balance, you could get stuck with hefty finance charges. (On qualified purchases of $2,000 or more, you may be able to get a fixed APR of 7.99% for 84 months, but prolonging your borrowing for this long can be very expensive.)
- Risky promotional financing: This card has a few special financing offers that give cardholders a break on interest payments for a certain number of months. But these are not traditional 0% APR promotions; they’re deferred interest promotions. If you don’t pay off their entire balance in the allotted time period, Lowe’s will charge you retroactive interest on that entire original balance.
Lowe’s Advantage Card Bonus for New Cardholders
When it comes to opening a new account, bonuses for store cards are rarely as generous as they are for general rewards cards, and many store cards don’t offer any such incentive. The welcome bonus on the Lowe’s Advantage Card is one of the better bonuses offered on a store card, rivaling competing cards in the home improvement sector.
You get 10% off your first purchase (up to $100 off) through July 31, 2020, plus two financing offers:
- 18 months of 0% APR on installation-service purchases of at least $999.
- 12 months of 0% APR on installed heaving, ventilation and air conditioning purchases of at least $299.
Earning Points & Rewards
The Lowe’s Advantage Card’s 5% discount stands out against Lowe’s competitors in the home improvement sector. Home Depot’s store card, for instance, doesn’t offer any ongoing rewards or discounts.
Even among other big-box store cards, 5% off on purchases is a competitive rewards rate, and can add up. The average homeowner spends around $3,300 per home improvement project when they use savings or credit cards to pay for their purchases, according to a 2019 study by Harvard’s Joint Center for Housing Studies. If you spent that at Lowe’s, your 5% discount would save you $165.
You can’t get lower-maintenance rewards than an automatic 5% off at checkout. There are no points or vouchers, no waiting for rewards to accrue before you can redeem them, and no special accounts to check.
If, however, your purchase meets the requirements for special financing, Lowe’s will let you choose between the 5% discount and the following offers:
- Six months of 0% APR on purchases of at least $299
- 84 months of 7.99% APR on purchases of $2,000 or more
Squeezing value out of the first offer requires discipline. If you don’t pay off the balance by the end of the promo date, you’ll pay interest on the original purchase amount. The second offer gives you a good rate compared to the card’s standard APR (26.99%), but you may be able to get a lower rate via an online personal loan for home improvements.
How to Get the Most Out of This Card
Check the store’s list of inventory and consider shifting some of your everyday purchases to Lowe’s. In addition to building supplies and appliances, Lowe’s sells a surprising variety of home-related items: plants, home decor, furniture, cleaning supplies, pet care items, sports equipment, games, organization tools, and many other lifestyle items.
Lowe’s financing offers could help you split up a necessary purchase into smaller payments without interest. Just make sure you pay off the balance by the end of the promotional period.
The Lowe’s Advantage Card’s Other Features
The Lowe’s Advantage Card doesn’t come with any perks or extras such as insurance on purchases, but this is pretty standard for a store card.
The Lowe’s Advantage Card is issued by Synchrony Bank, which doesn’t have a great reputation when it comes to customer satisfaction. Synchrony ranked 10th out of 11 national credit card companies in J.D. Power’s 2019 survey, which analyzed the opinions of more than 28,000 credit card customers.
Synchrony does make it relatively easy to reach someone, though. In addition to calling customer service, you can contact Synchrony Bank through secure email or online chat.
The Lowe’s Advantage Card comes with standard security features like zero liability for unauthorized purchases.
The Lowe’s Advantage Card’s Fees
The fees are comparable to those on other store cards.