Lowe’s Credit Card: Benefits and Rewards

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Lowe’s Credit Card: Benefits and Rewards

How the Lowe’s Credit Card Works

Lowe’s (LOW) offers its customers a variety of financing options so that they may more easily carry out renovation and improvement projects in their homes. Using one’s Lowe’s Advantage Card to attain this goal is the way to go.

According to the company, cardholders will be eligible for daily rewards. They have the option of receiving a discount of five percent on certain items, financing for six months on purchases that are more than two hundred and ninety nine dollars, or fixed payments for eighty-four months at a lower annual percentage rate (APR) on purchases that are two thousand dollars or more. Lowe’s cards are eligible for additional benefits, including one-time-only discounts and financial offers.1

The card operates in the same manner as the majority of other credit cards. Because the credit line on the Advantage Card is revolving, it is possible for you to charge up to the maximum amount that has been permitted as long as you keep up with the required monthly payments. If cardholders pay down their whole monthly balance, they may avoid having to incur interest expenses. The rate was 26.99% as of the month of February in 2021. 2 There is also no annual fee involved, which is still another perk. 3

Key Takeaways

  • It’s possible that the Lowe’s Advantage Card may help you build credit, just as any other credit product does. Always bear in mind that you are required to make consistent payments or your credit score will suffer as a result.
  • It’s possible that the Lowe’s Advantage Card may help you build credit, just as any other credit product does. Always bear in mind that you are required to make consistent payments or your credit score will suffer as a result.
  • It’s possible that the Lowe’s Advantage Card may help you build credit, just as any other credit product does. Just bear in mind that you are required to make consistent payments or your credit score will suffer as a result.
  • It’s possible that the Lowe’s Advantage Card may help you build credit, just as any other credit product does. Always bear in mind that you are required to make consistent payments or your credit score will suffer as a result.

Rewards and Benefits

Benefits of the Lowe’s Advantage Card include:

  • It’s possible that the Lowe’s Advantage Card may help you build credit, just as any other credit product does. Always bear in mind that you are required to make consistent payments or your credit score will suffer as a result.
  • It’s possible that the Lowe’s Advantage Card may help you build credit, just as any other credit product does. Always bear in mind that you are required to make consistent payments or your credit score will suffer as a result.
  • It’s possible that the Lowe’s Advantage Card may help you build credit, just as any other credit product does. Always bear in mind that you are required to make consistent payments or your credit score will suffer as a result.
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Customers are not allowed to combine the offer for a 5% discount that is currently active with the special financing or six-month financing packages. The cardholder is required to make the required minimum monthly payments on schedule and pay off the whole transaction before the end of the promotional period of six months if they want to take advantage of the six-month payment plan. If this condition is not met, the provision stating that there would be no interest charged will be rendered invalid, and the transaction will be subject to interest charges. The low annual percentage rate of 7.99% applies to the unique financing package consisting of 84 months with specified monthly installments. 4

Additionally, the company offers exclusive perks to new cardholders. For instance, if you create an account before January 31, 2022, you could be eligible for a discount of twenty percent on your first purchase, up to a maximum of one hundred and five dollars.

Where Can Someone Get a Lowe’s Credit Card

You are able to submit an application for the Lowe’s Advantage Credit Card at any of the store’s locations if you choose to do so. 1 The decision on the credit is reached in a few short minutes. You also have the option to apply online. If you are prequalified, you may submit an application right now and get a decision exactly as quickly as if you had submitted the application in person. The prequalification will have no effect whatsoever on your credit score. 6

Once the card has been approved and activated, the cardholder is free to use it for any transaction at Lowe’s up to the credit limit that has been established for them, which is determined by how creditworthy the consumer is. The Lowe’s credit card is not valid in any other store or at any automated teller machine.

What Kind of Credit Is Required for the Lowe’s Credit Card

It is not possible to get information from Lowe’s on the minimum credit score required to be approved for the Advantage Card. However, before to submitting an application, it is strongly recommended that you check your credit score. If you have a history of responsible financial behavior, there is a good probability that you will be accepted. According to Experian, this is somewhere between 670 and higher. 7

Where Can the Lowe’s Credit Card be Used?

Lowe’s is the only store that accepts the Advantage Card since it is a retail store credit card. Additionally, you may use it to complete transactions on the e-commerce platform provided by the corporation. It is not possible to utilize it as a traditional credit card would be in order to make day-to-day purchases at other shops.

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The Lowe’s Advantage Card is a discount shopping card that can only be used at Lowe’s shops or on the Lowe’s website.

Alternatives to the Lowe’s Credit Card

A credit card that is offered by The Home Depot (HD) and has features that are equivalent to the Lowe’s Consumer Credit Card is offered by HD. 3 The Home Depot Consumer Credit Card comes with the same introductory term of six months without interest that the Lowe’s card does. The annual percentage rate (APR) may vary anywhere from 17.99 to 26.99%, and it is based on creditworthiness. This suggests that if you have strong credit, you may be able to acquire an interest rate that is lower than what you would pay with the Lowe’s card.

For customers who make significant purchases, Home Depot offers a specialized credit card called as the Project Loan Card. With this credit card, you may borrow up to $55,000 at a fixed annual percentage rate of 16.24% for up to 90 months. 3

Terms and Conditions of the Lowe’s Credit Card

The terms and conditions of the Lowe’s Consumer Credit Card, like those of any other credit card, should be studied thoroughly before using the card. The terms and conditions contain not just the annual percentage rate (APR), but also late payment fees, fines, and any other pertinent information.

As of the month of February 2021, the Advantage Card has the following information that has been updated:

  • APR: 26.99%
  • It’s possible that the Lowe’s Advantage Card may help you build credit, just as any other credit product does. Always bear in mind that you are required to make consistent payments or your credit score will suffer as a result.

If a cardholder chooses to make a purchase of $299 or more using the 0% financing option and does not pay off the whole debt within a period of six months, they will be subject to interest charges that are calculated backwards from the date of purchase. In addition, making the card’s minimum payment each month is often not sufficient to pay off the whole balance of the item within the first six months of having the card.

As a consequence of this, debtors who want to avoid incurring unanticipated interest expenses should make it a point to pay off their loans in full before the end of the first period of six months.

Who Should Consider the Lowe’s Credit Card

The Lowe’s Advantage Credit Card is great for home improvement enthusiasts and do-it-yourselfers who make the most of their Lowe’s purchases. Even if the special financing options are never employed, a cardholder who purchases a lot of home improvement products each year may save a lot of money with the 5% discount campaign. A cardholder who spends $2,000 per year at Lowe’s, for example, saves $100 over the course of the year.

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A person who is planning a big do-it-yourself home makeover but does not want to pay the whole amount all at once may find that the card is helpful. When the sum is financed over 84 months at an annual percentage rate of 7.99%, the borrower makes substantially less interest payments than they would with a standard credit card.

The Bottom Line

You should seriously consider applying for a Lowe’s Advantage Card if you are a customer who shops at that retailer on a regular basis. It is competitive with other retail credit cards in that it does not charge an annual fee and has a lower interest rate. You have the choice to get a discount of 5% on daily purchases or to take advantage of special financing for a period of six months on purchases that are more than $299. If you spend more than $2,000, you may qualify for a lower annual percentage rate and the option to pay for the purchase in predetermined payments spread out over an 84-month period. This card, in the same vein as other retail cards, may only be used at Lowe’s shops or on the website of the firm.

Frequently Asked Questions

How do I get a Lowe’s credit card?

Every Lowe’s location offers customers the opportunity to sign up for a Lowe’s Advantage Card. You are able to check your prequalification status and see whether you are preapproved online, without affecting your credit in any way. If you are able to demonstrate that you are qualified, you will be allowed to go on to the application phase. You will get a verdict in a matter of minutes, regardless of whether you submit your application in-store or online.

At what other stores can I use my Lowe’s credit card?

The Lowe’s Advantage Card cannot be used since it has expired. This is due to the fact that it is only a store card. Because of this, you won’t be able to use it to make your typical purchases at any other shops. On the other hand, you may use the card on the website Lowes.com.

Does the Lowe’s credit card build credit?

It’s possible that the Lowe’s Advantage Card may help you build credit, just as any other credit product does. Always bear in mind that you are required to make consistent payments or your credit score will suffer as a result.

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