Credit Cards Credit Card Rewards

The Lowe’s Credit Card: Is This Store Card Actually Worth It?

Get 5% off Lowe’s purchases whenever you use your MyLowe’s Rewards Credit Card, but be careful about what you finance.

Updated Nov. 11, 2024
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Lowe's

Lowe's

OUR VIEW

Every time one of our household appliances sounds like it’s on its last legs, I consider opening a Lowe’s credit card, but I still haven’t gone through with it. However, the MyLowe’s Rewards Credit Card does offer some worthwhile benefits for some customers, so think about if it might work for you.

If you are a regular in the aisles of Lowe’s, searching for appliances, tools, home fixtures, and more, you’ve likely already seen promos for the Lowe’s credit card. Perhaps the cashier asked you to apply in-store. It’s a good idea to think it through first, though.

You’ll get discounts on your purchases at Lowe’s with this store credit card, and it honestly might be worth getting the card just for that. As with any credit card, be cautious not to use it as an excuse to overbuy, because it’d be pretty easy to offset that savings with just one or two small impulse purchases.

Pros

Opening discount on a single Lowe’s purchase
Everyday discount at Lowe’s
No annual fee

Cons

High interest rate if not during a promotional period
Restrictions on which items are eligible for discounts
How we evaluate products

Lowe's, like many stores, offers its own branded credit card. Similar to how other store cards work, the Lowe's card can only be used in Lowe's stores, and the discounts and perks you get are available only at the popular home-improvement store.

The good news is that those discounts and perks abound. You’ll benefit from no annual fee and you can save up to $100 on your first in-store purchase after becoming a cardmember.

The standard APR, or annual percentage rate, on the Lowe's store card is pretty high, though, just as it is for many store cards. You also don’t get the flexibility you'd get with other rewards cards not tied to a single store brand.

You’ll need to think carefully about whether the Lowe's card is right for you — but many DIYers do find the Lowe's credit card is worth using.

Key features of the MyLowe’s Rewards Card

Let’s look at the main benefits of opening a Lowe’s store credit card.

5% discount at checkout

The main reason to have a Lowe’s credit card long-term is the ongoing automatic 5% discount. Many other store credit cards only send periodic coupons or provide rewards after spending. Getting a discount upfront is a great perk, and if I were shopping regularly at Lowe’s I’d be glad to save 5% all the time.

However, there are caveats: not all purchases are eligible for the discount, and gift cards aren’t discounted. Plus, you cannot combine your regular discount with other coupons or deals.

Special savings

Until January 31, 2025, new MyLowe’s Rewards cardholders receive a 20% discount on one purchase. The maximum discount is $100, which means it’s most beneficial if you’re making a purchase of $500.

I like this little bonus of the MyLowe’s Rewards card because it makes the card more valuable. Especially, if you have a relatively high expense coming up and need to make a large purchase with a credit card. (For example, if my misbehaving refrigerator ends up kicking the bucket for good, we could save up to $100 on the purchase of a new one.)

Be aware that if you opened your account in-store, you must ask the cashier to apply the discount. If you apply online, by using text-to-apply, or with a QR code, you will receive a coupon code that you can use in store or online. You must use the 20% off coupon before January 31, 2025.

Financing offers

In addition to the 20% discount on your first MyLowe’s Rewards purchase, cardholders can take advantage of specific financing offers.

0% interest offer: On a purchase of $299 or more using the card, you can have a six-month grace period with no interest, which gives you that time to get together the full amount with no added cost. There’s also a 12-month 0% APR offer on appliances, installed flooring, or installed HVAC valid through January 31, 2025.

Lower interest on larger purchase: If you have a larger purchase ($2,000 or more), you can opt for a lower 9.99% APR for 84 fixed monthly payments.

Note that you can’t combine credit offers, so you need to do a little math to determine which current offer for cardholders offers the most value.

Downsides of the MyLowe’s Rewards card

A high standard APR

There are also some big negatives to be aware of when considering whether to apply for a Lowe's credit card — and the standard purchase APR of 31.99% is one of them. Plus, the penalty APR is a whopping 36.99%.

This is a pretty high interest rate even without penalties, so you could end up owing a lot of money if you don’t pay off your balance at the end of a billing cycle or before a 0% promotional rate expires.

One way I like to look at it is this: the interest you’d pay would be significantly greater than the 5% discount you’d receive for using your card. Now, if you’re rigid about paying off all of your credit cards in full by the due date, you don’t need to stress about this so much, but otherwise, the credit card’s cost could be higher than the benefits.

That being said, the MyLowe’s Rewards Card APR is comparable to other store credit cards.

Restrictions on discounts

Have you ever received a coupon from a store or business and gotten kind of excited, only to have your hopes dashed when you read the tiny print? There are nearly always limitations on deals and discounts, and the same is true for the MyLowe’s Rewards card.

Your one-time 20% off coupon comes with a bunch of exceptions. It doesn’t apply to volume discounts like Contractor Packs, Buy In Bulk, Value Savings Program, and more. You also don’t get the discount on shipping, delivery, or assembly fees. Certain brands of products can’t be discounted: Weber, Kichler, and Miele.

The 5% daily discount has the same types of limitations as well, so you might check the full list of excluded purchases before applying for a MyLowe’s Rewards card.

Who the MyLowe’s Rewards Card is best for

So, who is the MyLowe’s Rewards Card best for?

The card is a great option for DIYers who will take advantage of the 5% discount regularly or who want to pay off a project over time and are confident they can make payments on schedule. However, the card is worth it only if you don’t have to pay the standard APR on any of your purchases — which means you need to be sure you can make your monthly payments in full.

And because cardholders get that 5% discount on Lowe's purchases, if you’re spending a fortune on home improvement and would likely exceed rewards limits on regular cashback credit cards, the Lowe's store card could be a better option for you as your discount isn’t capped and there’s no annual fee.

Alternatives to the MyLowe’s Rewards Card

The Lowe's store credit card isn’t right for everyone. You may be better off with one of the best rewards credit cards. These are more versatile, which can be easier to manage instead of holding separate cards for different retailers.

Bank of America® Customized Cash Rewards credit card

The Bank of America® Customized Cash Rewards credit card is a nice alternative to the Lowe’s credit card because you earn 3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and 1% on all other purchases. One of the categories you can choose to earn elevated rewards on is home improvement and furnishings.

Check out all the details in our Bank of America Customized Cash Rewards Credit Card Review.

Lowe's Business Rewards Card from American Express

If home improvements are part of your job, the Lowe's Business Rewards Card from American Express might be a better option. As an Amex card, it comes with special perks such as car rental insurance, extended warranties on purchases, and more. You can use this business credit card anywhere Amex is accepted, not just at Lowe's stores.

Learn more in our Lowe's Business Rewards Card from American Express review.

All information about Lowe's Business Rewards Card from American Express has been collected independently by FinanceBuzz.

Chase Freedom Flex®

Finally, if you’re getting ready to spend a lot on home improvements, you might choose a 0% intro APR credit card instead of a retailer-specific card. The Chase Freedom Flex® offers 0% intro APR financing on purchases for 15 months on new accounts (then 19.99% - 28.74% Variable).

This offer gives you some breathing room on major projects, with more than a year to pay off balances before incurring interest charges. Plus, you get ongoing rewards from your purchases with the card.

Learn more in our Chase Freedom Flex review.

FAQs

What bank is Lowe’s credit card?

The issuer of the Lowe’s credit card is Synchrony Bank. Synchrony is a large financial institution that has more than 18,000 employees and more than 73 million active customer accounts.

What credit score do I need for a Lowe's card?

You’ll likely need a fair, good, or excellent credit score to qualify for the Lowe’s credit card. In terms of FICO scores, the fair range is 580 to 669. Good scores start at 670, and excellent scores start around 800.

Is the Lowe’s credit card instant approval?

In most cases, the Lowe’s credit card is instant approval. This means you’ll immediately find out whether you’ve been approved for the card once you submit your application. In some cases, you may need to wait a week or more to receive your results while your application and credit report are being reviewed, so if you’re trying to take advantage of a particular offer that has a deadline, keep that in mind.

Where can I use a Lowe’s credit card?

I don’t love the fact that the Lowe’s credit card can only be used for Lowe’s in-store purchases or for online purchases at Lowes.com. It just isn’t very versatile, so I wouldn’t want it taking up space in my wallet. However, you might find it easier to keep track of your home improvement spending if you have this card, and if you’re loyal to Lowe’s, it could be a good option.

Lucrative, Flat-Rate Cash Rewards

5.0
info

Wells Fargo Active Cash® Card

Current Offer

$200 cash rewards bonus after spending $500 in purchases in the first 3 months

Annual Fee

$0

Rewards Rate

Earn unlimited 2% cash rewards on purchases

Benefits and Drawbacks
Card Details

Author Details

Christy Rakoczy

Christy Rakoczy has a Juris Doctorate from UCLA Law School with a focus in Business Law, and a Certificate in Business Marketing with an English Degree from The University of Rochester. As a full-time personal finance writer, she writes about all things money-related but her special areas of focus are credit cards, personal loans, student loans, mortgages, smart debt payoff strategies, and retirement and Social Security. Her work has been featured by USA Today, MSN Money, CNN Money and more, and you can learn more at her LinkedIn profile.

Author Details

Kate Underwood

Kate Underwood is a professional writer who spent fifteen years as a high school English and French teacher before writing about personal finance. Her specialties include investing, retirement planning, loans, and credit card rewards. Her work can be found on numerous publications, including Business Insider and ConsumerAffairs. She lives in Kentucky with her husband, two kids, and way too many pets.