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

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.

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

Lucrative, Flat-Rate Cash Rewards

Wells Fargo Active Cash^® Card

5.0

FinanceBuzz writers and editors score cards based on a number of objective features as well as our expert editorial assessment. Our partners do not influence how we rate products.

Wells Fargo Active Cash^® Card

Apply Now

Rates and fees

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

Benefits

• Low spend threshold for its welcome offer — $200 cash rewards bonus after spending $500 in purchases in the first 3 months
• Cell phone protection benefit (subject to a $25 deductible)
• Can redeem rewards at an ATM for literal cash

Drawbacks

• Foreign transaction fee of 3%
• No bonus categories

Card Details

• Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
• Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
• Earn unlimited 2% cash rewards on purchases.
• 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 19.49%, 24.49%, or 29.49% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
• $0 annual fee.
• No categories to track or remember and cash rewards don’t expire as long as your account remains open.
• Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
• Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.