The Lowe’s Credit Card: 7 Things to Know Before You Apply

Get 5% off Lowe’s purchases whenever you use your Lowe's Advantage Card, but be careful about what you finance.
Last updated May 13, 2021 | By Christy Rakoczy
Woman DIYer Using Supplies Purchased With Lowe’s Credit Card

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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, you can save up to $100 on your first in-store purchase after becoming a cardmember, and you can score special financing on qualifying purchases (more on that below).

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. And the special financing offer only saves you on interest if you pay off your card within the promotional period. Interest is charged starting back to the purchase date if you don’t pay off the balance in full, so you could get hit with big bills. 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. Here are seven things you need to know to make the decision for yourself.

In this article

5% discount at check-out

When you make most purchases with your Lowe's credit card, you’ll get an automatic 5% discount at the register. This is one of the best perks of this card. Unlike many other store credit cards, which only send you periodic coupons or provide rewards after spending, Lowe's gives this discount upfront. This means you never need to wait for your card to provide savings.

However, the 5% discount only applies to eligible purchases and does not apply to gift cards. It also can’t be used with any other coupons or discounts, including the Lowe’s military or employee discount or the Lowe’s low-price guarantee. It can’t be used with Contractor Packs, either, and you won’t get a discount on fees, taxes, extended protections, replacement plans, assembly charges, shipping, or delivery. Certain brands are excluded from the discount as well, including AGA, Bosch Benchmark, Fisher & Paykel, Heartland, ICON, Kichler, Liebherr appliances, NXR, MARVEL, Monogram, SMEG, and Weber.

Deferred financing offers

On purchases of $299 or more, you have the option to choose six months of 0% APR financing instead of the 5% discount. Lowe's also periodically runs special promotions where you can get 0% financing for longer. For example, you can get 12 months at 0% APR on appliances or installed heating, ventilation, or air conditioners as of July 2019.

The 0% rate applies only if you pay off the full balance of the purchase within the promotional period. Otherwise, you’ll owe interest back to the purchase date, which can become very expensive.

Special project financing

If you make a purchase of $2,000 or more, you have the option to choose Project Financing. This reduces your APR and allows you to pay off your project with fixed payments over a set period of time.

As of July 2019, you have three options for project financing:

  • 3.99% APR if you opt for 36 fixed monthly payments
  • 5.99% APR if you opt for 60 fixed monthly payments
  • 7.99% APR if you opt for 84 fixed monthly payments

You’ll need to request this special financing at the time you make the purchase. Regular account terms will continue to apply to other purchases you make with your card, and your fixed monthly payment required for special project financing may be higher than your normal monthly minimum payment would be.

Special savings on your first in-store purchase

You’re also eligible for special savings on the first purchase you make in-store with your new Lowe's credit card. You’ll save $30 if your first purchase is between $30 and $599.99, and you’ll save $100 if your first purchase is $600 or more.

You have a limited amount of time to make your first purchase, and your savings cannot be combined with any other offer, including other credit card savings, coupons, discounts, or special promotional offers.

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 APR of 26.99% is one of them.

This is a pretty high interest rate, 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 your 0% promotional rate expires. The interest you’d pay would be significantly greater than the 5% discount you’d receive for using your card, which means you’d be incurring a high cost for using this card.

Deferred interest on financing options can result in owing a lot

Deferred interest offers are dangerous because you end up owing back interest if you fail to pay off the full amount you owe on the card by the end of the declared time period.

For example, if you borrow $1,500 on your Lowe's card, qualify for 0% interest for six months, and don’t pay the loan off in full, you’ll owe back interest at 26.99% on the $1,500 dating back to the purchase date. This means you’d owe interest on $1,500 at 26.99% dating back six months, which would be around $200 in back-interest costs.

Project financing can be a risky option, too

Project financing can also pose a similar risk of not being the best financial option, considering your interest rate could go back up to the standard APR if you miss a fixed monthly payment.

Plus, even the low fixed interest rates can make your project more expensive than if you had paid cash — although the special rate may still be better than what you’d pay with personal loans or home improvement loans.

Who the Lowe's Advantage Credit Card is best for

So, with four strengths and three risky aspects, who is the Lowe's Advantage 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.

Since the Home Depot credit card doesn’t offer the same type of 5% discount on all purchases that the Lowe's card does, it may even be worth switching to Lowe's to get this card if you have a lot of home improvement projects planned and both stores are available in your town.

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.

How to apply for the Lowe’s Advantage Card

You can apply for the Lowe's Advantage Credit Card online by visiting lowes.com and clicking “Apply Now.” You’ll need to provide personal details, including your name, address, and Social Security number.

You can also apply for the Lowe's card in-store if you prefer. Ask at a register or talk with customer service about applying for credit. Lowe’s will often run limited-time sign-up offers that are only valid to those who applied in-store, so we recommend inquiring on your next trip before applying online. Applicants with a credit score considered “fair” or above are typically approved within a few days.

Alternatives to the Lowe’s Advantage card

The Advantage store credit card isn’t right for everyone. You may be better off with one of the best rewards credit cards that is general-purpose where you can use it in more stores rather than adding another card to your wallet that you have to keep track of. 

The Citi Double Cash Card could be a great option. With this card, you can earn up to 2% cash back on all purchases: 1% as you buy and 1% as you pay. And since it's a Mastercard, you can use it just about anywhere. This card also has a $0 annual fee. 

If home improvements are part of your job, the Lowe's Business Rewards Credit 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.

Finally, looking at the best 0% APR credit cards may might be a great idea, as many credit card issuers provide this promotional rate for months after the time of purchase or balance transfer without the risk of deferred interest charges. It could be the easiest way to finance large home improvement projects. For example, the Chase Freedom Flex offers 0% APR financing on purchases for 15 months on new accounts.

You should compare these other credit card offers to see if one may be a better fit than the Lowe’s home improvement card if you’re hoping to pay for purchases over time.

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 16,000 employees and more than 75 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. Fair credit scores typically start around 600. Good scores start around the high 600s, 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 is being reviewed.

Where can I use a Lowe’s credit card?

The Lowe’s credit card can be used only for Lowe’s in-store purchases or for online purchases at Lowes.com. As a store credit card, the Lowe’s card cannot be used for any purchases at retailers outside of Lowe’s stores or Lowes.com.

Earn Cash Back Twice

Citi Double Cash Card

Citi Double Cash Card

Citi Double Cash Card

Benefits

  • 0% intro APR on balance transfers for 18 months
  • 2% cash back on all purchases - 1% when you buy and 1% when you pay
  • No annual fee

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.