Lowe’s Credit Card: A Comprehensive Guide (2024)

Lowe’s, one of the leading home improvement retailers in the United States, recognizes the value of providing customers with accessible financing options to boost purchases and build loyalty. With Lowe’s credit cards that provide a smart and efficient method for purchasing, shoppers can seamlessly finance a wide range of products and services related to home renovation, maintenance, and decor purchases. By offering tailored options for personal and business use, Lowe’s has designed card benefits that meet a variety of customer needs.

In this review, we’ll touch upon the ins and outs of different Lowe’s credit cards. We’ll explore their features and highlight Lowe’s credit card benefits to help you make a well-informed decision.

Lowe’s Synchrony Credit Card for Individuals

Lowe’s credit cards offer individual customers a solid, value-packed option with the MyLowe’s Rewards Card—a store credit card brimming with rewards, discounts, and tailored offers for regular Lowe’s shoppers. It’s a handy money-saving tool for those looking to trim down expenses on everyday purchases. The credit score for Lowe’s card is 640, at a minimum.

MyLowe’s Rewards Card Pros

There are plenty of reasons to get behind the wheel of the Lowe’s store credit card. Along with the flexibility to pay for larger purchases over time, MyLowe’s Rewards cardholders also enjoy exclusive discounts and special financing offers throughout the year. Let’s break down the perks this card will put on your plate in more detail:

• 5% Off on All Eligible Purchases: Whether in Lowe’s stores or on Lowes.com, this discount can really stack up over time, especially for those making frequent trips for home improvement items or appliances.
• Special Six-Month Financing: Get a six-month break on payments for purchases of $299 and more, letting you spread out your spending over half-year.
• Fixed Financing for Larger Projects: When it comes to more ambitious renovations, the Lowe’s Synchrony card has your back with 84 fixed monthly payments. The Fixed Financing option entails a reduced 9.99% APR and is valid for checks starting at $2,000.
• 20% Discount for New Accounts: Enjoy a one-time discount of 20% on your first purchase (up to $100) when you open an account, valid until 1/31/2025.
• No Annual Fee: This Lowe’s store credit card does not have an annual fee. Cardholders can dip into all the benefits without fretting over extra costs each year.
• Exclusive Events & Workshops: Lowe’s occasionally hosts exclusive events and workshops just for MyLowe’s Rewards cardholders, offering access to valuable advice and hands-on workshops.

MyLowe’s Rewards Card Cons

Of course, no card is flawless, and the Lowe’s card has a few restrictions to consider:

• Discounts do not stack: You’ll have to pick between a 5% discount and special financing; the card doesn’t let you double up on savings.
• Interest on Promotional Purchases: To dodge interest charges, be sure to keep a zero balance during the special financing period.
• In-Store Only: This Lowe’s Synchrony credit card works exclusively at Lowe’s stores, lacking the flexibility and accessibility offered by Visa, Mastercard, or American Express.
• No Introductory 0% APR: The card doesn’t offer a 0% APR as an initial perk.
• High Regular APR: At 31.99%, the standard APR is on the steep side, so if you fail to repay the balance monthly, it could result in high maintenance expenses.
• Limited Welcome Discount: The initial 20% off is capped at $100, which may seem a bit modest for larger purchases.

Lowe’s Credit Cards for Businesses

Along with the Lowe’s Synchrony bank plastic for personal use, the retailer also offers two credit card options specifically crafted to help businesses manage expenses, streamline purchasing processes, and score rewards. These cards cater to small to medium-sized businesses, contractors, remodelers, property managers, and other professionals working in the home improvement domain who shop at Lowe’s frequently. With perks like flexible Lowe’s credit card payment options, expense-tracking tools, and solid discounts, these cards are designed to keep costs in check.

The Lowe’s Business Advantage and Lowe’s Business Rewards Cards offer several shared benefits:

• 5% Off on daily purchases.
• 20% off for new in-store applications.
• 24/7 online account management.
• Discounted delivery for supplies.
• 365-Day Return Window.
• Invoicing options for easy record-keeping.

Lowe’s Business Advantage Card

This card closely mirrors the Lowe’s store credit card for personal use in terms, conditions, fees, and interest rates. However, it adds a helpful 0% interest period for 60 days on new purchases, which can ease the strain on business budgets for renovations and large projects. In addition, cardholders also have the flexibility to repay the balance either in monthly installments or in full, offering a convenient way to manage cash flow. Besides, once approved, your account is automatically added to your digital Pro Wallet, providing access to even more rewards and benefits.

Lowe’s Business Rewards Card

Issued by American Express, this card takes flexibility to another level compared to standard Lowe’s credit cards.

Why Choose the Lowe’s Business Rewards Card? Here are some key perks:

• Spending Flexibility: With the power of the American Express network, this card can be used anywhere Amex is accepted, giving you spending flexibility beyond Lowe’s stores.
• 2% Cash Back: Earn2% cash back on eligible purchases in U.S. restaurants, supply shops, and wireless service providers.
• 1% Cash Back: Enjoy 1% cash back for other eligible purchases.
• Employee Cards at No Extra Cost: Business owners can issue additional cards to employees with no added fees.
• No Annual Fee: Benefit from all the card’s advantages without worrying about an annual cost.

Not everything in the garden is rosy, though, and the Lowe’s Business Rewards Card has its downsides.

• No Introductory APR: The card doesn’t offer an introductory 0% APR, which may be a consideration for some businesses.
• Variable Purchase APR: The APR on purchases ranges from 20.99% to 29.99%, depending on your creditworthiness.
• Limited Cash Back Redemption Options: While you earn cash back, you can’t actually cash out your bonuses. You can only redeem them in the form of Lowe’s or Amex gift cards or statement credits—not as cash.

Conclusion

All in all, having a Lowe’s credit card is a worthy option for anyone aiming to score extra benefits from Lowe’s purchases while keeping their expenses on home improvement supplies. Used responsibly and with timely balance repayments, these cards can help you save significantly, adding a real value buck to your pocket.