Lowe’s Credit Card Application And Offers

by Ibukun · March 2, 2022

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Like many stores, Lowe’s has its own credit card. The Lowe’s card, like other store cards, may only be used in Lowe’s stores, and the discounts and advantages are only accessible there.

The good news is that they are plentiful. No annual cost, up to $100 off your first in-store purchase after joining, and special financing on qualified goods (more on that below).

But, like many store cards, the Lowe’s store card has a high APR (annual percentage rate). And the promotional financing only saves you money if you pay off your card within the promotional time. If you don’t pay the whole debt, you’ll be charged interest going back to the purchase date. The card also lacks the freedom that comes with non-branded rewards cards.

You should carefully consider if the Lowe’s card is good for you, but many DIYers find it useful. This article explains Lowe’s Credit Card Application And Offers.

Watch the below video on Lowe’s Credit Card Application And Offers:

1.1.5% off at checkout

When you use your Lowe’s credit card, you’ll earn a 5% discount at the register. One of the card’s best features. Unlike many other shop credit cards, Lowe’s provides you this discount up front. So you never have to wait for your card to save you.

The 5% discount is only valid on qualified products and excludes gift cards. Not valid with other coupons or discounts, including Lowe’s military or employee discounts or Lowe’s low-price promise. Also, it can’t be used with Contractor Packs, and it can’t be used to save money on shipping or fees. AGA, Bosch Benchmark, Fisher & Paykel, Heartland, ICON, Kichler, Liebherr appliances, NXR, MARVEL, Monogram, SMEG, and Weber are all excluded from the discount.

2. Finance offers

If you spend $299 or more, you can opt for six months of 0% APR financing instead of the 5% discount. Lowe’s often conducts specials where you can get 0% financing for longer. From July 2019, you can get 12 months at 0% APR on appliances, HVAC, and air conditioners.

The 0% rate applies only if you pay the entire purchase balance within the offer period. If you don’t, you’ll owe interest from the purchase date, which might be costly.

3. Project funding

If you spend $2,000 or more, you can choose Project Financing. This lowers your APR and allows you to pay for your project with fixed monthly payments.

Now, in July 2019, you have three options:

* 3.99 % APR for 36 fixed monthly payments * 5.99 % APR for 60 fixed monthly payments

*7.99 % APR for 84 fixed monthly payments

You must request this special financing while making the transaction. In addition, the fixed monthly payment required for special project finance may be larger than the usual minimum monthly payment.

4. First-time in-store purchase discount

You can also get a discount on your first in-store purchase with your new Lowe’s credit card. If your first purchase is between $30 and $599.99, you save $30, and if it is $600 or more, you save $100.

In addition, your first purchase must be made within a certain time frame, and your savings cannot be combined with any other deals or promotions.

5. A high APR

The usual APR of 26.99 percent is one of the major drawbacks to be aware of when applying for a Lowe’s credit card.

If you don’t pay your debt in full by the end of the payment cycle or before the 0% promotional rate ends, you could owe a lot of money. The interest you’d pay would be far higher than the 5% discount you’d get for using your card, so using it would be costly.

6. Deferred interest on financing options can add up fast.

Deferred interest offerings are risky because you wind up owing interest if you don’t pay the whole balance by the deadline.

The interest rate is 26.99 percent, so if you borrow $1,500 and don’t pay it back in full within six months, you owe 26.99 percent interest on the $1,500. This means you owe $1,500 in back interest at 26.99 percent, or roughly $200.

7. Project financing is also risky.

Project finance also has the danger of not being the greatest financial solution if you miss a predetermined monthly payment.

Plus, even low fixed interest rates can make your project more expensive than paying cash, even if the special rate is better than personal or home improvement loans.

It’s great for Lowe’s Advantage Credit Card

Who is the Lowe’s Advantage Card ideal for, with four benefits and three risks?

The card is ideal for DIYers who want to use the 5% discount frequently or who wish to pay for a project over time and are reliable payers. The card is only worthwhile if you avoid paying the usual APR on all purchases, which means you must be able to pay your monthly bills in full.

It may be worth switching to Lowe’s to receive this card if you have a lot of home improvement projects planned and both locations are available in your community.

If you spend a lot on home renovation and would certainly reach the rewards restrictions on ordinary cashback credit cards, the Lowe’s store card may be a better alternative because the discount isn’t capped and there’s no annual fee.

How to Get a Lowe’s Advantage Card

Apply for the Lowe’s Advantage Credit Card online at lowes.com/applynow. Your name, address, and Social Security number will be required.

You can also apply in-store for the Lowe’s card. Ask a cashier or customer service regarding credit applications. Lowe’s frequently runs limited-time sign-up discounts only good for in-store applicants, so we recommend asking before applying online. Applicants with “fair” or better credit often get accepted in a few days.