Lowe’s Credit Card Review 2024

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The Lowe’s Advantage Card is a store credit card you can only use for Lowe’s purchases. It comes with a strong 5% discount on eligible purchases, which makes it one of the best options for home improvement purchases. Cardholders can also take advantage of special financing offers. But you’ll want to read the terms carefully because the financing may include deferred interest, which usually isn’t as good as an intro 0%-APR credit card offer.

Below, CNBC Select has the details on this card’s features, rates and alternatives that may work better for you.

Lowe’s Advantage Card

  • Rewards

    5% off eligible purchases

  • Welcome bonus

    For a limited time, new accounts get 20% off a qualifying purchase, up to $100

  • Annual fee

  • Intro APR

  • Regular APR

  • Balance transfer fee

  • Foreign transaction fee

  • Credit needed

Pros

  • No annual fee
  • 5% off eligible purchases
  • Variety of special financing offers

Lowe’s Advantage Card review

Welcome bonus

New accounts are eligible for a 20% discount on a qualifying purchase, up to $100.

Benefits and perks

Rewards

This card has no rewards program.

Rates and fees

Card comparison

Here’s how the Lowe’s card compares with some similar alternatives.

Lowe’s Advantage Card vs. Wells Fargo Reflect® Card

Wells Fargo Reflect® Card

  • Rewards

  • Welcome bonus

  • Annual fee

  • Intro APR

    0% intro APR for 21 months from account opening on purchases and qualifying balance transfers.

  • Regular APR

    18.24%, 24.74%, or 29.99% Variable APR on purchases and balance transfers

  • Balance transfer fee

    Balance transfers fee of 5%, min: $5

  • Foreign transaction fee

  • Credit needed

The Wells Fargo Reflect® Card is a helpful tool when you want to finance an expensive purchase. New card members get a 0% intro APR for 21 months on purchases and balance transfers, then a variable APR of 18.24%, 24.74%, or 29.99% applies. Balance transfers must be made in the first 120 days to qualify for the intro APR and there is a balance transfer fee of 5% of the amount you transfer ($5 minimum).

For comparison, the Wells Fargo Reflect Card’s intro 0%-APR period is 3.5 times longer than the deferred interest period you get with the Lowe’s card. Plus, if you don’t pay off the full balance on the Reflect card, you’re only responsible for paying the interest that starts accumulating when the intro APR expires.

Lowe’s Advantage Card vs. Home Depot Consumer Credit Card

Home Depot Consumer Credit Card

  • Rewards

  • Welcome bonus

    For a limited time, save up to $100 when you make a qualifying purchase with your new card.

  • Annual fee

  • Intro APR

  • Regular APR

    Standard APR is 29.99%. With a $2 minimum interest charge.

  • Balance transfer fee

  • Foreign transaction fee

The Home Depot Consumer Credit Card is a store card, just like the Lowe’s Advantage Card. While it offers a six-month deferred interest financing that’s similar to what you get with the Lowe’s card, it has no rewards or ongoing discounts. So if you’re price shopping between Home Depot and Lowe’s, be sure to consider the 5% discount you may be eligible for with the Lowe’s Advantage Card (and the purchases that are excluded).

The Lowe’s card outperforms the Home Depot card in most ways. However, the Home Depot Consumer Credit Card gives you an extended return period of one year on qualifying purchases made with the card — a benefit the Lowe’s card lacks.

Is the Lowes Advantage Card right for you?

Bottom line

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.



Sumber: www.cnbc.com

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