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If you do much shopping at Lowe's, one of the largest home improvement retailers, the Lowe's Advantage Card could be a serious money saver. Each time you shop with this store credit card, you can get a discount or take advantage of special financing plans on eligible purchases. To help you decide if a Lowe's credit card is right for you, we'll go over its good and bad points in this review.
This credit card is a good fit for: Home improvement enthusiasts who shop at Lowe's frequently and want to get discounts or special financing plans.
Sign-up bonus: When you open a Lowe's Advantage Card, you receive a coupon for 20% off your first purchase. The maximum discount you can get is $100, so you'll save the most with this offer if you use it on a $500 purchase. You can use your discount for either an in-store or online purchase. It can't be combined with any other coupon or the 5% Lowe's Advantage Card discount. This introductory offer currently has an end date of Jan. 31, 2021.
Rewards: The Lowe's Advantage Card gets you 5% off all eligible in-store and online purchases. Note that if a purchase also qualifies for one of the special financing offers available through a Lowe's credit card, you must choose either the 5% discount or the financing plan. These offers can't be combined. A 5% discount on every eligible Lowe's purchase is a great deal if you shop there often.
Financing plans: Lowe's Advantage Card has two available financing plans:
In addition, Lowe's periodically has limited-time special financing offers. For example, you could see an offer for no interest on a specific type of product, such as appliances, if the purchase is at least $299 and you pay in full within 12 months. You do need to be careful with these financing offers. As we'll see below, the special financing plans are deferred-interest offers, which is not the same as the promotional period on 0% intro APR credit cards.
No annual fee: Store cards are usually no-annual-fee cards, and that's the case with the Lowe's Advantage Card. It's an important perk, because it means you can save money using your Lowe's credit card and it won't cost you anything.
Deferred-interest financing: As mentioned earlier, Lowe's special financing plans have deferred interest. If you haven't heard of this, it means interest charges are only deferred until the end of the promotional period. You must pay off the balance in full by then, or you'll be charged all the interest going back to the purchase date. A deferred-interest offer can still be a good deal, assuming you pay in full by the end of the promotional period. Just keep in mind that minimum payments may not be enough.
Introductory discount: A 20% discount is reasonable for a store credit card, but it could be better. In particular, it'd be nice to see Lowe's get rid of or at least raise the $100 limit on the discount. That bonus cap means the value of this introductory offer pales in comparison to many of the best sign-up bonuses.
Only works at Lowe's: The Lowe's Advantage Card is a closed-loop store card. You can only use it to pay for your purchases at Lowe's, not anywhere else. Because of that, you'll need at least one other credit card to cover your non-Lowe's expenses.
No extra benefits: When it comes to features, the Lowe's Advantage Card is bare bones compared to most other credit cards. The purchase discounts and financing plans are its only perks. You won't get any extra benefits that are popular with store credit cards, such as free shipping, an extended return window, purchase protection, or exclusive sales.
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The Lowe's Advantage Card is aimed at consumers with fair credit or better, so a FICO® Score of at least 620 is recommended. Keep in mind that Lowe's will base its decision on more than just your credit score. Card issuers weigh a variety of factors to determine whether to approve or deny credit card applications.
You spend at least $500 per year at Lowe's and you either want to get discounts or finance your more expensive purchases.
Since the benefits of the Lowe's Advantage Card are so simple, it's also easy to figure out if this is a good credit card for you. A 5% discount at Lowe's is more than you'll get from almost any other rewards credit cards. The card's financing plans are also competitive. If you're a DIYer or just like to make major home purchases at Lowe's, a Lowe's credit card is sure to save you some cash.
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