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Everyone knows home improvements can be costly. And hiring a contractor? Even more so. That’s why many people choose the do-it-yourself option.
This likely means you’re spending a lot of time (and money) at places like Lowe’s. So should you be using their store-branded credit card?
*See additional explanation below (rules/restrictions apply to all main benefits) **Special financing/intro APR rates may apply
This credit card is best for consumers who shop at Lowe’s often and are responsible cardholders. This means you pay off your balance on time and in full each month. If you don’t, the high APR on this card can get you into some trouble.
An important point to note right away is that the Lowe’s Advantage card offers either/or benefits: these are not cumulative! Keep this in mind, and we’ll explain more below.
5% Off Eligible Purchases
Cardholders who pay with their Lowe’s Advantage card can earn 5% off their eligible purchase or order. This discount will be taken after all other relevant discounts have been applied.
HOWEVER, the offer cannot be used with any coupon, Lowe’s low-price guarantee, Lowe’s volume or special discount programs, military discount, employee discount, and in some other specific cases.
Additionally, the 5% off benefit does NOT apply to gift cards, extended protection/replacement (warranty) plans, shipping/delivery/assembly charges, or fees and taxes. Furthermore, some specific brands are excluded from this discount, so check carefully before you apply for the card to justify a big appliance/brand purchase.
6 Months Special Financing
On Lowe’s Advantage Card purchases over $299, cardholders are given the option of applying 0% APR to the purchase if the balance is paid in full within the first 6 months. (The 5% off benefit will not apply if this option is selected.)
If and 6 months are the key words here. If the cardholder is not able to comply, the introductory 0% APR is void and the standard APR of 26.99% will be applied to the balance all the way back to the purchase date — this is called “deferred interest.”
Bottom Line: This option should only be chosen if a cardholder is confident they can pay off the full balance within the first 6 months. Otherwise, the 26.99% APR applied retroactively can result in some seriously hefty interest fees.
Hot Tip: In general, the minimum monthly payment due is usually NOT ENOUGH to pay off your balance by the end of the promotional period. This is extremely sneaky – so be sure you’ve calculated your payments correctly and pay more than the minimum when needed.
Payment Options for Big Projects
Lowe’s offers this option to customers because they feel big projects should have more payment options. For Lowe’s Advantage Card purchases over $2,000, cardholders may ask for a special financing option.
May ask for are the key words here. This special project financing is not automatically applied; it must be requested at the time of purchase. (The 5% off benefit will not apply if this option is requested.)
Cardholders have the following options:
36 fixed monthly payments at 3.99% APR (until paid in full)
60 fixed monthly payments at 5.99% APR (until paid in full)
84 fixed monthly payments at 7.99% APR (until paid in full)
Lowe’s states: Each fixed monthly payment will be approximately 2.9520% for 36 months; 1.9328% for 60 months; 1.5581% for 84 months of the initial promo purchase amount and will not be adjusted for merchandise returns, which may result in paying the promo purchase in less than 36, 60 or 84 months. The fixed monthly payment calculated may be higher than the minimum monthly payment that would be required if the purchase was a non-promotional purchase.
Additionally, this benefit is not applicable to purchases made at Lowes.com.
Choosing Between the 5% off OR the Special Financing Option Benefit
Generally, cardholders receive 5% off purchases every day (within restrictions) until they reach a certain purchase amount.When cardholders reach $299 (the minimum purchase amount for 6-month special financing option), they are given a choice between the 5% off OR the special financing option.
Which is the better choice? That depends. Let’s look at an example.
Say you want to purchase a new Maytag high-efficiency washer for $600.
The 5% off option would yield $30 off your purchase.
If you choose the 6-month 0% APR and pay it off in full — congratulations, you’ve stretched out your payments successfully.
If you choose the 6-month 0% APR and do not pay it off — your clothes may be clean, but you’ll be in a sticky situation financially.
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Special Financing, Delinquent Account
(26.99% APR deferred interest)
Payments
Balance
Interest Applied
Month 1: $50
$550
$12.38
Month 2: $75
$475
$10.69
Month 3: $75
$400
$9.00
Month 4: $50
$350
$7.88
Month 5: $75
$275
$6.19
Month 6: $100
$175
$3.94
Total Interest Fees Accrued
$50.08
In the final example above, you did not pay your balance in full for your new washing machine, so deferred interest was initiated. This means the standard 26.99% APR was applied to the balance for each month, all the way back to the purchase date.
This adds up to a total of ~$50 in interest fees, or about 12% of the initial cost of your washer. This $50 in accrued interest will then be added to your remaining balance. So what happens next?
If you do not pay this new remaining balance in full, the standard APR of 26.99% will be applied moving forward since you are now out of the promotional period.
Bottom Line: Only choose the special financing options if you’re 100% certain you can pay the balance off in full within your 6-month period. Ideally, you’d pay more than the monthly minimum if possible since this amount usually isn’t enough to pay off your balance in full by the end of the promotional period!
Again, remember that cardholders who request the special project financing will not receive the 5% off on their >$2,000 purchase.
There are a couple of BIG drawbacks to the Lowe’s Advantage Card.
As we discussed earlier, the Lowe’s Advantage card has a ridiculously high standard APR (26.99%), and shoppers can get into some serious trouble if they choose special financing options and are not able to pay them off in the allotted time frame.
Additionally, the Lowe’s card cannot be used anywhere other than Lowe’s and Lowes.com.
Lack of perks found with other retail credit cards (no free shipping, extended returns, extended warranties, etc.)
Additional Lowe’s Credit Options
Lowe’s does have a couple of other credit options specific to businesses, and while we aren’t reviewing them here, you can find more information online.
Lowe’s Business Account
Lowe’s Accounts Receivable
Lowe’s Business Rewards Card from American Express*
*The information regarding the Lowe’s Business Rewards Card from American Express was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
Our Recommended Alternative Rewards Credit Cards
In comparison to the Lowe’s card, the Chase Freedom Unlimited® is very easy to understand and doesn’t have complicated fee’s, rules and conditions.
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!
This all-purpose cash-back card offers great bonus categories, including bonus points for every purchase you make!
Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Up to $300 cash-back
$0
0% Intro APR for 15 months on purchases and balance transfers, then a variable APR of 19.99% - 28.74%.
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)
Why We Like This Card
The Chase Freedom Unlimited® is easily one of the best cash-back credit cards on the market. There aren’t many no-annual-fee credit cards that offer multiple great bonus categories like 5% back on travel purchased through Chase, 3% back on dining and drugstore purchases, and 1.5% back on all other purchases.
When paired with other Chase cards in the Ultimate Rewards family, you can transfer that cash back into points if you wish – making it one of the most lucrative cards in your wallet.
Pros & Cons
Pros
0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.99% - 28.74%.
INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Enjoy 6.5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.99% - 28.74%.
No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
Member FDIC
Financial Snapshot
APR: 0% Intro APR for 15 months on purchases and balance transfers, then a variable APR of 19.99% - 28.74%.
Foreign Transaction Fees: 3% of each transaction in U.S. dollars
Alternatively, if you love to travel (or want to travel more) consider the Chase Sapphire Preferred® Card which is one of the best (if not the best) travel rewards cards.
You will earn 1x at Lowes stores — and 5x points on travel purchased through Chase Travel, 3x points on dining, and 2x points on all other travel purchases.
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.
A fantastic travel card with a great welcome offer, good benefits, and perks for a moderate annual fee.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
60,000 bonus points
$1,200
$95
20.99% - 27.99% Variable
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Good to Excellent (670-850)
Why We Like This Card
The Chase Sapphire Preferred® card is one of the best travel rewards cardson the market. Its bonus categories include travel, dining, online grocery purchases, and streaming services, which gives you the opportunity to earn lots of bonus points on these purchases.
Additionally, it offers flexible point redemption options, no foreign transaction fees, and excellent travel insurance coverage including primary car rental insurance. With benefits like these, it’s easy to see why this card is an excellent choice for any traveler.
Pros & Cons
Pros
5x points on all travel booked via the Chase Travel portal
5x points on select Peloton purchases over $150 (through March 31, 2025)
5x points on Lyft purchases (through March 31, 2025)
Cons
$95 annual fee
No elite benefits like airport lounge access or hotel elite status
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
You can apply for the Lowe’s Advantage Credit Card in-store or online.
In general, you’ll likely need a fair credit score to be approved, although those with a slightly lower score have noted approval in the past.
Upon credit review, some applicants will be approved instantly (this isn’t the only instant approval credit card). However, some applications may need further review resulting in a 7-10 day waiting period. Additionally, applicants should note that the age requirement is 18 years+ to apply.
Sign-up bonuses/promotions: Lowe’s may offer certain sign-up bonuses when you apply for the Lowe’s Advantage Card. For example, cardholders can currently receive $30.00 off their first in-store purchase. Of course, restrictions apply. In this case, the shopper must apply in-store and utilize the coupon within a certain period or the coupon is forfeited.
Managing Your Account Online
If you are a Lowe’s Advantage cardholder, you can sign up/log in here to manage your credit card account. Here are a few options you have within the platform:
Pay your bill
Monitor your account activity
Enroll in e-billing
Learn about special offers and promotions
Final Thoughts
The Lowe’s Advantage Credit Card could certainly be a money saver if you shop at Lowe’s often and you’re a responsible cardholder. The 5% off every day benefit can come in handy, but pay attention to the fine print as there are some exclusions. As a cardholder, be sure to make wise decisions when you’re presented with the 5% off vs. special financing option.
If you’re not a frequent shopper at Lowe’s or you have difficulty paying your balance on time, you’re much better off opting for an alternative rewards credit card. Most of these can be used virtually anywhere and offer good benefits with a lower (or 0% in some cases) APR.
The information regarding the Lowe’s Business Rewards Card from American Express was independently collected by Upgraded Points and not provided nor reviewed by the issuer.For the rates and fees of the Lowe’s Business Rewards Card from American Express, click here.
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