3 Concrete Reasons You Should Think Twice Before Getting a Lowe’s Card

By Kira Brecht, Updated on Nov 15, 2017

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3 Concrete Reasons You Should Think Twice Before Getting a Lowe’s Card

*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

On the surface, the Lowe’s Advantage credit card may sound like a good deal.  At the check-out register, account holders can choose 5% off the purchase or six months of “special financing,” which includes no interest if paid in full within six months on purchases over $299. For new accounts, the standard APR interest rate is 26.99%, about twice as much as the average bank credit cards.

Interest Is Not Waived

Nothing sounds better than interest-free financing when you are staring down a major home improvement project. But, here’s the issue, the Lowe’s credit card doesn’t waive the interest on your purchase, like other 0% introductory rate cards do. Instead, Lowe’s adds up the interest along the way.

This “deferred interest” deal can leave you with unexpected interest charges if you aren’t careful. If you don’t pay off the entire balance before the six months ends, Lowe’s will charge you retroactive interest back to the date you bought the item.

In a 2015 report, the National Consumer Law Center called deferred interest credit cards a “hidden time bomb.”  Even if you only have a $25 balance left on the purchase, you could be socked with a big retroactive interest charge, once the six months rolls around.

Discount Details

The 5% Lowe's discount comes with exceptions. It can’t be combined with coupons or other discounts and some products, services and brands aren’t included. The benefits are only available at Lowe's, unlike some major bank credit cards that offer cash back on every purchase, everywhere.

Very High Interest Rate

For new Lowe's account holders, the standard interest rate is extremely high at 26.99%, which is almost double the average variable rate on standard bank issued credit cards. That means the interest can pile up almost twice as fast on any balances not paid off at the end of the month.

7 Cards That Offer You a Better Deal

You work hard for your money. Nail down the best return on your credit card with one of the offers below. These credit cards can help you with a 0% introductory interest period for up to 21 months. That’s up to almost 4 times as long as the financing option with the Lowe’s credit card. Some of these cards also offer you impressive every day cash-back rewards, with a sign-up bonus too. All have no annual fee.

Capital One® Quicksilver® Cash Rewards Credit Card

You will get a solid 0% intro on purchases for 9 months with the Capital One® Quicksilver® Cash Rewards Credit Card. You will also earn cash-back rewards wherever you shop with this card, not just at Lowe's. Earn unlimited 1.5% cash back on every purchase, every day. No rotating categories to keep track of month to month, quarter to quarter, year to year. This card offers simplified cash back and there's no limit to how much you can earn throughout the year. No annual fee.

Citi® Diamond Preferred® Card – 21 Month Intro Offer on BT and Purchases

Citi is the leader in long introductory 0% interest periods. With the Citi® Diamond Preferred® Card – 21 Month Intro Offer on BT and Purchases, you will get a long purchase and balance transfer rate. This long introductory intro rate of 0%* for 21 months on Purchases* can help you spread out the payments for well over a year with no interest racking up. Also, if you have high interest credit card debt, making a balance transfer switch to this card could be a smart move. This card comes with no annual fee.

Discover it® Cashback Match™

The Discover it® Cashback Match™ offers an introductory purchase APR of 0% for 14 months and an impressive 5% cash back at Amazon.com and Target now through December 2017, on up to $1,500 in purchases when you activate. Plus, 1% cash back on all other purchases. In 2017, home improvement stores and wholesale clubs were among the quarterly categories. This card also offers a one of a kind sign-up bonus. At the end of your first year, get a dollar-for-dollar match of all the cash you've earned back. You could turn $150 into $300 with Cashback Match™. No annual fee.

Blue Cash Everyday® Card from American Express

The Blue Cash Everyday® Card from American Express is one of the best all-around cash-back cards for everyday use that also offers you a long introductory APR of 0% for 15 months. Earn 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases. You will earn a $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. The sign-up bonus alone could take a big dent out of any big purchase you have planned at Lowe's. You get all of this with no annual fee.

Citi Simplicity® Card - No Late Fees Ever

If you have a big purchase you are looking to finance for an interest-free period, this offers you an extremely long introductory purchase rate of 0%* for 21 months on Purchases*. That’s a long time to pay off your new washer or dryer with no interest payment. In case you are the forgetful type, there are also no late fees, no penalty rate and no annual fee.This card makes saving simple.

Chase Freedom Unlimited®

You will get 0% Intro APR for 15 months with the Chase Freedom Unlimited® card. Plus, unlimited 1.5% cash back on every purchase, at every store – not just Lowe's. With this card you can also earn a $150 bonus after you spend $500 on purchases in your first 3 months from account opening.. That could be a nice chunk of change to offset the cost of your new purchases. This card has no annual fee.

Wells Fargo Platinum Visa® Card

If you are looking to finance a large purchase at Lowe's, the Wells Fargo Platinum Visa® Card will give you a very long purchase intro rate of 0% for 18 months. That’s well over a year of breathing room before interest kicks in. (Even then, you'd only owe interest on the balance going forward, instead of having all that deferred interest suddenly get dumped on your bill.) There is no annual fee on this card.

Your Blueprint to a Better Deal

Get the most bang for your buck with one of these credit cards. The choices we’ve listed above can give you far better benefits than the Lowe’s card. Whether you want an ultra-long 0% introductory interest period, a large cash back sign-up bonus, cash back rewards at every store or a better regular purchase interest rate, these cards are a better option than the Lowe’s Card.

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Picture of Joey Seeley

By: | Nov 21, 2017

Can you use a Citi card in as many places as a Visa, Mastercard or Discover card?

1 Reply

By: CompareCards | Nov 21, 2017

Citibank is a credit card issuer, whereas Visa and Mastercard are credit processors. Most Citibank credit cards are processed by Mastercard and are accepted everywhere Mastercard is accepted!

Picture of Kenneth Kleiner

By: | Nov 19, 2017

The only cards I use are Costco Visa and Citi Double Cash card. Costco Visa for gas 4%, restaurants,travel 3% and Costco 2%. The Double Cash card 2% for groceries, medical, dental, utilities,car and home repairs. I basically pay everything with those cards and rarely use cash. I Generate over 800 dollars thru year on both and pay balance off every month. Works for me.

Picture of Luke Pham

By: | Oct 26, 2017

One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening. Can you earn $150 cash bonus if you use it to pay DMV renewal fees?

1 Reply

By: CompareCards | Nov 8, 2017

Generally speaking, as long as the merchant (in this case, the DMV) will allow you to pay for your transaction with a credit card, it will be counted as a purchases and you should be eligible to earn rewards!

Picture of Harold Lasater

By: | Oct 26, 2017

I have the Discover It card. With no interest for 14 months I was able to buy what I needed and pay it back in just a few months payments instead of all at one time.

Picture of Carolyn Buckner

By: | Oct 20, 2017

Great credit card Comparison Charts

Picture of Lovette Streets

By: | Oct 12, 2017

This is a well-laid-out site and was very helpful in determining which card is best for me. Thanks.

Picture of Donna Mock Redd

By: | Sep 27, 2017

In trying to rebuild credit, what would be the best card to use? I have had issues in the past and have paid off all cards. However, I need to rebuild some positive credit. To date, the only thing on my report shows paid off delinquent accounts.

1 Reply

By: Cherrie Mckinstry | Oct 2, 2017

Continue to us your credit card but buy something for a couple dollars and just pay it. You don't have to buy an expensive item or just stuff to make monthly payments with. they check spending habits and your ability to avoid buying impulse items that will rack up your bill. Do you save any money in an account other than checking?

Picture of Phyllis Pruett

By: | Sep 23, 2017

I really enjoy using my Chase Visa Credit Card....I would highly recommend it over all the cards. Also, I have a Discover It card as well. I use it from time to time as well.....

Picture of Dee White-Rush

By: | Sep 3, 2017

Can you use any of these cards internationally without fees?

3 Replies

By: CompareCards | Sep 7, 2017

Check out our page for credit cards with no foreign transaction fees to see all the best options for traveling overseas!

By: CompareCards | Sep 7, 2017

Check out our page for credit cards with no foreign transaction fees to see all the best options for traveling overseas!

By: Felicia Moreno Mikolajczak | Oct 14, 2017

YES, I have my from back of America travel rewards, l can use it internationally without any fee, I love it.

Picture of Lisa Hardesty Mariani

By: | Aug 31, 2017

Is there a card that offers 0% interest with travel rewards?

1 Reply

By: CompareCards | Sep 1, 2017

Check out the Capital One® VentureOne® Rewards Credit Card!

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