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

By Kira Brecht, Updated on Sep 14, 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 in rotating categories each quarter like gas stations, Amazon.com, restaurants, wholesale clubs and more, up to the quarterly maximum each time 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 Gary Saracene

By: | Aug 23, 2017

The best card is one that has a long interest free time period and has no fee on the balance being transferred.

2 Replies

By: Emily Knight | Aug 25, 2017

You will get no argument from me. That is ideal.

By: Carol R. Smith | Aug 28, 2017

Which one is that? Maybe I missed some information,

Picture of Joyce Dominick

By: | Aug 9, 2017

I am new to credit cards, was wondering why would you transfer balance of your credit card..I have had my card with Capital for about a year, with an APR of 25.49%. Could/should I transfer?

8 Replies

By: CompareCards | Aug 14, 2017

Balance transfers are useful if you have an outstanding balance on a card with a very high interest rate, and you want to pay off the balance without paying interest. Opening a new credit card with an intro 0% APR on balance transfers can help you pay off your debt interest free - check out some of our best balance transfer cards here. Depending on the size of your balance and your creditworthiness, this could be a great option for you.

By: Turtle Schultz | Aug 15, 2017

I would say yes with that high interest you are paying. Don't ever pay that high of interest on a credit card that are way too many credit cards out there to get with much lower interest rates.

By: Dottie Cales Caudill | Aug 17, 2017

You will most likely have to pay a fee to transfer but in the long run you will save money by doing the transfer.

By: April Heather Cunningham | Aug 19, 2017

Joyce that is a very high APR .... you should be able to find a lower APR on the transfer .... watch for how the APR changes when the 12 mths ends or if they offer 24 mths.

By: Marcia Clary | Aug 23, 2017

Hi Joyce, It would be to your benefit to transfer the balance on your Capital One card. You will save ton of money with a 0% card by not paying that high interest rate. Something to definitely look into.

By: Emily Knight | Aug 25, 2017

Look at your balance and the interest you have been paying. If you are paying more during the same time period (lets say 21 month period) that the 0% interest is offering then it makes sense to transfer.

By: Dash Dash | Aug 26, 2017

Yes, transfer balances that way you pay no interest for so many months, good idea

By: WeedMee Weedmee | Sep 16, 2017

yes, take advantage of being able to save money by transferring your debt to another credit card that can offer a much lower interest rate. However do not close the other credit card as it may lower your credit score, it is okay to leave it open with a 0 balance as long as you want.

Picture of Judy Callaghan

By: | Aug 8, 2017

Wondering if I can use the Well Fargo Visa for Dental work that I need done?

2 Replies

By: CompareCards | Aug 9, 2017

As long as your purchases don't exceed your credit limit, you will be able to use the card. Try to pay off the balance as quickly as possible though in order to avoid paying fees or interest.

By: Mary Ellen Wolf | Aug 17, 2017

Hi Judy - I've used by credit card to charge for dental work all the time. It's a great way to pay.

Picture of Tess Gunst Laucks

By: | Aug 8, 2017

can you have too many credit cards? I have excellant credit, but don't use credit cards very often. Should I destroy cards I no longer use or are expired?

1 Reply

By: CompareCards | Aug 9, 2017

By rule, there is no optimal number of credit cards to have - each person's circumstances are slightly different. If you are paying an annual fee for a credit card that you rarely use, it may be a good idea to cancel the card, or call the issuer and ask them to waive the fee. However, when canceling a card, keep in mind the change in credit score that may occur. Recent or new credit cards will have very little effect on your score if they are canceled, but older credit card accounts will temporarily lower your credit score when they're canceled. You can throw away expired cards, but make sure to cut the cards in half, just in case.

Picture of Kathy Kitterman

By: | Aug 7, 2017

This is a wonderful site. I just got approved for that 21 mo. no interest card. I hope to start knocking off my dept one card at a time. I'm thrilled. I'm going to make the biggest payments I can afford. Thanks!

1 Reply

By: Darlene Williams | Aug 27, 2017

You are proving you are a smart buyer, charger, and willing to share with others how to do credit very well.

Picture of Irene Pacheco

By: | Aug 3, 2017

can i do a balance transfer from more than one credit card?

1 Reply

By: CompareCards | Aug 9, 2017

Yes! As long as the total amount of the balance transfers and possible balance transfer fees does not exceed the limit of the credit card to which you are transferring your balances, then you can transfer from as many credit cards as you like. However, be sure to check each of your cards and know the balance transfer fees that may or may not apply. Check out our best balance transfer offer cards to see the best offers on the market.

Picture of Sandy Soroka

By: | Aug 3, 2017

The term "finance charge" is sometimes used synonymously with "interest charge." This is especially true in situations where the interest charge is the only finance charge. Therefore, be careful that you include all other finance charges, not only the interest charge, when you determine the cost of borrowing. Use finance charges, rather than just interest charges, to compare the cost of borrowing from different sources. For example, if one credit card has a low interest rate, but charges an annual fee and an application fee, the total finance charge on that card could be more than the finance charge on a card that only charges interest each month.

Picture of Mary Jo Kalucki

By: | Aug 1, 2017

Hi I am looking for the best credit card to transfer my high balances..

1 Reply

By: CompareCards | Aug 3, 2017

There are plenty of great options out there, but what is best for you depends on your credit score. Try looking at the best balance transfer deals that credit card issuers offer. If your credit is on the mend, check out some credit cards for fair credit or bad credit.

Picture of Sandra Deitrich Hulsizer

By: | Jul 29, 2017

A lot of good information for determining the choice of a credit card. Even an old lady like me could understand and make a good decision!

Picture of Cindy Woodruff Moore

By: | Jul 26, 2017

I have Discover and Capital One , they are very good!

These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.