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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.
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.
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.
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.
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.
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 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.
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 $200 into $400 with Cashback Match™. No annual fee.
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 12 Months.Earn 3% at U.S. supermarkets on up to $6,000 in spend per year, 2% at U.S. gas stations & select U.S. dept stores, 1% on other purchases. You will earn a $100 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.
The Citi Simplicity® Card - No Late Fees Ever is the no hassle card that also offers you an extremely long introductory purchase rate of 0%* for 21 months on Purchases*. That’s a long time to pay off your purchases with no interest payment. True to its name, this simple card has no late fees, no penalty APR if you miss a payment and no annual fee. This card makes saving simple.
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.
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.
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.