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Lowe’s Advantage Credit Card Review

Lowe’s Advantage Credit Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It 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.

This article was last updated Aug 13, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

If you’re a frequent customer of Lowe’s Home Improvement stores or looking to finance a large home makeover project soon, the $0 annual fee Lowe's Advantage Card does have some advantages over other home improvement store cards.

In addition to a regular everyday discount on eligible purchases, Lowe's Advantage Card offers cardholders a 0% APR short-term financing deal for six months (then a 26.99% variable variable APR will apply) or a much longer promotional financing offer at a fixed low interest rate for larger projects. Note that you cannot combine the everyday discount with other promotional offers.

Be aware, too, that these special financing deals can serve up an unpleasant surprise in deferred interest charges, which can happen when a cardholder is assessed back interest from the date of purchase if the balance is not paid off by the time the promotional offer expires.

Lowe's Advantage Card pros

Regular purchase discount and extended special financing deal. Save 5% off your eligible purchase, or get 6 months special financing with purchases of $299 or more, or get 84 fixed monthly payments with a minimum purchase of $2,000 at 7.99% APR. Terms apply. Note that the everyday discount cannot be applied to certain brands, extended protection plans or gift cards.

Annual fee. There is a $0 annual fee.

Limited time offers. Lowe’s offers special financing from time to time on a range of products and services.

Welcome bonus. Limited Time Only! One-time 20% off your Lowe’s Advantage Card purchase when you open and use a new Lowe’s Advantage Card and make a purchase between 7/9/20 and 1/31/21. So, if you need a new $500 appliance, you’ll be able to save $100.

Lowe’s Advantage Credit card cons

High APR. The regular purchase APR for the Lowe's Advantage Card is 26.99% variable, so this isn’t a card you want to revolve a balance on if you aren’t taking advantage of any of the promotional deals.

Deferred interest. Deferred interest deals, such as those offered by Lowe’s and other store cards, require cardholders to pay off the entire balance by the end date of the promotion or else the cardholder will be assessed back interest dating to the time of purchase, thereby negating any 0% or low-interest offer. If you do opt to take advantage of a special financing deal, make absolutely sure the balance is paid off before the promotional date expires.

Can only be used at Lowe’s stores. This card can only be used for purchases at Lowe’s stores.

Few rewards or benefits. Other than the regular shopping discount and special financing, the Lowe's Advantage Card has no other ongoing rewards program or other benefits, such as purchase or extended warranty protections.

Compare it to The Home Depot Consumer Credit Card

While The Home Depot Consumer Credit Card does offer the opportunity to qualify for a lower purchase APR (17.99% - 26.99% variable APR), there’s no guarantee you’ll be approved at the lower range.

Both cards offer a discount on your first purchase with the card, but only the Lowe's Advantage Card offers an ongoing discount for everyday purchases, as well as a very long special financing offer at a reduced APR for a pricey purchase.

Here’s how the two cards compare:

Lowe's Advantage Card vs. The Home Depot Consumer Credit Card

 Lowe's Advantage CardThe Home Depot Consumer Credit Card
Annual fee$0$0
Regular purchase APR26.99% variable17.99% - 26.99% variable APR
New cardholder discountLimited Time Only! One-time 20% off your Lowe’s Advantage Card purchase when you open and use a new Lowe’s Advantage Card and make a purchase between 7/9/20 and 1/31/21.Save up to $100 on qualifying purchases for new cardholders. Get $25 off on purchases of $25-$299, $50 off purchases of $300-$999 or $100 off purchases of $1,000 or more. Valid 7/30/20-1/27/21.
RewardsSave 5% off your eligible purchase, or get 6 months special financing with purchases of $299 or more, or get 84 fixed monthly payments with a minimum purchase of $2,000 at 7.99% APR. Terms apply. No everyday discount, but rotating limited time offers for a variety of products and services.*
Financing options6 months special financing on purchases of $299 or more. No interest if paid in full within 6 months.* Or 84 fixed monthly payments on qualifying purchases of $2,000 or more.6 months special financing on purchases of $299 or more. No interest if paid in full within 6 months.*

Which card is best for me?

The one-time new card member discount and potentially lower APR on the The Home Depot Consumer Credit Card can help you save some money, but those two things don’t set it apart enough to make it the better card.

The Lowe's Advantage Card offers a more generous first-purchase discount as well as a longer-term option at a reduced APR for financing an expensive purchase, such as flooring, plus a regular purchase discount for everyday purchases.

Just don’t carry a balance on the Lowe's Advantage Card outside of a special financing deal, due to its high regular purchase APR. In addition, be sure to avoid an unpleasant deferred interest surprise if you don’t pay off a purchase in time when using a promotional finance offer.


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