*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.
This article was last updated Sep 07, 2018, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.
If you’re looking to complete home improvements or frequently shop at Lowe’s and want to earn a discount, the Lowe's Advantage Card is a great $0 annual fee card. Cardholders can benefit from numerous special and project financing offers, as well as a 5% off your eligible purchase (terms apply).
These features are helpful if you want to take time to pay off home renovations like kitchen or bathroom remodels, but is also helpful if you want a discount on everyday purchases like nails, hooks and tools. Just beware of deferred interest charges on the financing offers, which we discuss in detail below.
Special financing offers*
The Lowe's Advantage Card offers a special financing offer, depending on how much you plan to spend:
- No interest if paid in full within 6 months. Applies to purchase or order of $299 or more.
Project financing offers*
If you need more time than the special financing options provide, there are three project financing options available. They all apply to purchases or orders of $2,000 or more. Note: offers are not automatic and must be requested at time of purchase.
- 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.
Watch out for deferred interest
Many store cards charge deferred interest — which means if you take advantage of a special financing option and don’t pay it in full before the promotional interest-free period ends, you will incur all the interest you would’ve been charged during the interest period.
Here are the deferred interest terms for the Lowe's Advantage Card:
“Interest will be charged to your account from the purchase date if the promotional purchase is not paid in full within [6,] 12, 18 or 24 months. Minimum monthly payments required. No interest will be assessed on the promotional purchase if you pay the promotional purchase in full within [6,] 12, 18 or 24 months from the purchase date. If you do not, interest will be assessed on the promotional purchase from the purchase date.”
To avoid deferred interest charges, make sure you pay your entire balance in full before the promotional interest-free period ends. Continuing to carry a balance post-special financing period defeats its purpose and may cause you to fall into debt — the interest rate is high at 26.99% APR.
Currently, the Lowe's Advantage Card offers 5% off your eligible purchase or order charged to your card.* This is a great discount compared to other rewards and cashback credit cards that typically offer 2% back in rewards. Just keep in mind there are several exclusions with this offer.
Exclusions include: extended protection/replacement plans; shipping, delivery or assembly charges; fees or taxes; gift cards; Dacor®, ICON®, Fisher & Paykel®, Monogram, Smeg or Liebherr appliances (some brands not available in all markets/stores), Weber or Kichler products; or special financing offers.
Compare it with the Home Depot Consumer Credit Card
If you want a potentially lower ongoing APR and a discount on an eligible purchase, the Home Depot Consumer Credit Card is a good alternative.
The Home Depot Consumer Credit Card has a lower ongoing APR range at 17.99% - 26.99% which offers the potential to qualify for a rate lower than the Lowe's Advantage Card’s 26.99%* APR — depending on your creditworthiness. If you make purchases that don’t qualify for a special financing period and carry a balance month-to-month, the potential for a lower APR can save you on interest charges.
Currently, the Lowe's Advantage Card does not offer a new cardmember discount (only a 5% off your eligible purchase*), but the Home Depot Consumer Credit Card does — Save $100 on your qualifying purchase of $1,000 or more. Valid through 7/31/2019.* This is a great discount that can help reduce the cost of your purchase.
However, while the new cardmember discount and potentially lower APR provided by the Home Depot Consumer Credit Card are beneficial, the Lowe's Advantage Card is a better choice for longer financing options. The Home Depot Consumer Credit Card has financing offers up to 24 months during special promotions*; meanwhile, the Lowe's Advantage Card offers financing offers for up to 84 months.* So, if you need more time to pay off purchases, possibly from home improvements, the Lowe's Advantage Card has more special financing options.
Here’s a breakdown of the key features of each card:
|Lowe's Advantage Card||Home Depot Consumer Credit Card|
|Regular Purchase APR||26.99%||17.99% - 26.99%|
|New Cardmember Discount||None||Save $100 on your qualifying purchase of $1,000 or more. Valid through 7/31/2019.*|
|Everyday Discount||5% off your eligible purchase*||No everyday discount, but rotating limited time offers for a variety of products and services.*|
|Everyday Financing||6 months special financing on purchases of $299 or more. No interest if paid in full within 6 months.*||6 months special financing on purchases of $299 or more. No interest if paid in full within 6 months.*|
|Project Financing||Special fixed-rate interest offers for 36, 60 or 84 months and on purchases of $2,000 or more.*||Up to 24 months during special promotions.*
(Note that Home Depot offers a Project Loan Card with a fixed rate and 84 months to pay off purchases.)*
The Lowe's Advantage Card is a great option to finance home improvements — but beware the deferred interest charges that you’ll incur if your balance is unpaid at the end of the special financing period.
*Terms and conditions apply. This offer and/or promotion has since changed, expired, or is no longer available.