Review: Lowe’s Credit Card

Lowe’s home improvement stores offer a credit card (issued by Synchrony Bank) that gives you 5% off all of your Lowe’s purchases, as well as other potential perks. Just as good, you could very well be instantly approved for it.

If you are a frequent Lowe’s shopper, this card is a no-brainer: you’re getting 5% off all of your purchases, why would you NOT get it?

In addition, this card lets you finance larger Lowe’s purchases at a reduced interest rate. Specifically, Lowe’s offers cardholders these financing terms:

  • 0% interest on purchases of $299 or more for 6 months
  • 3.99% interest on purchases of $2000 or more for 36 months
  • 5.99% interest on purchases of $2000 or more for 60 months
  • 7.99% interest on purchases over $2000 or more for 84 months

There is a bit of a difference in those offers. For the 0% interest for 6 months offer, note that you must fully pay off the complete purchase within 6 months or you will be charged all of the interest that would’ve accrued since the date of purchase. On the other offers, you can choose between the interest rate/length of repayment offer when you make the purchase, and you must pay back the purchase in equal installments each month.

Outside of these special offers, the interest rate on the Lowe’s credit card is lousy: 26.99%. This is very high even by the inflated standards of many retail credit cards, so you need to make sure you are not carrying balances on this card on a regular basis. Get your instant approval, get your 5% discounts, then pay it off each month.