Lowe’s Advantage Card: Great for Home Improvement, But Watch Out for Deferred Interest

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Lowe's Advantage Card

Lowe’s Advantage Card

Editor’s Score: (3.45/5)
Learn more externa link icon at our partner’s secure site.

  • Intro bonus: N/A
  • Annual fee: No Annual Fee
  • Regular APR: See Terms
  • Recommended credit score: (No Credit History)

The Lowe’s Advantage Card is a store card that grants you access to 5% savings or special financing on eligible purchases with the home improvement retailer, for no annual fee. If you shop at Lowe’s often, or you’re planning to spend a lot on home improvement in the near future, this card is worth considering.

At a Glance

  • Earn 5% off every day or sign up for six months special financing offers (on eligible purchases) when you shop with Lowe’s
  • Get 20% off your first purchase (up to $100 discount) through Jan. 31, 2022
  • No annual fee
  • 26.99% variable APR

Pros

  • Save 5% off eligible Lowe’s spending

  • Special financing offers for select purchases

  • No annual fee

  • Prequalification

Cons

  • High APR

  • 5% off or special financing, but not both

  • Store card has limited utility

Additional Card Details

Retail cards tend to come with few added benefits compared to general credit cards and the Lowe’s Advantage Card is no exception. The main feature of the Lowe’s Advantage Card is the option to earn discounts or enroll in special financing. Each time you make an eligible purchase, you can choose which you prefer. 

First, you can get a 5% discount on your spending in-store or online. This generally applies to anything you buy, but there are exceptions within the terms, including services like assembly or installation fees, gift cards, and Weber or Kichler brand products. 

For eligible purchases over a certain amount, you can forgo the 5% discount in favor of special financing offers. These offers change over time, range in length, and may differ for specific purchases like appliances or HVAC equipment. Currently, you can earn six months of no interest special financing on purchases of $299 or more, or qualify for 7.99% APR fixed monthly payments for 84 months on purchases of at least $2,000.

When you apply and are approved for the card, you can also get a one-time 20% discount, up to a max of $100 in savings (through Jan. 31, 2022).

Should You Get this Card?

If you have a large home improvement project coming up or generally spend a lot on home furnishings, tools, or landscaping materials at Lowe’s, this card offers great payment flexibility and savings.

For your everyday home purchases — whether you’re replacing lightbulbs and batteries or attempting a DIY project — 5% savings is better than you’ll find on most cards with home improvement rewards categories. 

The card’s special financing offers can be beneficial too, especially if you’re buying new appliances or other pricey gadgets and want the chance to pay them off without interest for a limited time. But there are limitations to keep in mind. Most importantly, the “no interest” offer isn’t the same as many 0% intro offers on general credit cards. It’s a deferred interest offer, so if you don’t pay the full amount by the end of the intro period, you’ll incur interest payments going all the way back to your purchase date. 

Pro Tip

You can earn rewards and enjoy 0% APR at the same time with many general cash back credit cards. Make sure to compare non-retail cards to the Lowe’s Advantage Card before you apply.

The Lowe’s Advantage Card is also a closed-loop retail card. This means it may be easier to qualify for than a regular credit card, but you’ll be limited to spending in-store or online with Lowe’s. If you’re looking for rewards on your everyday purchases outside of the retailer, look for a standard card on a widely-accepted network, like Visa, Mastercard, or American Express.

Cards like the Capital One Quicksilver Cash Rewards Credit Card* may be a more flexible options for saving on interest (it offers a 0% intro APR on new purchases for 15 months; 15.49%-25.49% variable APR after that), while earning cash back rewards on every purchase. And if you aren’t strictly loyal to Lowe’s for home improvement spending, you may also want to consider the Home Depot Consumer Credit Card*. While it doesn’t offer the same ongoing discounts, you can qualify for similar special financing options.

How to Use Lowe’s Advantage Card

If you apply for the Lowe’s Advantage Card, start off with great savings by doing so when you have a large purchase to make. When you sign up and get approved, you’ll get 20% off your first purchase made with the card, up to $100 off. That cap means the benefit maxes out after $500, but can bring your initial $500 purchase with the card down to $400. 

From there, use the card anytime you make a purchase with Lowe’s, but have a plan for your 5% discount or special financing options with each purchase. You can’t use these two offers at once, so you’ll have to choose.

If you opt for a special financing offer, make sure you can pay off your purchase before the offer ends. Otherwise, you’ll be stuck paying deferred interest at the regular variable APR of 26.99%. Similarly, if you choose fixed monthly payments with a reduced APR on any large purchases, make sure you can meet at least the monthly payments and pay the balance in full early or on time.

Even if you choose to get 5% off your purchases instead of special financing, you should pay off your credit card balance right away. The high variable APR this card charges will wipe out any savings you get from the discount in a hurry.

Lowe’s Advantage Card Compared to Other Cards

Lowe's Advantage Card

Lowe’s Advantage Card

Editor’s Score: (3.45/5)
  • Intro bonus:
    N/A
  • Annual fee:
    No Annual Fee
  • Regular APR:
    See Terms
  • Recommended credit:
    (No Credit History)
  • Learn more externa link icon at our partner’s secure site.
The Home Depot Consumer Credit Card

The Home Depot Consumer Credit Card

Editor’s Score: (2.1/5)
  • Intro bonus:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    See Details, Rates & Fees
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon at our partner’s secure site.
Citi® Double Cash Card

Citi® Double Cash Card

Editor’s Score: (4.4/5)
  • Intro bonus:
    N/A
  • Annual fee:
    $0
  • Regular APR:
    13.99% – 23.99% (Variable)
  • Recommended credit:
    670-850 (Good to Excellent)
  • Learn more externa link icon at our partner’s secure site.

Bottom Line

The no annual fee Lowe’s Advantage Card can be a good deal for Lowe’s enthusiasts who spend a lot at the store or want to finance a big home improvement purchase. An ongoing 5% savings or special financing for a limited time can help make any future home improvement purchases more affordable. Just make sure to closely read the terms of your agreement so you’re not left paying high interest on any leftover balances.

Because this is a store card, though, you won’t get any value on your purchases outside of Lowe’s. Consider other cards that offer cash back rewards on your spending or 0% APR on purchases for a limited time that may also help you achieve your goals.

*All information about the Lowe’s Advantage Card, The Home Depot Consumer Credit Card, Citi® Double Cash Card and Capital One Quicksilver Cash Rewards Credit Card has been collected independently by NextAdvisor and has not been reviewed by the issuer.

Frequently Asked Questions

What credit score is needed for the Lowe’s Advantage Card?

The Lowe’s Advantage Card is a retail card, so it may be easier to qualify for than a traditional credit card. However, you’ll have the best chances of qualifying with a good-to-excellent credit score of at least 670.

Can you use the Lowe’s Advantage Card anywhere?

The Lowe’s Advantage Card is a closed-loop retail card, so you can only use it at Lowe’s home improvement stores.

Do you get a discount with the Lowe’s Advantage Card?

For each eligible purchase you make at Lowe’s, you can choose to get a 5% discount or special financing.

Does the Lowe’s Advantage Card charge an annual fee?

The Lowe’s Advantage Card does not charge an annual fee.