Lowe's vs. Home Depot Credit Cards

If you need to finance some home-improvement projects, you might be looking at the Lowe’s and Home Depot credit cards. These are store cards that offer financing or discounts on purchases. One card is clearly more valuable than the other, but your decision also depends on which of these stores you prefer when shopping in this category.

You may already have a favorite store, but see how you feel after you read our comparison of every aspect of the MyLowe’s Rewards Credit Card against The Home Depot Consumer Credit Card. Then decide.

How the cards stack up

Here’s how the MyLowe’s Rewards Credit Card compares with The Home Depot Consumer Credit Card. When it comes to the welcome offer and rewards offered, they’re pretty different.

Welcome bonus winner: Lowe’s

It’s the amount and variety of rewards that gives Lowe’s credit card the edge over Home Depot for the welcome bonus. There are a few ways you’ll earn rewards from the MyLowe’s Rewards Credit Card. New cardholders can take advantage of the following promotional offers until Jan. 31, 2025:

• 20% off a qualifying purchase for a discount up to $100.
• 12 months special financing for appliances or installed HVAC over $299.

There are also “everyday” offers that existing cardholders may be eligible for, such as:

• Save 5% when you use your Lowe’s card (exclusions apply).
• Six months of financing on purchases of $299 or more without interest.
• 84 fixed monthly payments at a reduced APR on purchases of $2,000 or more.
• 36 months to finance kitchen cabinets and countertops at 5.99% APR.

The Home Depot Consumer Credit Card has a few promotional offers of its own:

• Tiered discount of $25 off purchases from $0 to $299; $50 off purchases from $300 to $999; $100 off purchases of $1,000 or more.
• No interest charged on qualifying appliances or HVAC installs for 12 and 18 months.

Here are examples of how you save money with promotional offers:

• Buying a $1,000 fridge with the MyLowe’s Rewards Credit Card: $100 off ($1,000*20%=$200, but the discount maxes out at $100).
• Buying a $1,000 fridge with The Home Depot Consumer Credit Card: $100 off ($100 off purchases of $1,000 or more).

Rewards winner: Lowe’s

Lowe’s credit card is the better option when it comes to rewards. There is no traditional cash back or points earned from purchases on either card, but what the MyLowe’s Rewards card does have is a discount (which is even better). Five percent off whenever you use the card is a pretty sweet deal.

Lowe’s also offers a rewards program where you’re granted Silver Key status to earn bonus points toward MyLowe’s money. Silver Key status helps with free shipping on all purchases, With the card, the earning rate is 1.25x on every purchase made. For example, if you purchased $50 worth of supplies, you would earn 62.5 in MyLowe’s money. After earning 1,000 MyLowe’s money points, you can redeem them for a $5 credit on a Lowe’s purchase. Doing the math, you would need to spend $800 to get a $5 credit (not awesome, but great to earn if it requires no effort on your part).

Annual fee winner: Draw

Neither card charges an annual fee, so we’re calling a draw. You are being charged interest on the balance you carry, so it’s not a free card, either.

APR winner: Home Depot

Home Depot’s 29.99% APR beats out the 31.99% APR offered by the Lowe’s credit card. But with APRs this high, the real loser is the consumer who pays them. These APRs are some of the highest among credit cards. If you want to avoid paying high interest costs, pay off your balance as soon as you can-or, better yet, in full each statement period.

Additional perks winner: Tie

Both the MyLowe’s Rewards Credit Card and The Home Depot Consumer Credit Card have some interesting perks. The Lowe’s credit card offers Silver Key status to cardholders, which comes with free standard shipping on all purchases, free member gifts, exclusive promotional offers, and a 1.25x earning rate for Lowe’s loyalty program.

As for Home Depot, one additional perk is the additional time the company allows for returns. Cardholders are given four times longer to return items than consumers without the credit card. With the return window for Home Depot at 90 days, that gives cardholders a full year to return purchases made at the store.

Which card earns the most

While neither card earns rewards, Lowe’s is going to save you the most, especially once you get past the introductory offer. First, the card earns 5% on all purchases made with the card, and second, you can earn 1.25% back in MyLowe’s cash.

Home Depot only offers limited-time discounts for new cardholders.

So let’s revisit that $1,000 refrigerator purchase we discussed above–after the limited-discount period ends at Home Depot and without the Lowe’s promotional offer:

If you spend that $1,000 using the MyLowe’s Rewards Credit Card, you’ll immediately get a $50 discount. You’ll also earn 1.25% in rewards points, which is equal to 1,250 points in MyLowe’s Money. Result: $950 + 1,250 MyLowe’s points.

Buying a fridge with the Home Depot Consumer Credit Card: $1,000.

Why we recommend MyLowe’s Reward Credit Card

The MyLowe’s rewards card has a lot more to offer, starting with 5% off each time you use it.If all other variables are equal (the type and quality of product you need to buy, for example), the Lowe’s card is the better deal.

If you need to finance a large purchase, the MyLowe’s Rewards Credit Card can do that, too. It offers special financing for purchases over $299, just like the Home Depot card. But it’s also possible to get an installment loan of 84 equal payments (six years) at a reduced interest rate with the Lowe’s card.

Why you would still opt for The Home Depot Consumer Credit Card

The Home Depot Consumer Credit Card makes sense for those who don’t currently have the card and need to make a large purchase at Home Depot. This is because the main draw of the Home Depot Consumer Credit Card is the promotional financing offer that allows consumers a number of months to save on interest, provided they can pay off the amount by the deadline.

Keep in mind that with The Home Depot Consumer Credit Card (as with the MyLowe’s Rewards Credit Card), you need to pay off the full amount or you’ll be retroactively charged interest for the entire promotional time period.

TIME Stamp: MyLowe’s Rewards offers more

From a credit card standpoint, the MyLowe’s Rewards Credit Card is better in almost every respect. It offers promotional discounts, discounts on purchases you make every day with the card, promotional financing for larger projects, and even has options for making installment payments. Home Depot’s credit card is mainly focused on promotional, one-time offers.

However, sometimes, it’s not about the credit card, but more about which products you can get from each home-improvement store and how close the store is to where you live. The reality is, you’re probably going to choose the card from the store you frequent most. With The Home Depot Consumer Credit Card, the best offer you’re going to get is a few dollars off your first purchase or a special financing offer for certain purchases.

Either way, avoid paying interest on either store credit card at all costs. The starting APRs for both cards are exceedingly high, and not paying off your balance in a timely manner will be very costly.

Frequently asked questions (FAQs)

What credit score do you need for a Home Depot or Lowe's credit card?

Neither Lowe’s or Home Depot specify a credit score requirement for their credit cards, but they each have a prequalification tool that can help you determine if you qualify for their card.

Can I use my Home Depot credit card at Lowes?

No. The Home Depot Consumer Credit Card is a closed-loop card, which means it can only be used at the issuing store.

Do you get 5% off using a Home Depot card?

Currently, there is no 5% offer for using a Home Depot consumer credit card. Home Depot discontinued use of a discount on its store cards a number of years ago. Occasionally, you’ll see offers from Home Depot for discounts, usually on new credit accounts.

What credit score is needed for a Lowe’s credit card?

Lowe’s does not publish a minimum credit score.It’s advisable to apply with Lowe’s prequalification tool, which conducts a soft credit check to determine if you’re eligible.