June 20, 2024

Retailer bank cards don’t at all times supply one of the best worth, however the Lowe’s Benefit Card may very well be an exception. It presents hard-to-beat advantages for Lowe’s purchases, together with a reduction in your first buy. This might make it a fantastic selection when you have a giant venture arising.

Nonetheless, you’ll be able to solely use the cardboard at Lowe’s shops, and the common APR is excessive. To know whether or not the Lowe’s Credit score Card is best for you, we should look extra intently at its advantages and downsides.

TIME’s Take

The Lowe’s Benefit Card is a superb selection for anybody who recurrently outlets at Lowe’s. It presents a 20% low cost in your first buy, price as much as $100, then 5% off each subsequent buy. Nonetheless, you’ll be able to solely use the cardboard at Lowe’s shops, limiting its usefulness for many shoppers.

Lowe’s Benefit Card Evaluation Abstract: Execs & Cons

Rapid 5% low cost on Lowe’s purchases

Consists of particular financing choices

Might not be out there to these with truthful or poor credit score

No welcome supply apart from a 20% low cost in your first buy

Who’s the cardboard for?

The Lowe’s Benefit Card could also be best for you should you recurrently store at Lowe’s or intend to make a big buy at certainly one of its shops quickly. Both state of affairs will profit from the cardboard’s greatest rewards, which we focus on in additional element within the subsequent part.

This card can be for individuals who pay their balances in full each month. Its common APR is 28.99%, which may make carrying a steadiness on this card expensive. This might negate most, if not all, advantages you obtain by utilizing this card.

Lastly, this card is for individuals with good to glorious credit score. As with most bank cards, the next credit score rating will enhance your approval odds for the Lowe’s Benefit Card. When you might qualify with a decrease rating, it’s greatest solely to use in case your credit score is a minimum of good, which means a rating of 690 or larger.

Rewards construction

Some of the enticing rewards you get with the Lowe’s Benefit Credit score Card is a 20% low cost in your first buy, restricted to $100. After your first buy, every buy you make can profit from one of many following:

  • 5% low cost. Get 5% off eligible purchases at U.S. shops or on Lowe’s web site. This low cost is notable as a result of, in contrast to most bank cards, it provides you a direct 5% low cost fairly than money again. 
  • Six months of particular financing. No curiosity on purchases of $299 or extra should you pay the steadiness inside six months. 
  • 84 fastened month-to-month funds with lowered APR. Get a 9.99% APR on purchases of a minimum of $2,000.

You may solely go for one of many above advantages. As an example, you’ll be able to’t get particular financing should you go for a 5% low cost. The identical is true for the lowered APR.

For those who select the particular financing possibility, be sure to pay your steadiness in full inside the promotional interval. For those who fail to take action, curiosity might be charged retroactively from the date of the acquisition.  You need to additionally respect the deadlines of the 9.9% APR promotion. For those who don’t make the month-to-month funds on time, you would lose the particular supply and get charged extra.

Further hidden perks

The Lowe’s Benefit Card might supply further advantages to enrich its primary rewards. On the time of writing, Lowe’s is providing 12 months of particular financing on home equipment plus put in heating, air flow, and air-con.

Lowe’s additionally has a lease-to-own program, which helps you to take your buy house after paying simply $59, then repay the complete price of the merchandise, plus curiosity, over a specified timeframe. This system has three buy choices:

  • 90-day buy possibility. The entire price is the same as the preliminary cost plus the price of the merchandise and tax.
  • Early buy possibility. Repay between 91 and 364 days and obtain a reduction.
  • 12-month normal lease settlement. Stretch funds for an merchandise over 12 months.

The faster you pay up, the much less you pay total.

Whereas the Lowe’s Benefit Card has nice reductions, its perks are a bit restricted total. There isn’t a welcome supply aside from the preliminary 20% low cost and no rewards program outdoors the low cost you obtain at Lowe’s shops. You additionally don’t get the additional perks that another playing cards supply, comparable to 0% intro APR, free transport, or longer return durations.

What may very well be improved

Whereas the Lowe’s Benefit Card is likely to be a good selection for some, there’s room for enchancment. For many prospects, its excessive ongoing APR and restricted perks preclude it from a top-tier loyalty card. As talked about earlier than, you don’t get 0% APR, lengthy return durations, or free transport. Receiving 5% money again is good, however with many card issuers stepping up their sport, it will be good to see Lowe’s sweeten the deal considerably.

Regardless of its excessive APR, you could battle to achieve approval for this card in case your credit score is truthful or poor. For those who have a tendency to hold a steadiness, it is likely to be higher to think about one of many alternate options. Sure, the Lowe’s card has the next cash-back charge. Nonetheless, you’ll possible be higher off with a decrease APR should you have a tendency to hold a steadiness.

Lastly, the one welcome supply out there with the Lowe’s card is a 20% low cost in your first buy price as much as $100. It might be good to see a barely extra priceless supply, although loyalty playing cards don’t typically have profitable presents.

Bank card alternate options

Excessive earnings on day by day purchases

Money again on fuel, groceries, and on-line purchases

Backside line

The Lowe’s Benefit Card presents nice advantages for Lowe’s prospects—together with a direct 5% low cost, particular financing, and periodic promotional presents. For those who steadily store at Lowe’s, it’s robust to beat. Nonetheless, the APR is excessive, you’ll be able to’t use it outdoors Lowe’s shops, and its perks are a bit missing total. These on the lookout for a extra well-rounded card would possibly contemplate the Chase Freedom Limitless or Citi Double Money.

Regularly requested questions (FAQs)

Can you employ the Lowe’s Benefit Card anyplace?

You may solely use the Lowe’s Benefit Card in Lowe’s shops and on Lowes.com. The cardboard will not be accepted anyplace else.

How do I exploit the Lowe’s Benefit Card on-line?

You need to use the Lowe’s Benefit Card to make purchases on Lowe’s web site. The cardboard will not be accepted elsewhere on-line.

What credit score rating do you’ll want to get a Lowe’s Benefit bank card?

Lowe’s doesn’t particularly say what credit score rating is important to get its Benefit Card. Nonetheless, your approval odds will enhance with good-to-excellent credit score.

Is the Lowe’s Benefit arduous to get?

Experiences recommend the Lowe’s Benefit Card is harder to get than different bank cards. Subsequently, a superb credit score rating, which typically means 690 and above, is really helpful to extend your approval odds.