Lowe’s offers a consumer credit card and a business credit card. Below is a summary of what each offers and a brief review of the upsides and downsides of getting a Lowe’s credit card:
The Lowe’s Consumer Credit Card obviously allows you to pay for Lowe’s purchases on credit, but it also offers a decent rewards / discount program. You get 5% off purchases that you make with your Lowe’s credit card, which makes this card a no-brainer to get if you are a frequent Lowe’s shopper.
You also have the option on large purchases of $299 or more to forgo the 5% discount and instead choose to pay off those purchases at no interest within a 6-month period. (But you must pay the complete balance in that 6-month period or you’ll get charged all of the interest that would’ve accrued from the purchase date — as if the 0% offer never existed!)
As far as the 5% discount, you should note that there are a few “fine print” items that don’t get the savings: “Offer can’t be used with: any coupon; Lowe’s military discount; Lowe’s employee discount; Lowe’s low price guarantee; Lowe’s volume or special discount programs; manager discretion price adjustments; contractor packs; or any other offer that expressly states it can’t be combined with any other discount credit offer. Can’t be used with the following products and/or services: 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.”
There are 3 Lowe’s business credit cards that all have one nice perk right off the bat — you get 5% off your Lowe’s purchases with any of these cards, in addition to any other perks:
- Lowe’s Business Rewards American Express Card – In addition to the 5% discount on Lowe’s purchases , this card offers a points program for your card purchases — 3 points for each dollar spent at restaurants, office supply stores and with wireless service providers, 2 points for each dollar spent at Lowe’s, and 1 point for each dollar spent everywhere else. You can use these points for Lowe’s gift cards or American Express gift cards. Can obviously be used anywhere American Express is accepted, not just at Lowe’s.
- Lowe’s Business Account – This card is aimed at small and medium-sized businesses. It can only be used for credit at Lowe’s stores, and the balance can be paid off monthly or over time. It can also have multiple users approved to use the card. Offers the 5% discount on Lowe’s purchases mentioned above.
- Lowe’s Accounts Receivable Card – Geared to larger businesses, this is a Lowe’s-only card that must be paid off each month — in this way, it is almost more of a convenience and record-keeping card than a card to draw out purchase payments, though it does have that 5% discount perk to recommend it as well. It can be approved to be used by multiple users, and you can limit the dollar value of a single purchase to control spending.
The Lowe’s consumer credit card as well as the Lowe’s Business Account and Accounts Receivable Card are issued by Synchrony Bank (formerly known as GE Capital Retail Bank) and carry a hefty 20%+ interest rate if you don’t pay off your balance each month. The Lowe’s Business Rewards Card is offered directly from American Express, and offers an interest rate as low as 13.74%, though you could be approved at 15.74% or 18.74% as well.