Lowes to Offer Visa Credit Card Again

Image source: Getty Images

The Lowe's Advantage Card has some pretty skillful benefits if y'all're planning to practice some projects effectually the business firm.

Like nearly national retailers, Lowe's has a co-branded credit carte product its customers can obtain, called the Lowe's Advantage Card. Issued by shop credit card behemothic Synchrony Financial, the Lowe's Advantage Card offers some pretty valuable perks.

Customers who charge Lowe's purchases to the bill of fare can choose between a strong everyday discount, or special financing terms, and the card has no annual fee. There are some downsides to consider as well, equally the carte isn't the best choice for everyone. Here's a rundown of the benefits and drawbacks of the Lowe'due south Advantage Card, every bit well as some alternatives y'all may want to consider.

Note: This is virtually the Lowe's Advantage Card, which is the personal (non-business organization) version of Lowe'due south co-branded credit card products. In that location is likewise a concern Lowe's credit card that is issued past American Express, and several forms of Lowe'due south business concern accounts.

Benefits of the Lowe's Credit Card

If you shop at Lowe'southward, or are planning to do some major home improvements, at that place are certainly some skillful reasons to add the Lowe'due south credit card to your wallet. Here are the pinnacle benefits of the Lowe'south Advantage Card:

Splendid everyday rewards rate

The Lowe's Advantage Card has a bang-up everyday rewards rate. Customers can get 5% off purchases on their cards, on top of whatever other applicable discounts. Even the best greenbacks-back credit cards accept everyday rewards rates in the ii% ballpark, and the cards that do offer v% rewards practice so only in rotating categories. So, a 5% rewards rate on purchases is rather competitive.

To be clear, this isn't cash dorsum, but it'due south finer the aforementioned thing. Instead of giving you lot 5% of your money back at a afterward date, your Lowe'southward purchases will just cost 5% less than they otherwise would.

You lot can accept six months to pay for any large purchases

The interest-gratis financing option is proficient. On purchases of $299 or more than, customers have the choice between the 5% discount or six-month deferred-interest financing. Considering that the Lowe's Advantage Card's standard April is 26.99% equally of this writing, this benefit can be far more valuable over a half dozen-calendar month period than the discount.

However, keep in mind that this is deferred-interest financing, not 0% intro APR financing. Here'southward the difference. If you have 0% intro April financing, involvement will merely brainstorm accumulating after the no-involvement flow expires. With deferred-interest financing, if you don't pay the balance in total before the promotional period ends (inside six months, in this case), interest will be charged to your business relationship retroactively from the date of the purchase. In other words, this benefit is only valuable if you pay the buy off in full within six months.

It's also worth mentioning that there are ofttimes promotional deferred-involvement financing offers with longer terms, such as 12, 18, or even 24 months. However, the six-calendar month option is always bachelor.

Project financing -- like a personal loan, but likely with a lower APR

Lowe's Advantage Card customers also have the ability to request "projection financing," which provides extended, depression-APR repayment terms. As of December 2018, the projection financing terms that are available include 36 stock-still monthly payments at 3.99% Apr, lx fixed monthly payments at v.99% APR, and 84 fixed monthly payments at 7.99% April. These are available on purchases of $2,000 or more on the Lowe'due south Reward Carte, and to be perfectly articulate, project financing needs to exist requested -- information technology isn't automatic. And it can't be combined with the 5% everyday discount.

No annual fee

The Lowe's Advantage Card has no almanac fee, and then information technology won't toll you lot annihilation on an ongoing basis to take advantage of the card's benefits. Most store credit cards don't charge an annual fee, and the Lowe'south Advantage Bill of fare is no exception.

Potential drawbacks of the Lowe's Advantage Carte du jour

While there are certainly some adept reasons to utilise the Lowe'southward credit carte du jour, like most credit card products, there are a few notable drawbacks as well. Hither are some of the major negative factors to keep in mind when deciding whether or not to apply for the Lowe's Advantage Bill of fare.

• The card's introductory offer by and large isn't great, especially when compared with what you could get from some of the all-time cash-back credit cards. It's not uncommon for greenbacks-back credit cards to give introductory bonuses worth $100 or more after as little as $500 in spending. While the exact offers for the Lowe's Reward Card change, they are normally in the ballpark of $25 off the first purchase with the carte.
• Information technology'southward only useable at Lowe's and online. This one is rather obvious but is worth mentioning. The Lowe's Advantage Card is truly a store credit carte du jour. Information technology is non part of a major credit card network, such every bit Visa or Mastercard, and tin therefore only exist used for Lowe'due south purchases. Even so, there is a business version of the Lowe's credit card that is issued past American Express and can be used everywhere Amex cards are accustomed.
• The Lowe'due south Advantage Card has an in a higher place-average interest charge per unit. While the card'due south standard Apr tin can change over time, for context, consider that the standard April is 26.99% equally of this writing. This is about 10 percentage points in a higher place the U.S. boilerplate credit carte du jour APR. So, unless you have advantage of one of the special financing deals I mentioned or pay your bill in total every month, the Lowe's Advantage Carte can go an expensive manner to pay for purchases, even considering the 5% discount.

Is the Lowe's Advantage Card worth it?

The bottom line is that the Lowe'south Advantage Card is a practiced credit card to accept if:

• Y'all want the 5% discount and plan to pay your entire statement balance in total each month; or
• You similar the special financing terms, and are confident that you lot tin can pay the entire balance during the promotional menstruation; or
• You want to finance a high-cost dwelling improvement project with a low fixed interest rate.

On the other hand, the Lowe's Advantage Carte is probably not the best choice if y'all plan to carry a (non-promotional) balance from calendar month to month, as you're likely to find lower-involvement credit cards, especially if you take a strong credit history. Or, if you just desire an all-in-one credit carte that you lot can use at any merchant (not just at Lowe's), you lot should probably consider some of the alternatives.

Top credit card wipes out interest into 2023

If you have credit menu debt, transferring it tothis superlative residual transfer menu secures you a 0% intro APR into 2023! Plus, you'll pay no almanac fee. Those are simply a few reasons why our experts rate this card as a top pick to help get control of your debt.Read The Ascent'due south total review for free and apply in just 2 minutes.

coepaboundo.blogspot.com

Source: https://www.fool.com/the-ascent/credit-cards/articles/is-lowes-credit-card-worth-it/

Share this post