Lowe's Advantage Credit Card Review

Store credit cards don’t always offer the best value, but the Lowe’s Advantage Card could be an exception. It offers hard-to-beat benefits for Lowe’s purchases, including a discount on your first purchase. This could make it a great choice if you have a big project coming up.

However, you can only use the card at Lowe’s stores, and the regular APR is high. To know whether the Lowe’s Credit Card is right for you, we must look more closely at its benefits and drawbacks.

For Lowes customers

Lowes Advantage Card

For Lowes customers

Lowes Advantage Card

Credit score needed

Good

Regular APR

28.99% Variable

Annual fees

$0

Welcome offer

20% discount (up to $100 savings) on your first purchase

Pros & cons:

Pros:

• Immediate 5% discount on Lowe’s purchases
• Includes special financing options
• No annual fee

Cons:

• High regular APR
• May not be available to those with fair or poor credit
• No welcome offer aside from a 20% discount on your first purchase

TIME's Take

The Lowe’s Advantage Card is a great choice for anyone who regularly shops at Lowe’s. It offers a 20% discount on your first purchase, worth up to $100, then 5% off every subsequent purchase. However, you can only use the card at Lowe’s stores, limiting its usefulness for most consumers.

Pros & Cons

Compare alternatives

Card	Chase Freedom Unlimited®	card_name	card_name
Best for	Flexible cash back	High earnings on daily purchases	Cash back on gas, groceries, and online purchases
Welcome offer	SPECIAL OFFER: Unlimited Matched Cash Back. Chase will automatically match all the cash back you earned at the end of your first year! There is no limit to how much cash back you can earn. Offer ending soon.	bonus_miles_full	bonus_miles_full
APR	reg_apr,reg_apr_type	reg_apr,reg_apr_type	reg_apr,reg_apr_type
Annual fees	annual_fees	annual_fees	annual_fees
Credit score	credit_score_needed	credit_score_needed	credit_score_needed

Who is the card for?

The Lowe’s Advantage Card may be right for you if you regularly shop at Lowe’s or intend to make a large purchase at one of its stores soon. Either situation will benefit from the card’s best rewards, which we discuss in more detail in the next section.

This card is also for people who pay their balances in full every month. Its regular APR is 28.99%, which can make carrying a balance on this card costly. This could negate most, if not all, benefits you receive by using this card.

Lastly, this card is for people with good to excellent credit. As with most credit cards, a higher credit score will increase your approval odds for the Lowe’s Advantage Card. While you may qualify with a lower score, it’s best only to apply if your credit is at least good, meaning a score of 690 or higher.

Rewards structure

One of the most attractive rewards you get with the Lowe’s Advantage Credit Card is a 20% discount on your first purchase, limited to $100. After your first purchase, each purchase you make can benefit from one of the following:

• 5% discount. Get 5% off eligible purchases at U.S. stores or on Lowe’s website. This discount is notable because, unlike most credit cards, it gives you an immediate 5% discount rather than cash back.
• Six months of special financing. No interest on purchases of $299 or more if you pay the balance within six months.
• 84 fixed monthly payments with reduced APR. Get a 9.99% APR on purchases of at least $2,000.

You can only opt for one of the above benefits. For instance, you can't get special financing if you opt for a 5% discount. The same is true for the reduced APR.

RELATED: Best 0% APR Credit Cards

If you choose the special financing option, make sure you pay your balance in full within the promotional period. If you fail to do so, interest will be charged retroactively from the date of the purchase. You must also respect the deadlines of the 9.9% APR promotion. If you don’t make the monthly payments on time, you could lose the special offer and get charged more.

Additional hidden perks

The Lowe’s Advantage Card may offer additional benefits to complement its main rewards. At the time of writing, Lowe’s is offering 12 months of special financing on appliances plus installed heating, ventilation, and air conditioning.

Lowe’s also has a lease-to-own program, which lets you take your purchase home after paying just $59, then pay off the full cost of the item, plus interest, over a specified timeframe. The program has three purchase options:

• 90-day purchase option. The total cost is equal to the initial payment plus the cost of the item and tax.
• Early purchase option. Pay off between 91 and 364 days and receive a discount.
• 12-month standard lease agreement. Stretch payments for an item over 12 months.

The quicker you pay up, the less you pay overall.

While the Lowe’s Advantage Card has great discounts, its perks are a bit limited overall. There is no welcome offer other than the initial 20% discount and no rewards program outside the discount you receive at Lowe’s stores. You also don’t get the extra perks that some other cards offer, such as 0% intro APR, free shipping, or longer return periods.

What could be improved

While the Lowe’s Advantage Card might be a good choice for some, there is room for improvement. For most customers, its high ongoing APR and limited perks preclude it from a top-tier loyalty card. As mentioned before, you don’t get 0% APR, long return periods, or free shipping. Receiving 5% cash back is nice, but with many card issuers stepping up their game, it would be nice to see Lowe’s sweeten the deal somewhat.

Despite its high APR, you may struggle to gain approval for this card if your credit is fair or poor. If you tend to carry a balance, it might be better to consider one of the alternatives. Yes, the Lowe’s card has a higher cash-back rate. However, you will likely be better off with a lower APR if you tend to carry a balance.

Lastly, the only welcome offer available with the Lowe’s card is a 20% discount on your first purchase worth up to $100. It would be nice to see a slightly more valuable offer, though loyalty cards don’t often have lucrative offers.

RELATED: Best Sign Up Bonus Credit Cards

Bottom line

The Lowe’s Advantage Card offers great benefits for Lowe’s customers—including an immediate 5% discount, special financing, and periodic promotional offers. If you frequently shop at Lowe’s, it’s tough to beat. However, the APR is high, you can’t use it outside Lowe’s stores, and its perks are a bit lacking overall. Those looking for a more well-rounded card might consider the Chase Freedom Unlimited.

Frequently asked questions (FAQs)

Can you use the Lowe’s Advantage Card anywhere?

You can only use the Lowe’s Advantage Card in Lowe’s stores and on Lowes.com. The card is not accepted anywhere else.

How do I use the Lowe’s Advantage Card online?

You can use the Lowe’s Advantage Card to make purchases on Lowe’s website. The card is not accepted elsewhere online.

What credit score do you need to get a Lowe's Advantage credit card?

Lowe’s does not specifically say what credit score is necessary to get its Advantage Card. However, your approval odds will improve with good-to-excellent credit.

Is the Lowe’s Advantage hard to get?

Reports suggest the Lowe’s Advantage Card is more difficult to get than other credit cards. Therefore, a good credit score, which generally means 690 and above, is recommended to increase your approval odds.