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Everyone knows home improvements can be costly. And hiring a contractor? Even more so. That’s why many people choose the do-it-yourself option.
This likely means you’re spending a lot of time (and money) at places like Lowe’s. So should you be using their store-branded credit card?
To answer that question, we’re taking an in-depth look at the Lowe’s Advantage Card by Synchrony Bank.
*See additional explanation below (rules/restrictions apply to all main benefits)
**Special financing/intro APR rates may apply
This credit card is best for consumers who shop at Lowe’s often and are responsible cardholders. This means you pay off your balance on time and in full each month. If you don’t, the high APR on this card can get you into some trouble.
If you don’t shop at Lowe’s often, there are likely a number of other rewards-based credit cards that are worth your while.
An important point to note right away is that the Lowe’s Advantage card offers either/or benefits: these are not cumulative! Keep this in mind, and we’ll explain more below.
5% off every day: Cardholders who pay with their Lowe’s Advantage card can earn 5% off their eligible purchase or order. This discount will be taken after all other relevant discounts have been applied.
HOWEVER, the offer cannot be used with any coupon, Lowe’s low-price guarantee, Lowe’s volume or special discount programs, military discount, employee discount, and in some other specific cases.
Additionally, the 5% off benefit does NOT apply to gift cards, extended protection/replacement (warranty) plans, shipping/delivery/assembly charges, or fees and taxes. Furthermore, some specific brands are excluded from this discount, so check carefully before you apply for the card to justify a big appliance/brand purchase.
6 months special financing: On Lowe’s Advantage Card purchases over $299, cardholders are given the option of applying 0% APR to the purchase if the balance is paid in full within the first 6 months. (The 5% off benefit will not apply if this option is selected.)
If and 6 months are the key words here. If the cardholder is not able to comply, the introductory 0% APR is void and the standard APR of 26.99% will be applied to the balance all the way back to the purchase date — this is called “deferred interest.”
Bottom Line: This option should only be chosen if a cardholder is confident they can pay off the full balance within the first 6 months. Otherwise, the 26.99% APR applied retroactively can result in some seriously hefty interest fees.
Hot Tip: In general, the minimum monthly payment due is usually NOT ENOUGH to pay off your balance by the end of the promotional period. This is extremely sneaky – so be sure you’ve calculated your payments correctly and pay more than the minimum when needed.
Project financing: Lowe’s offers this option to customers because they feel big projects should have more payment options. For Lowe’s Advantage Card purchases over $2,000, cardholders may ask for a special financing option.
May ask for are the key words here. This special project financing is not automatically applied; it must be requested at the time of purchase. (The 5% off benefit will not apply if this option is requested.)
Cardholders have the following options:
Lowe’s states: Each fixed monthly payment will be approximately 2.9520% for 36 months; 1.9328% for 60 months; 1.5581% for 84 months of the initial promo purchase amount and will not be adjusted for merchandise returns, which may result in paying the promo purchase in less than 36, 60 or 84 months. The fixed monthly payment calculated may be higher than the minimum monthly payment that would be required if the purchase was a non-promotional purchase.
Additionally, this benefit is not applicable to purchases made at Lowes.com.
The either/or stipulation: Generally, cardholders receive 5% off purchases every day (within restrictions) until they reach a certain purchase amount. When cardholders reach $299 (the minimum purchase amount for 6-month special financing option), they are given a choice between the 5% off OR the special financing option.
Which is the better choice? That depends. Let’s look at an example.
Say you want to purchase a new Maytag high-efficiency washer for $600.
Special Financing, Delinquent Account
(26.99% APR deferred interest)
