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How the Lowe’s Credit Card Works

Lowe’s (LOW) offers its customers financing options to help them complete their renovation and home improvement projects. This is through a credit card called the Lowe’s Advantage Card.

The company promises cardholders daily advantages. They can choose between a 5% discount on certain purchases, six-month financing options on purchases over $299, or fixed payments for 84 months with a reduced annual percentage rate (APR) on purchases of $2,000 or more. Cardholders can also take advantage of limited-time discounts and financial deals offered by Lowe’s.

The card works in similar ways to many other credit cards. The Advantage Card comes with a revolving line of credit, which means you can use the card up to your approved limit as long as you make regular payments every month. Cardholders can avoid interest charges by paying off the full balance every month. It is 28.99% as of June 2023. And another bonus—there’s no annual fee.

Key Takeaways

  • The Lowe’s Advantage Card provides Lowe’s customers with discounts and financing options.
  • Cardholders can choose from 5% discounts, special financing for six-months on purchases over $299, or fixed payments over 84 months at a reduced APR of 9.99% with a minimum $2,000 purchase.
  • You should have a good credit score in order to get the Lowe’s Advantage Card.
  • The regular APR for the Lowe’s Advantage Card is 28.99%.

Rewards and Benefits

Benefits of the Lowe’s Advantage Card include:

  • 5% off eligible purchases
  • Special financing for six months on purchases of $299 or more
  • Up to 84 months of fixed payments at a reduced APR on a minimum purchase of $2,000

Customers may not combine the 5% off promotion with the six-month or special financing deals. With the six-month promotion, the cardholder must make minimum payments on time each month and pay off the full amount of the purchase by the end of the six months. Otherwise, the 0% interest provision is rescinded, and interest is applied to the purchase. The 84-month special financing offer is structured with fixed monthly payments at a reduced APR of 9.99%.

The company also offers new cardholders with certain perks. For instance, if you open an account before Jun. 23, 2023, you can receive a 20% discount on your first purchase for a maximum of $100.

Where Can Someone Get a Lowe’s Credit Card

If you’re interested in applying for the Lowe’s Advantage Credit Card, you can do so at any Lowe’s store. The credit decision takes only minutes. You can also apply online. If you prequalify, you can apply immediately and get a decision just as quickly as you would if you applied in the store. The prequalification doesn’t affect your credit score.

Once approved and the card is activated, the cardholder may use it for any purchases made at Lowe’s up to a certain credit limit, which is based on the customer’s creditworthiness. The Lowe’s card is not accepted at any other retailer or at automated teller machines (ATM’s).

What Kind of Credit Is Required for the Lowe’s Credit Card

Lowe’s doesn’t indicate the minimum score required in order to be approved for the Advantage Card. But it’s always a good idea to check your credit score before you apply. There’s a pretty good chance you will qualify if you at least have good credit. That’s about 670 and higher, according to Experian.

Where Can the Lowe’s Credit Card be Used?

Because the Advantage Card is a store credit card, you can only use it at Lowe’s locations. You can also use it on the company’s website to make purchases. You can’t use it like a regular credit card to make everyday purchases at other retailers.

You can only use the Lowe’s Advantage Card at Lowe’s locations or on

Alternatives to the Lowe’s Credit Card

The Home Depot (HD) offers a credit card with similar features to the Lowe’s Consumer Credit Card. The Home Depot Consumer Credit Card features the same 0% interest for six months’ benefit as the Lowe’s card. Its APR is 29.99% based on creditworthiness. This means if you have excellent credit, you may pay a lower rate than the Lowe’s card.

For major purchases, Home Depot offers a separate card known as the Project Loan Card. This card provides loans of up to $55,000 payable over 90 months at a fixed APR of 16.24%.

Terms and Conditions of the Lowe’s Credit Card

Like any credit card, the Lowe’s Consumer Credit Card features terms and conditions that should be reviewed thoroughly. The terms and conditions include the APR, late payment fees, penalties, and other useful information.

The following is updated information for the Advantage Card as of June 2023:

  • APR: 28.99%
  • Late Payment Fee: up to $40 for consumers who fail to make the minimum payment by the due date

Cardholders who choose the 0% financing offer for purchases of $299 or greater and do not pay off the full purchase within six months have interest retroactively applied back to the date of purchase. Moreover, making the card’s minimum payment each month is not always sufficient to pay off the purchase in full within six months.

Consequently, borrowers who want to avoid surprise interest charges should remain vigilant that they are on pace to not leave any balance left once the six-month period has ended.

Who Should Consider the Lowe’s Credit Card

The Lowe’s Advantage Credit Card offers great benefits to home improvement gurus and do-it-yourself types who make the most of their purchases at Lowe’s. Even if the special financing deals are never used, a cardholder who buys a lot of home improvement products can save significant money each year with the 5% off promotion. For example, a cardholder who spends $2,000 per year at Lowe’s saves $100 over the year.

A person planning a major do-it-yourself home renovation who does not want to pay the entire cost upfront can benefit from the card. By financing the cost over 84 months at 7.99% APR, the cardholder pays significantly less in interest than with most credit cards.

The Bottom Line

If you are a loyal Lowe’s shopper, you may want to consider the Lowe’s Advantage Card. It comes with no annual fee and a lower APR than some other retail credit cards. You can choose to take 5% discount on your everyday purchases or you can take advantage of special financing for six months on purchases made over $299. If you make a purchase of over $2,000, you can make fixed payments over an 84-month period at a lower APR. Like other retail cards, you can only use this card at Lowe’s locations or on the company’s website.

Frequently Asked Questions

How do I get a Lowe’s credit card?

You can apply for a Lowe’s Advantage Card at any Lowe’s location. If you want to see if you prequalify without affecting your credit, you can go online and fill out an application. If you qualify, you can then proceed to the application phase. It takes minutes to get a decision whether you apply in-store or online.

At what other stores can I use my Lowe’s credit card?

You can’t use the Lowe’s Advantage Card. That’s because it’s a store card only. This means you can’t use it at other retailers for everyday purchases. But you can use the card online at

Does the Lowe’s credit card build credit?

Just like any other credit product, the Lowe’s Advantage Card can help you build your credit. Just remember that you need to make regular payments, otherwise your credit score will take a hit.

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