Our Verdict
The MyLowe’s Rewards Credit Card* merits inspection if you’re about to start a home improvement project and plan to use Lowe’s for tools, materials or other purchases. This store credit card offers the option to receive an instant 5% off almost all purchases. That can add up to a significant sum quickly if you have an expensive project in the works. It’s worth noting that Lowe’s is more than a traditional hardware store and carries a broad range of merchandise including appliances, window coverings, rugs, closet organizers, grills and garden supplies.
Pros
- 5% discount on almost everything Lowe’s sells with an alternative option for special financing plans
- Periodic promotional offers for cardholders.
- No annual fee
Cons
- Can only be used in Lowe’s stores
- High APR
- Financing options can be expensive if not careful
- No rewards program
- No benefits such as free shipping, extended return time
Highlights
- Earn 20% off your purchase when you open and use a new account now through 1/31/24. Exclusions apply
- No annual fee
- No foreign transaction fee
- Earn 5% off when you shop, or 6 months Special Financing on purchases of $299 or more, or 84 fixed monthly payments with reduced APR financing on purchases of $2,000 or more
Introduction
The MyLowe’s Rewards Credit Card*, issued by Synchrony Bank, can be a substantial moneysaver in the right situation. For customers who are planning costly home renovation projects and have a nearby Lowe’s, the 5% off every eligible purchase or order could result in significant savings. The card does not have a traditional welcome bonus, but offers 20% off your purchase when you open and use a new account now through 1/31/24. Exclusions apply.
In lieu of the 5% discount, the card offers special financing deals (subject to credit approval):
- No interest if paid off in full within six months for purchases of $299 or more
- 84 fixed monthly payments on purchases of $2,000 or greater at a reduced APR, with no prepayment penalty
Practically speaking, these financing offers are more like installment loans. The special financing offer could be beneficial if managed properly. Minimal monthly payments are required, but they may not necessarily pay off the loan in full during the six months. If the loan is not paid off in full, even if you are short by a small amount, interest is assessed on the total amount from the original purchase date and could result in a very expensive bill.
Note that the 5% discount cannot be combined with any of the special financing offers.
As a store card, the MyLowe’s Rewards Credit Card* is not affiliated with any of the major networks (i.e. Visa, Mastercard) so it can only be used at Lowe’s, which limits its usefulness. Generally, most people would benefit from holding a primary card that is accepted universally for everyday purchases such as gas and groceries. The Lowe’s card has a very specific use and is likely a second or subsequent card in your wallet.
Cardholders should be sure to look out for the special cardholder promotion days which often offer 10% off all purchases.
Featured Partner Offers
Lowe's Advantage Card Quick Facts
- No annual fee
- Earn 5% off every eligible purchase or order
- 28.99% fixed APR
Other Lowe's Advantage Card Benefits
- Pay your statement in-store. Can make card payments at your local Lowe’s store.
- Not accepted in Canada. Can be used only at Lowe’s stores in the U.S. or online.
- No balance transfers or cash advances. Does not offer balance transfers or cash advances.
- Limited-time financing offers. Current financing offers include specific merchandise such as heating systems and appliances.
Fine Print
Interest Rates
- APR: 28.99% fixed
Fees
- Annual fee: $0
- Foreign purchase transaction fee: None
- Balance transfer fees: N/A
How the Lowe’s Advantage Card Stacks Up
MyLowe’s Rewards Credit Card* vs. The Home Depot Consumer Credit Card*
The Home Depot Consumer Credit Card* is a store card that can only be used at Home Depot. It provides no on-going discounts or rewards. It does have one valuable perk: an extended one-year return period. Like the Lowe’s card, the Home Depot card has no annual fee and a fair credit score is recommended.
The Home Depot card has a similar six-month financing plan like Lowe’s, which also charges deferred interest if the loan is not paid off within the six month period. Special financing plans are periodically made available to cardholders.
Overall, the Lowe’s 5% discount makes it a better choice than the Home Depot card assuming that both stores are located in your area and sell the items you need.
MyLowe’s Rewards Credit Card* vs. Walmart Rewards Card*
While Walmart is not a home improvement store, it boasts a large home improvement department, carrying paint, lighting fixtures and tools. And of course, Walmart carries a huge selection of general merchandise and food in its many locations.
The Walmart Rewards Card* is a store card that provides almost the same benefits as its big brother, the Capital One Walmart Rewards® Mastercard®*, but is easier to obtain approval for since it is available for customers with fair credit or better. Although the card can only be used at Walmart, Sam’s Club and Murphy’s USA gas stations, the vast selection at these stores makes the Walmart Rewards Card* more of a general purpose card.
The Walmart Rewards Card* is especially attractive due to its rich rewards program, particularly in the first 12 months of holding the card. Earn 5% cash back in Walmart stores for the first 12 months when using the card with Walmart Pay. After that, earn 5% cash back at Walmart.com, including pickup and delivery, 2% cash back in Walmart stores and gas stations and 1% back at Sam's club stores and Sam's Club gas stations. This could add up to significant savings if you shop at Walmart and Sam’s Club frequently. Rewards are unlimited. In addition, there’s no annual fee for the card.
MyLowe’s Rewards Credit Card* vs. Citi Double Cash® Card
For those looking for a general purpose cash-back rewards card, the Citi Double Cash® Card is an excellent choice. The card is as straightforward as it gets, earning an unlimited 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off. There are no annual fees or reward limits on this card. Rewards come as Citi ThankYou Points, a flexible currency which can be redeemed for cash back as a check, statement credit or credit to a linked account or transferred to travel partners. Plus, the card offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% - 29.24%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5).
When compared to the Lowe’s Advantage Card, the Double Cash has a clear edge. Not only does the Double Cash earn unlimited rewards at every location, but the versatility of ThankYou Points means that the rewards you earn can be stretched much further. While there may be very specific situations where the Advantage Card might net more savings, overall, you would be better served with a general purpose cash-back card like the Double Cash.
Is the Lowe’s Advantage Card for You?
The MyLowe’s Rewards Credit Card* is a specific-use card. Because of its limitations, it should not be the primary card in your wallet. For most people, their primary card should be a credit card for everyday spending in a variety of stores which likely means a Visa, Mastercard or American Express card that has wide acceptance. The Alliant Cashback Visa® Signature Credit Card* may be a good candidate for that first slot if you have fair credit.
However, if you’re planning to do extensive home renovations or seeking to replace multiple appliances, getting the MyLowe’s Rewards Credit Card* can easily be justified by the 5% discount you’ll receive.
Likewise, if you need financing for that big project and have a fair credit score, the Lowe’s Advantage Card is a quick way to access needed funding. It may, however, come at a high cost compared to using a home equity line of credit or a personal loan. Alternative financing sources should be weighed against using credit card financing offers in order to obtain the cheapest possible loan.
Find the Best Credit Cards for 2024
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points
- Store financing options
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
Read more: How Forbes Advisor Rates Credit Cards
Frequently Asked Questions (FAQs)
What are the benefits of having a Lowes card?
The major benefit to a Lowe’s Advantage Card is the opportunity to earn 5% off every eligible purchase or order when using the card. Though we do not recommend using a deferred financing offer, the card also offers deferred financing on eligible purchases.
How do I use the Lowe's Advantage card for online purchases?
To use your Lowe’s Advantage card for purchases on Lowes.com, enter the card number and CVV at checkout. Since the card won’t have an expiration date, simply deselect the card details entry area after entering your card’s information and the site should identify your card number as a Lowe’s Advantage card and update. To deselect, click anywhere outside of the box but don’t navigate away from the page.
Can you use the Lowe's Advantage Card anywhere?
No, the Lowe’s Advantage card is a store card, sometimes called a closed-loop card and may not be used anywhere beyond Lowes.com and in-store at any Lowe’s store.
What credit score do you need to get a Lowe's Advantage credit card?
Neither Lowe’s nor Synchrony Bank publish information regarding a minimum credit score, but it’s safe to say the better your creditworthiness, the more likely you’ll be to receive an approval. Work to improve your credit if you’re worried your credit isn’t good enough to get approved for this card.
Where can you use a Lowe’s Advantage credit card?
A Lowe’s Advantage credit card may only be used for purchases in-store at a Lowe’s location or online at Lowes.com.
*The information for the following card(s) has been collected independently by Forbes Advisor: MyLowe’s Rewards Credit Card, The Home Depot Consumer Credit Card, Walmart Rewards Card, Capital One Walmart Rewards® Mastercard®, Alliant Cashback Visa® Signature Credit Card. The card details on this page have not been reviewed or provided by the card issuer.
