Our Verdict
If your work frequently requires a visit to a home improvement store to buy supplies for one project after another, then the $0 annual fee Lowe’s Business Rewards Card from American Express* merits consideration. Owning the card opens the door to a 5% discount at Lowe’s on eligible purchases. Plus, using the card on your other expenses can help you build up a pile of rewards and discounts to help you pocket even more savings.
Pros
- No annual fee
- 5% cash back on all eligible purchases at Lowe’s in the first six months
- Earn 2% cash back at U.S. restaurants, U.S. office supply stores, wireless telephone services purchased directly from U.S. service providers and at Lowe’s. All other eligible purchases earn 1% cash back
- Welcome bonus earned upon card approval
Cons
- Rewards can only be redeemed for Lowe’s gift cards or American Express statement credits
Highlights
- No annual fee
- Earn 5% cash back on all eligible purchases at Lowe’s in the first 6 months, 2% back thereafter
- Earn 2% cash back at U.S. restaurants, U.S. office supply stores, wireless telephone services purchased directly from U.S. service providers and at Lowe’s. All other eligible purchases earn 1% cash back
- Cash back is received in the form of Lowe’s Business Rewards Points that can be redeemed for statement credits or Lowe’s gift cards
Introduction
The Lowe’s Business Rewards Card from American Express* is essentially a store card hiding behind a credit card makeover. It runs on the American Express network, so you can use it anywhere American Express is accepted. Any rewards you earn on the card will generally be funneled back to use at Lowe’s.
Redemptions on the card are limited to either Lowe’s or American Express gift cards. American Express gift cards can be used virtually anywhere American Express is also accepted, but getting your rewards back this way isn’t as smooth as getting actual cash back as a check, deposit or even a statement credit to your account.
But for someone who spends a lot of money at Lowe’s, the card is an all-in-one solution to save on your home improvement spending. Between the upfront 5% discount you’ll get on every purchase there plus the 2 points per dollar in rewards you’ll earn on your eligible Lowe’s purchase, you’ll save more than with alternative options.
Here’s how your savings will measure up: If you’re making a $100 purchase at the store with your Lowe’s Business Rewards card, you’ll automatically pay only $95 when you pay with your card. And, on that $95 purchase, you’ll earn 190 points back, worth $1.90 toward your next gift card. That essentially makes your true cost on that $100 item $93.10. That’s a nice discount just for being a cardholder and using your card.
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Quick Facts
- No annual fee
- Save 5% off every day at Lowe’s on eligible purchases
- Earn 2% cash back at U.S. restaurants, U.S. office supply stores, wireless telephone services purchased directly from U.S. service providers and at Lowe's. All other eligible purchases earn 1% cash back
- Get 5% cash back on all eligible purchases at Lowe’s in the first 6 months, 2% thereafter
- Additional employee cards at no additional cost
- Lowe’s Pro Business Services
- Rewards can be redeemed for Lowe’s gift cards, American Express gift cards or other select retailers
Lowe’s Business Rewards Card Rewards
Earning Rewards
The Lowe’s Business Rewards Card from American Express* comes with the following rewards structure: 2% cash back at U.S. restaurants, U.S. office supply stores, wireless telephone services purchased directly from U.S. service providers and at Lowe's. All other eligible purchases earn 1% cash back.
Redeeming Rewards
Rewards earned on the Lowe’s Business Rewards Card from American Express* can be redeemed for statement credit, Lowe’s or Amex gift cards.
Rewards Potential
To determine the rewards potential of the Lowe’s Business Rewards Card from American Express*, Forbes Advisor uses data from various government agencies in order to assess both annual expenses and spending averages across multiple categories. Based on the data, we estimate that the average mom-and-pop business or independent proprietor that shops heavily enough at a home improvement store to consider a dedicated credit card would charge $36,177 in expenses to their small business card.
Assuming half of those charges were spent at Lowe’s, those expenses would earn 36,177 points. This isn’t counting the first six-month period where purchases at Lowe’s can earn five times the points instead of two; that will depend on the individual business spending needs. We estimated $8,737 annually in spending on restaurants, office supplies and wireless service, which would net 17,474 points. All other spending would earn 9,351 points for a total of 63,002 points annually.
Other Lowe’s Business Rewards Card Benefits
- Lowe’s MVP Pro Rewards Program: The program offers rewards for members as well as business tools, purchase tracking and exclusive business offers.
- Purchase protection: Applies to purchases for up to 90 days from the covered purchase date if stolen or accidentally damaged, up to $1,000 per occurrence, up to $50,000 per account per calendar year.
- Extended warranty: Can extend the five-year-or-less warranty period on covered items for up to an additional year.
Fine Print
Interest Rates
- APR on purchases: 20.99% - 29.99% variable
- Intro APR: N/A
- Intro APR on balance transfer: N/A
Fees
- Annual fee: $0
- Balance transfer fee: N/A
- Foreign transaction fee: 2.7% of each transaction after conversion to US dollars
How the Lowe’s Business Rewards Card Stacks Up
Lowe’s Business Rewards Card from American Express* vs. The Blue Business® Plus Credit Card from American Express
The Blue Business® Plus Credit Card from American Express (Terms apply, see rates & fees) may not come with any retailer discounts, but for businesses that charge less than $50,000 a year, it could offer some significant savings.
The card carries no annual fee and earns 2 Membership Rewards points per dollar on everyday business purchases such as office supplies or client dinners up to the first $50,000 in purchases per year, then 1 point per dollar on all other purchases, whether you’re buying printer paper or a pallet of pavers. It also comes with an introductory APR offer that might be helpful if you’re considering a big buy: Get a 0% intro APR on purchases for 12 months from the date of account opening, then a variable rate of 18.49% - 26.49% applies.
Lowe’s Business Rewards Card from American Express* vs. Ink Business Cash® Credit Card
The Ink Business Cash® Credit Card might be better for someone who spends more heavily in areas of typical office spending than specifically home improvement stores. With this no-annual-fee card, you’ll earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year and 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other purchases.
If you own another Chase Ultimate Rewards®-earning card, you can combine your points with the earnings from this one, too.
Lowe’s Business Rewards Card from American Express* vs. Capital One Spark Cash Plus*
Running a business can be time-consuming. For those who can’t be bothered with tracking categories, the Capital One Spark Cash Plus* can be an all-in-one solution for elevated earnings.
It earns an unlimited 2% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel. It does come with an annual fee of $150. If you spend less than $7,500 annually, go with another option, as the rewards you’d earn won’t outweigh the annual fee on this card after the first year of ownership.
Related: Best Business Credit Cards
Is the Lowe’s Business Rewards Card for You?
If you regularly shop at Lowe’s, this card can help you save a nice chunk of change on your spending. The ongoing discounts and savings on Lowe’s purchases alone can make it a worthy addition to your wallet. But if you only occasionally find yourself wandering the aisles of the home improvement store chain, this card isn’t a fit for your spending habits.
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
- Included travel or merchant credits
- Additional cardholder benefits
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
Find the Best Business Credit Cards of 2024
To view rates and fees for The Blue Business® Plus Credit Card from American Express please visit this page.
*The information for the following card(s) has been collected independently by Forbes Advisor: Lowe’s Business Rewards Card from American Express, Capital One Spark Cash Plus. The card details on this page have not been reviewed or provided by the card issuer.
