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Lowe’s® Advantage Card

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If you shop at Lowe’s regularly, this card could lead to some nice savings. The card offers a discount many Lowe's purchases, and if you need some extra time to pay off a big renovation project, you might find the deferred financing offers helpful.

Great for Frequent Lowe's Shoppers Looking for Discounts

If you’re a DIYer or construction professional who finds yourself frequently at Lowe’s, using the Lowe’s® Advantage Card can be a great way to save on your next project. With a 5% discount on nearly all Lowe’s purchases, or the option to choose special financing on certain purchases, you’ll be hard-pressed to find a better rewards card for your home improvement shopping. Additionally, if you are approved, you instantly get a coupon for 20% off a single purchase, up to a savings of $100.

Pros

  • No annual fee
  • Nice store discount on eligible purchases

Cons

  • Limited perks
  • Can only use at Lowe’s
  • High APR
  • Can only choose discount or financing offer, not both

Card Highlights

The Lowe’s® Advantage Card is issued by Synchrony Bank and is a closed-loop credit card. That means it can only be used at Lowe's stores and online at Lowes.com. The Lowe's card does not come with many perks or benefits — you simply get a 5% discount on most purchases at Lowe's. There is no rewards program or points that you need to keep track of.

Here are some of the highlights of the card:

  • 5% discount on most purchases at Lowe's
  • One-time 20%-off coupon, up to a maximum savings of $100
  • You can prequalify for the card without impacting your credit
  • Special financing offers on qualifying purchases
  • No annual fee

Another nice feature of the Lowe's card is you have the ability to check if you are prequalified before you apply. While a successful prequalification doesn't mean you will be approved, it should give you a basic idea.

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New Cardholder Offer

The only welcome bonus for this card is a one-time coupon good for 20% off a single purchase at Lowe's at a maximum discount amount of $100.

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Earning and Redeeming Rewards

The Lowe's Credit Card has a fairly simple structure for earning and redeeming rewards:

  • 5% discount on most purchases at Lowe's stores and online at Lowes.com
  • No other rewards

The only reward you will get for ongoing spending is a 5% discount on most purchases made online at Lowes.com and at Lowe's stores. There is no other rewards program and nothing to keep track of. You won't earn any rewards points that you have to remember to redeem, and there is no risk of losing your points — you'll just get your discount every time you're at Lowe's.

There are other rewards credit cards or cash-back cards that are worth considering if you want rewards for your everyday expenses.

Exclusions

The 5% discount offer comes with a few exclusions that you'll want to be aware of. Most importantly, it cannot be combined with other promotions, including coupons, rebates, or other discounts like military or employee discounts. You're also not eligible to earn the 5% discount on some items, including rentals, extended protection/replacement plans, shipping, delivery, assembly or installation fees, taxes, or gift card purchases. Check the terms and conditions for a full list of exclusions.

Card Benefits and Perks

Like many store cards, the Lowe's Credit Card comes with minimal perks and is most advantageous for frequent Lowe's shoppers:

  • 5% discount on most Lowe's purchases: You'll get a 5% discount on Lowe's purchases when you pay with your card.
  • Occasional special financing offers: Lowe's has special financing offers on qualifying purchases, where you'll often pay no interest during the promotional period. If you're in the market for a new fridge or washer/dryer, you can stretch out the expense over several months instead of paying it all upfront.

There are two things you'll want to keep in mind about these special financing offers. First, if you don't completely pay off the purchase by the end of the period, you'll be charged interest on the remaining balance all the way back to the initial purchase date. Second, you have to choose whether you want the special financing or your 5% discount — you can't double dip and choose both.

Although the perks for the Lowe's Credit Card are minimal, it far outweighs the Home Depot Credit Card, which does not have a rewards program for its card.

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Drawbacks

The Lowe's card comes with several drawbacks to consider:

  • Can only use the Lowe's Credit Card at Lowe's
  • Relatively high regular APR
  • No other significant rewards or benefits besides the 5% discount

The biggest drawback to the Lowe's Credit Card is you can only use it at Lowe's stores or online at Lowes.com. So while you may want to apply for and carry it for your Lowe's purchases, it doesn’t work well as your primary or only credit card.

The Lowe's card also does not offer any significant rewards or benefits other than the 5% discount.

Annual Fee

The Lowe's Credit Card does not have an annual fee. This can make it a useful card to have, even if you only make sporadic purchases at Lowe's. You can rest easy knowing you won't be charged an annual fee for having the card.

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APR

New cardholders have the option of choosing a 6-month special financing offer of 0% APR on purchases over $299. However, if you do not repay the balance in full within the first 6 months of your purchase, a standard 28.99% Variable APR will apply from the purchase date.

Other Fees

There is a late fee that is assessed for any late payments you make to your account.

Recommended Credit Score

Neither Lowe's nor Synchrony Bank (the issuing bank) specify a minimum or recommended credit score. Instead, your credit history, income, and other financial information will be used to determine whether you are approved. As one point of comparison, it's common for similar types of store credit cards to usually require at least fair credit (which is a credit score between 600 and 640).

Is the Lowe's Credit Card Worth It?

The Lowe's Credit Card can absolutely be worth it if you are a frequent shopper at Lowe's. The 5% discount that you'll get on most purchases is likely to be more than the rewards you might earn with other credit cards. But if you rarely shop at Lowe's, you might want to focus your attention on other cards. There are many no-annual-fee credit cards that offer strong cash-back rewards on your everyday spending.

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Frequently Asked Questions

  • The Lowe's Credit Card is considered a closed-loop credit card, meaning it can only be used at Lowe's stores and at Lowe's.com. You will not be able to use your Lowe's card at any other stores or online websites.

  • The credit issuer uses a variety of information to determine whether to approve you for the Lowe's credit card. In some cases, you may receive instant approval. In other cases, approval may take a few days or weeks.

  • Lowe's and Synchrony Bank do not specify a minimum or recommended credit score that you need to be approved. Instead, the bank will use your credit history, income and other financial information to decide whether to approve you. Generally speaking, store credit cards have more lenient credit requirements than other types of credit cards, so you may be able to be approved for this card even if your credit is not perfect.

  • The Lowe's Credit Card is issued by Synchrony Bank. Any questions about the credit card or your account should be addressed to Synchrony, and you will log into and access your credit account through the Synchrony website.

  • Yes, applying for the Lowe's credit card will require a credit check. Your credit, along with your income and other information about you, may be used to determine whether you are approved for the card. If you're not sure if you will qualify for approval, you can also check on the Lowe's website if you are prequalified for the card. While being prequalified doesn't guarantee approval, it can help you see if you're likely to be approved.

DM

Dan Miller

Dan Miller is a freelance writer and founder of PointsWithACrew.com, a site that helps families to travel for free and cheap. He is an expert in all things personal finance, and his work has been featured in Forbes, NerdWallet, Bankrate, CreditCards.com, Rocket Mortgage and Intuit Mint. His home base is in Cincinnati, but he tries to travel the world as much as possible with his wife and six kids.