Lowes 12 Months No Interest


Cashback Rewards Credit Card Comparison

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Of course, you might not like the idea of having to carry around a credit card that only works in a single chain of stores. If thats the case, there are better options for you to consider.

Here are a few great cash back credit cards that not only give you rewards points every time you shop, but these cards are accepted in just about any store you patronize, including Lowes.

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Normally, when I compare a regular cash back credit card to a store credit card, there is no competition. The regular card always wins hands down. With the Lowes Advantage Card though, its not as clear-cut. Its hard to beat an instant 5% savings on the spot, and financing options make purchases more cost-effective. So, the Lowes Advantage Card is really a great choice.

Home Depot Consumer Credit Card

If you plan to start a big project soon and Home Depot is the only big box home improvement store in your town, you may find its six-month financing option appealing. On purchases of $299 or more, the Home Depot® Consumer Credit Card will charge no interest for six months. If you dont pay off your purchase in full by the end of the deferred interest period, then Home Depot will charge you interest at the regular interest rate from the date of purchase, effectively wiping out your savings with the offer. The regular purchase APR is 17.99% to 26.99%, depending on your credit health.

Unfortunately, Home Depot doesnt offer financing deals with longer terms except during special promotions on specific products. If longer-term financing is what youre looking for, Home Depot has a separate product called the Home Depot® Project Loan Card. It offers credit lines of up to $55,000 with a six-month buying window, 84 months to pay it off, and a fixed 7.99% APR.

Until Jan. 31, 2020, new cardholders who are approved for the Home Depot® Consumer Credit Card can take advantage of a sign-up offer of $25 off a purchase of $25 to $999 or a $100 discount on a purchase of $1,000 or more. Purchases must be made using the card and at Home Depot retail stores, or online, within 30 days of your account opening in order to qualify. Unfortunately, this card offers no ongoing rewards program.

The Home Depot® Consumer Credit Card has no annual fee.

The Lowe’s Advantage Card Details

Pros and cons

Card analysis

New cardmember discount

The Lowe’s Advantage Card offers new cardmembers a chance to save after opening the card: Get a one-time discount of 20% off your purchase, up to a $100 discount, when you open and use a new Lowes Advantage Card

Everyday discount

The everyday discount is what tips the scales in favor of the Lowe’s Advantage Card in our analysis. Save 5% off your eligible purchase, or get 6 months special financing with purchases of $299 or more, or get 84 fixed monthly payments with a minimum purchase of $2,000 at 7.99% APR. Terms apply.

If youre a frequent shopper at Lowes or even if you just stop by once in a while saving 5% off your purchases is an attractive deal .

High APR

We always recommend paying your card off in full to avoid interest charges. But if you are forced to roll over a balance that isnt on a financing plan, you should know this card has a high 26.99% variable APR.

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Lowe’s Advantage Card: Basics

Card type: Store.

Annual fee: $0.

New cardholder offer: When you’re approved, you’ll receive a coupon good for 20% off your first purchase . As of this writing, Lowe’s was saying this offer was good through Jan. 31, 2023.

Discount: 5% off eligible purchases. This applies to most items in the store, but not all. More on that later, but among the exceptions: You won’t get this discount on purchases if you use special financing or installment financing offers on the card.

Interest rate: The ongoing APR is 26.99% Variable.

  • Purchases of $299 and up are eligible for special financing.

  • Purchases of $2,000 or more are eligible for 84 months of installment financing at a lower APR of 7.99%. With this option, you pay for the purchase in fixed monthly installments . These payments will be included in your minimum amount due every month.

% Introductory Apr Credit Cards


Some issuers offer introductory 0% APR periods for new customers. These offers can last up to 18 months, which could be plenty of time to pay off your new lawn mower purchase without having to pay any interest at all.

Avoid interest charges for a select period, allowing you to repay your debt faster.

Can earn rewards with purchases, depending on the card.

Can keep your credit line open for future purchases, if needed.

Requires strong credit to qualify.

Short repayment timeline if you want to avoid interest.

Card may come with an annual fee, adding to your costs.

If you dont repay your debt within the introductory period, though, youll be charged high interest on the remaining balance. So if you plan to open a new credit card to buy a lawn mower, make sure you have a plan to repay the debt. Consider looking into your budget to allocate a certain amount toward the mower each month so youre not stuck paying interest on your purchase.

Introductory credit card offers are typically reserved for borrowers with good credit. In addition, the application process will require a hard credit check, which will result in a small, temporary ding on your credit. Before you go applying for credit cards, know where you stand by checking your credit score for free on the LendingTree app:

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Wells Fargo Reflect Card

Card analysis

Long 0% intro APR period

The Wells Fargo Reflect® Card offers almost two years of no interest. Cardholders enjoy a 0% intro APR up to 21 months from account opening on purchases, after which a 15.99% – 27.99% variable APR applies.

If youre planning a large home improvement project and want to spread payments on the materials out over time, youd be hard-pressed to find a better card than this one.

No sign-up bonus

You wont get a sign-up bonus with this card. If thats an important factor, consider one of the two cards below instead just be aware that they have shorter 0% intro APR periods than the Wells Fargo Reflect® Card.

  • Relatively short intro APR period

Card analysis

Easy-to-earn sign-up bonus

Some credit cards require spending of $1,000 or more to earn the cards sign-up bonus, but the Chase Freedom Flex makes it significantly easier. You can earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening! So if you know youre going to have to spend at least that much on your home renovations, it might be a good time to apply for the Chase Freedom Flex.

Shorter 0% intro APR period

There is a 0% Intro APR on Purchases for 15 months, after which a 17.24% – 25.99% Variable APR applies. This is solid, but nowhere near as long as what the Wells Fargo Reflect® Card offers.

If you want the best of both worlds, consider the BankAmericard® credit card, detailed below.

Chase 5/24 rule

  • Higher spend target for sign-up bonus

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.

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How Do I Avoid Interest On Credit Cards

To avoid interest on credit cards, either pay the full statement balance by the due date every billing period or maintain a $0 balance by not charging any purchases to your credit card account. There is no revolving balance for a credit cards interest rate to apply to in either case.read full answer

More specifically, its impossible to owe interest without buying anything, and even a card with no balance reports positive information to the credit bureaus every month. Alternatively, making purchases and paying off the full balance listed on the monthly statement by the due date avoids interest thanks to the so-called grace period that most cards have. That basically means people who consistently pay their bill in full get an opportunity to do so before interest applies to their purchases.

But interest is most often a concern when you need to buy something now but wont have all the money for a while. And in that case, the best way to avoid interest on a credit card is to get a card with a 0% introductory APR. Keep reading below to learn more about that option and the rest of the best ways to avoid credit card interest charges.

Here’s how to avoid interest on credit cards:

  • Dont make purchases, balance transfers or cash advances. Not using your card guarantees no interest, as long as you pay any annual or monthly fees it may charge. And the issuer will still report positive information to the credit bureaus each month.
  • Which Credit Card Is Best For You

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    If youre choosing between the Home Depot Consumer Credit Card and the Lowe’s Advantage Card to finance a home improvement project, we recommend the latter card for most consumers, as it offers an everyday discount the other card lacks .

    Both stores have extensive footprints. Home Depot has 2,300 stores in the United States, Canada and Mexico, and claims to be the worlds largest home improvement retailer. Lowes has more than 1,700 stores in the U.S. and more than 450 stores in Canada .

    Still, its worth bearing in mind that the best credit card for your needs might be neither of the above. Instead, consider a general-purpose card with a 0% intro APR or a sign-up bonus that way, you wont have to worry about incurring deferred interest, and you might even be able to somewhat offset the cost of a big-ticket purchase.

    Also Check: How To Calculate Auto Loan Interest

    Lowes Advantage 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® Card* 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, Sams Club and Murphys 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 fuel stations, at restaurants and on travel 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 Sams Club frequently. Rewards are unlimited. In addition, theres no annual fee for the card.

    Alternatives To The Lowes Advantage Card

    On the other hand, if youre in the market for a real cash back rewards program, or if you want a credit card that you can use anywhere you go, then the Lowes Advantage Card isnt the card for you. Instead, one of the other options will serve you better.

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    Deferred Interest On Financing Options Can Result In Owing A Lot

    Deferred interest offers are dangerous because you end up owing back interest if you fail to pay off the full amount you owe on the card by the end of the declared time period.

    For example, if you borrow $1,500 on your Lowe’s card, qualify for 0% interest for six months, and dont pay the loan off in full, youll owe back interest at 26.99% on the $1,500 dating back to the purchase date. This means youd owe interest on $1,500 at 26.99% dating back six months, which would be around $200 in back-interest costs.

    Get Your Credit Score Improved Professionally


    In some cases, we recommend speaking with a Credit Repair professional to analyze your credit report. Its so much less stress, hassle, and time to let professionals identify the reasons for your score drop.If youre looking for a reputable company to increase your credit score, we recommend Credit Glory. Call them on or setup a consultation with them. They also happen to have incredible customer service.Credit Glory is a credit repair company that helps everyday Americans remove inaccurate, incomplete, unverifiable, unauthorized, or fraudulent negative items from their credit report. Their primary goal is empowering consumers with the opportunity and knowledge to reach their financial dreams in 2020 and beyond.

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    Lowes 24 Months Financing

    Another feature of the Lowes Advantage Card that customers can enjoy is selecting their extra options. They can take the 5% discount or pick from Lowes extended 0% financing options of twenty-four months, based on the type and amount of their purchase.

    They can also opt for less than twenty-four months of financing, but they have to spend $1,999 or more if they go for the twenty-four-month financing option.

    Fortunately, Lowes 24 months financing option is incredibly flexible and ideal, making purchases more feasible. In this manner, people can acquire the items they need to complete a project while paying off the remainder over time without incurring interest.

    Does Paying The Minimum Hurt My Credit Score

    No, paying the minimum on a credit card does not hurt your credit score at least not directly. It actually does the opposite. Every time you make at least the minimum credit card payment by the due date, positive information is reported to credit bureaus. And as long as you pay the minimum amount required by your card issuer, the exact amount you pay doesnt factor into the payment history portion of your credit score. Its simply noted that youve made a payment on time.read full answer

    There is a way your credit score could eventually be impacted by only making minimum payments: high credit utilization. Credit utilization is the percentage of your total available credit thats being used, or your debt-to-credit ratio. If you make a habit of racking up more credit card charges than you can pay for every month, youll end up with high utilization. Credit-scoring companies see credit utilization over 30% as a negative. To what degree high utilization will affect a credit score depends on your personal credit history and which scoring model is used, but its safe to say your debt-to-credit ratio accounts for about 20% of your credit score. If you dont have much credit history, high utilization will have a greater impact on your score than it would for someone with a diverse and lengthy credit history.

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    How Does No Interest For 12 Months Work

    If you were told that you do not have to pay interest on the purchase if the purchase is paid in full within 12 months, your card has a deferred interest plan. That means you would owe all of the interest back to the original date of the charge. You still need to make at least your minimum payments when they are due.

    What credit score do I need for Lowes financing?

    640 or betterThe Lowes credit card credit score requirement is 640 or better, which is considered fair credit. The Lowes card is fairly easy to get, but that doesnt make it a great card. Even if you have a good or excellent credit score, the card will have an APR of 26.99% after the intro APR period, which is pretty high.

    What does no payments for 12 months mean?

    No interest for 12 months means that a credit card will not charge its regular APR on purchases or balance transfers, depending on the card for 1 year. In other words, youll pay all the interest you would have paid if you had carried the entire balance for 12 months without the deferred interest deal.

    Does Lowes use Synchrony bank?

    Lowes uses synchrony, so yes you can.

    Lowes Credit Card Review

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    Eric Bank has been covering business and financial topics since 1985, specializing in taking complex subject matters and explaining them in simple terms for consumer audiences. In addition to his work on CardRates.com, Eric has appeared regularly on Credible.com, eHow, WiseBread, The Nest, Get.com, Zacks, Chron and dozens of other outlets. A former software engineer, Eric holds an M.B.A. from New York University and an M.S. in finance from DePaul University.

    Edited by: Ashley Dull

    With more than a decade of experience as a content manager and marketer, Ashley has specialized in finance coverage since 2015. She has worked closely with the worlds largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media campaigns. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader’s Digest, among others.

    Reviewed by: Adam West

    Adam corresponds with finance experts to publish industry news coverage related to helping consumers achieve greater financial literacy and improved credit. He has more than 12 years of storytelling, editing, and design experience in print and online journalism and is most knowledgeable in the areas of credit scores, financial products and services, and the banking industry.

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