Lowe’s Credit Cards Review

Lowe’s Credit Cards Review

Hey I’m Adam Jusko from ProudMoney.com and in this video I’m going to review the Lowe’s credit cards. There is
a Lowe’s consumer credit card and then there are multiple Lowe’s business cards
that we’ll look at. But before we do that I would ask you to please subscribe to
our YouTube channel if you have not already and if you have already I thank
you for doing so. So, we are going to start with the Lowe’s Advantage Card
which is the consumer credit card that is issued by Synchrony Bank. This card —
and all of these cards that we’ll talk about — the big feature is that they give
you 5% off all your Lowe’s purchases. Now there are a few exceptions to this, but
for the most part you’re going to get 5% off everything that you buy at Lowe’s. Now that is the… that’s the big perk, but you also have the option to sort of go for what’s behind Door Number 2 or 3, which means instead of
getting the 5% you can choose special financing for your larger purchases. When
you choose a special financing, you won’t get the 5%, you’ll just get whichever
financing you choose. So those two financing programs are: Number One, you
can get a 0% offer for six months on your purchases if they are $299
or more. So you get six months, you don’t have to pay any interest on that
purchase, provided that you completely pay off that purchase within those six
months. If you don’t pay off that purchase within those six months, they’re
gonna act like the 0% offer never existed — they’re gonna charge you
interest from the day you made the purchase, and it’s gonna be just
the same as using any other credit card. But the even worse story
there is if you don’t get it paid off within those six months, you’re gonna get
this card’s horrible regular interest rate which is 26.99%. So this is a card that you don’t ever want to have to actually pay the
full interest in. You either want to get it paid off every month if you are using it on an everyday basis or if you’re doing one of these
special financing offers, you want to make sure that you are hitting the rules around these promotions so that you don’t end up
paying that 26.99% interest rate. So that was the
first special financing. You also have the option if you have even larger
purchases of over $2000 to stretch your financing even further. You won’t get a zero percent rate but you’ll get a significantly better rate than you would with the regular rate on this card. So, assuming your purchase is over $2,000, you can get anywhere from a 4% to 8%
interest rate, depending on how big that purchase is, and that can be stretched
from 36 months all the way out to 84 months — again depending on how big that purchase is. So those are your choices — you got the 5% or one of those two
financing options. There’s also a bonus opportunity with this card — at
least there is as of the making of this video — this is a bonus that kind
of comes and goes, we’ve seen over the past, but as of now you can get $30 off
your first purchase with the Lowe’s Advantage Card, assuming that
$30 is more than that 5% that you would get off normally. So the sensible thing I
guess, in a way, would be to compare this to Home Depot’s credit card. If you live
in an area where you have both Lowe’s and Home Depot, this credit card maybe
would, you know, help you figure out which one you want to shop at — because
this card is giving you 5% off all your purchases and it has those
special financing offers. The Home Depot credit card has special financing
offers but there’s no 5% discount that you’re getting on that card. So
if you look at the two and you think they’re fairly comparable then it
obviously would make sense that maybe Lowe’s is your choice if you get their
credit card and you get five percent off all your purchases. Again, assuming that
you always pay your purchases off every month and you don’t get charged
interest at that terrible interest rate. So that is the Lowe’s Advantage Card, the consumer card. Now there are three Lowe’s business credit
cards that you can also consider if you have your own business. The best of the
bunch is the Lowe’s Business Rewards Card from American Express. It gives you
that same 5% off all of your purchases, but then you can even earn
rewards on top of that, in the form of points that you can then redeem for
either Lowe’s gift certificates — or gift cards I guess we always call them these
days — or American Express gift cards. You get three points per dollar on
restaurants, office supplies, and wireless phone service. Two points per dollar at
Lowe’s, one point per dollar everywhere else. So maybe you
make this your everyday credit card even if you don’t, you know, even when you’re
not shopping at Lowe’s. If you don’t necessarily shop in those categories in
particular for your business then maybe you use this as your five percent off at Lowe’s and you use other cards to make your other
purchases. There’s no annual fee with this card. You can get a bonus of 5000
points assuming you use this card for a hundred bucks in thirty days of getting
it — so not a very big hurdle to climb there, they want you to
at least start using the card, though, and so you can get an easy 5,000
point bonus. This card also has a lower interest rate than that terrible 26.99% rate on the consumer card. It has a range, depending
on your credit history, of 14.74% to 19.74%. You should always note with small business credit cards that, depending on
the size of your business, you may be using your personal credit history to
qualify for that card or you may be using the business’s history,
depending on how large it is and depending on what kind of
history you have. But anyway that will kind of figure out where your interest
rate falls. Now the other two Lowe’s business cards are sort of boring,
there’s nothing particularly interesting about them except for the fact that they
again give you that 5% off all of your Lowe’s purchases. The first is called
the Lowe’s Business Account. This is a revolving credit account just like the
last two I talked about, meaning that you don’t have to pay your full
balance every month — although you should — but you don’t have to. So it gives you
that option if need be. That has an interest rate up over 20% at least as
far as we could tell from what we could find through our research. And then the other option is the Lowe’s Accounts Receivable Card, which is just a
straight charge card. You can use it, get your five percent off at Lowe’s, but you
have to pay off the complete balance every single month. So nothing exciting
there but if you don’t want to have that option to revolve and you only
want to use this basically as sort of a convenience and to get that discount,
then that is an option as well. So those are the four Lowe’s credit
cards. I hope there was something of value in this video for you. Please also
visit our site ProudMoney.com where we about other credit cards and personal
finance topics as well. Thanks for watching. Bye.

2 Replies to “Lowe’s Credit Cards Review

  1. FYI. If you have two separate promotional purchases that end at different times you would think Lowes would apply your payment to the promotion ending first. They do not do this, they split your payment and apply some toward each promotion. Of my two purchases, I have paid enough to more than cover my first promotion yet I still owe almost 30% of the balance of the first promotion. You may want to add that warning to your video!

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