Lowe's, like many stores, offers its own branded credit card. Similar to how other store cards work, the Lowe's card can only be used in Lowe's stores, and the discounts and perks you get are available only at the popular home-improvement store.
The good news is that those discounts and perks abound. You’ll benefit from no annual fee and you can save up to $100 on your first in-store purchase after becoming a cardmember.
The standard APR, or annual percentage rate, on the Lowe's store card is pretty high, though, just as it is for many store cards. You also don’t get the flexibility you'd get with other rewards cards not tied to a single store brand.
You’ll need to think carefully about whether the Lowe's card is right for you — but many DIYers do find the Lowe's credit card is worth using.
Key features of the MyLowe’s Rewards Card
Let’s look at the main benefits of opening a Lowe’s store credit card.
5% discount at checkout
The main reason to have a Lowe’s credit card long-term is the ongoing automatic 5% discount. Many other store credit cards only send periodic coupons or provide rewards after spending. Getting a discount upfront is a great perk, and if I were shopping regularly at Lowe’s I’d be glad to save 5% all the time.
However, there are caveats: not all purchases are eligible for the discount, and gift cards aren’t discounted. Plus, you cannot combine your regular discount with other coupons or deals.
Special savings
Until January 31, 2025, new MyLowe’s Rewards cardholders receive a 20% discount on one purchase. The maximum discount is $100, which means it’s most beneficial if you’re making a purchase of $500.
I like this little bonus of the MyLowe’s Rewards card because it makes the card more valuable. Especially, if you have a relatively high expense coming up and need to make a large purchase with a credit card. (For example, if my misbehaving refrigerator ends up kicking the bucket for good, we could save up to $100 on the purchase of a new one.)
Be aware that if you opened your account in-store, you must ask the cashier to apply the discount. If you apply online, by using text-to-apply, or with a QR code, you will receive a coupon code that you can use in store or online. You must use the 20% off coupon before January 31, 2025.
Financing offers
In addition to the 20% discount on your first MyLowe’s Rewards purchase, cardholders can take advantage of specific financing offers.
0% interest offer: On a purchase of $299 or more using the card, you can have a six-month grace period with no interest, which gives you that time to get together the full amount with no added cost. There’s also a 12-month 0% APR offer on appliances, installed flooring, or installed HVAC valid through January 31, 2025.
Lower interest on larger purchase: If you have a larger purchase ($2,000 or more), you can opt for a lower 9.99% APR for 84 fixed monthly payments.
Note that you can’t combine credit offers, so you need to do a little math to determine which current offer for cardholders offers the most value.
Downsides of the MyLowe’s Rewards card
A high standard APR
There are also some big negatives to be aware of when considering whether to apply for a Lowe's credit card — and the standard purchase APR of 31.99% is one of them. Plus, the penalty APR is a whopping 36.99%.
This is a pretty high interest rate even without penalties, so you could end up owing a lot of money if you don’t pay off your balance at the end of a billing cycle or before a 0% promotional rate expires.
One way I like to look at it is this: the interest you’d pay would be significantly greater than the 5% discount you’d receive for using your card. Now, if you’re rigid about paying off all of your credit cards in full by the due date, you don’t need to stress about this so much, but otherwise, the credit card’s cost could be higher than the benefits.
That being said, the MyLowe’s Rewards Card APR is comparable to other store credit cards.
Restrictions on discounts
Have you ever received a coupon from a store or business and gotten kind of excited, only to have your hopes dashed when you read the tiny print? There are nearly always limitations on deals and discounts, and the same is true for the MyLowe’s Rewards card.
Your one-time 20% off coupon comes with a bunch of exceptions. It doesn’t apply to volume discounts like Contractor Packs, Buy In Bulk, Value Savings Program, and more. You also don’t get the discount on shipping, delivery, or assembly fees. Certain brands of products can’t be discounted: Weber, Kichler, and Miele.
The 5% daily discount has the same types of limitations as well, so you might check the full list of excluded purchases before applying for a MyLowe’s Rewards card.
Who the MyLowe’s Rewards Card is best for
So, who is the MyLowe’s Rewards Card best for?
The card is a great option for DIYers who will take advantage of the 5% discount regularly or who want to pay off a project over time and are confident they can make payments on schedule. However, the card is worth it only if you don’t have to pay the standard APR on any of your purchases — which means you need to be sure you can make your monthly payments in full.
And because cardholders get that 5% discount on Lowe's purchases, if you’re spending a fortune on home improvement and would likely exceed rewards limits on regular cashback credit cards, the Lowe's store card could be a better option for you as your discount isn’t capped and there’s no annual fee.
Alternatives to the MyLowe’s Rewards Card
The Lowe's store credit card isn’t right for everyone. You may be better off with one of the best rewards credit cards. These are more versatile, which can be easier to manage instead of holding separate cards for different retailers.
Bank of America® Customized Cash Rewards credit card
The Bank of America® Customized Cash Rewards credit card is a nice alternative to the Lowe’s credit card because you earn 3% cash back in the category of your choice and 2% cash back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and 1% on all other purchases. One of the categories you can choose to earn elevated rewards on is home improvement and furnishings.
Check out all the details in our Bank of America Customized Cash Rewards Credit Card Review.
Lowe's Business Rewards Card from American Express
If home improvements are part of your job, the Lowe's Business Rewards Card from American Express might be a better option. As an Amex card, it comes with special perks such as car rental insurance, extended warranties on purchases, and more. You can use this business credit card anywhere Amex is accepted, not just at Lowe's stores.
Learn more in our Lowe's Business Rewards Card from American Express review.
All information about Lowe's Business Rewards Card from American Express has been collected independently by FinanceBuzz.
Chase Freedom Flex®
Finally, if you’re getting ready to spend a lot on home improvements, you might choose a 0% intro APR credit card instead of a retailer-specific card. The Chase Freedom Flex® offers 0% intro APR financing on purchases for 15 months on new accounts (then 19.99% - 28.74% Variable).
This offer gives you some breathing room on major projects, with more than a year to pay off balances before incurring interest charges. Plus, you get ongoing rewards from your purchases with the card.
Learn more in our Chase Freedom Flex review.
FAQs
What bank is Lowe’s credit card?
The issuer of the Lowe’s credit card is Synchrony Bank. Synchrony is a large financial institution that has more than 18,000 employees and more than 73 million active customer accounts.
What credit score do I need for a Lowe's card?
You’ll likely need a fair, good, or excellent credit score to qualify for the Lowe’s credit card. In terms of FICO scores, the fair range is 580 to 669. Good scores start at 670, and excellent scores start around 800.
Is the Lowe’s credit card instant approval?
In most cases, the Lowe’s credit card is instant approval. This means you’ll immediately find out whether you’ve been approved for the card once you submit your application. In some cases, you may need to wait a week or more to receive your results while your application and credit report are being reviewed, so if you’re trying to take advantage of a particular offer that has a deadline, keep that in mind.
Where can I use a Lowe’s credit card?
I don’t love the fact that the Lowe’s credit card can only be used for Lowe’s in-store purchases or for online purchases at Lowes.com. It just isn’t very versatile, so I wouldn’t want it taking up space in my wallet. However, you might find it easier to keep track of your home improvement spending if you have this card, and if you’re loyal to Lowe’s, it could be a good option.