Lowe’s Credit Cards Review

Hey I'm Adam Jusko from ProudMoneycom 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 2699%

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 2699% 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 1474% to 1974% 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 ProudMoneycom where we about other credit cards and personal finance topics as well Thanks for watching Bye