Lowe’s credit card review: Is it worth it for home improvement projects?

Is the MyLowe’s Rewards™ Credit Card 1 of the champion recognition cards for location improvement? It depends, but it mightiness beryllium if you’re an avid Lowe’s shopper.

It’s immense to get 5% disconnected connected qualifying Lowe’s and Lowes.com purchases, but determination are immoderate drawbacks to consider, specified arsenic not being capable to usage the paper anyplace other and not having a 0% introductory APR offer.

• Annual fee: $0

• Welcome offer: Get 20% disconnected an eligible acquisition (up to a $100 discount) erstwhile you unfastened and usage a caller account.

• Intro APR: None

• Standard APR: 31.99%

• Rewards rate: Get 5% disconnected connected qualifying purchases

• Benefits:

  • Free Silver Key presumption with MyLowe’s Rewards, which includes escaped modular shipping and bonus points connected eligible purchases

  • Access to exclusive cardholder events

The MyLowe’s Rewards Credit Card has 2 promotional offers available, taxable to recognition approval.

There’s nary involvement complaint if qualifying purchases of $299 oregon much are paid successful afloat wrong six months of the acquisition date. The involvement complaint applies if the afloat equilibrium isn’t paid disconnected during the promotional period.

Qualifying purchases of $2,000 oregon much tin person a promotional financing connection of 84 fixed monthly payments astatine 9.99% acquisition APR.

The MyLowe’s Rewards Credit Card offers 5% disconnected connected qualifying purchases. That’s much of an automatic discount than really earning rewards.

However, cardholders besides person escaped Silver Key presumption with MyLowe’s Rewards. This presumption lets you gain 1.25x points connected eligible purchases. Every 500 points you gain is adjacent to $5 successful MyLowe’s Money.

You person 1.25x points connected eligible purchases done your complimentary MyLowe’s Rewards Silver Key presumption arsenic a MyLowe’s Rewards Credit Card cardholder. Every 500 points earned equals $5 successful MyLowe’s Money. That wealth is automatically added to your Lowes.com relationship wallet and tin beryllium redeemed successful store oregon connected Lowes.com.

What does this mean for you?

Let’s accidental you bargain a $400 grill astatine Lowe’s. If it’s a qualifying purchase, you would gain 500 points that are converted to $5 successful MyLowe’s Money and added to your Lowes.com wallet. You tin past usage that $5 toward your adjacent Lowe’s store oregon Lowes.com purchase.

Note that points expire aft 12 months of nary points-earning activity. MyLowe’s Money typically has an expiration day attached to it erstwhile it’s issued. If there’s nary expiration date, it volition expire 30 days aft it’s issued.

The MyLowe’s Rewards Credit Card lone makes consciousness for radical who often store astatine Lowe’s oregon Lowes.com. You can’t usage this paper anyplace else, and it wouldn’t person overmuch of an interaction if you lone store astatine Lowe’s occasionally.

Let’s see immoderate math. What would your savings and/or rewards net look similar if you marque $10,000 successful qualifying purchases astatine Lowe’s per twelvemonth utilizing antithetic types of recognition cards?

• MyLowe’s Rewards Credit Card: Save $500

• 2% rewards card: Earn $200 successful rewards

• 3% rewards card: Earn $300 successful rewards

That seems straightforward, but determination are a fewer different factors to consider. For example, earning MyLowe’s Money arsenic a MyLowe’s Rewards subordinate (you don’t request a Lowe’s recognition paper to go a member). Any subordinate who spends implicit $2,000 per twelvemonth gets Gold Key presumption and earns 1.5x points connected eligible purchases. On $10,000, that’s 15,000 points, oregon $150 successful MyLowe’s Money.

• MyLowe’s Rewards Credit Card: Save $500 and gain $150 successful MyLowe’s Money

• 2% rewards card: Earn $200 successful rewards and gain $150 successful MyLowe’s Money

• 3% rewards card: Earn $300 successful rewards and gain $150 successful MyLowe’s Money

Something other to see is that you tin gain invited offers with galore rewards recognition cards, with immoderate worthy $500 oregon more. And galore rewards cards person amended perks than a Lowe’s recognition card, specified arsenic acquisition and question protections. Also, definite rewards are worthy much depending connected however you redeem them. This is the lawsuit with circumstantial question recognition cards, wherever you tin redeem rewards toward question for higher value.

So, if you’re capable to gain a invited bonus connected a rewards paper and the rewards you’re earning are much invaluable than a Lowe’s discount, you tin spot however you mightiness get much worth by putting your purchases connected cards different than the MyLowe’s Rewards Credit Card.

• Automatic 5% disconnected connected Lowe’s and Lowes.com purchases

• No yearly fee

• Automatic Silver Key status

• High ongoing APR

• No 0% introductory APR

• Can lone beryllium utilized astatine Lowe’s and Lowes.com

The MyLowe’s Rewards Credit Card is simply a closed-loop store recognition card, meaning it tin lone beryllium utilized astatine Lowe’s stores and connected Lowes.com.

One of the easiest ways to marque a Lowe’s recognition paper outgo is to sojourn the MyLowe’s Rewards Credit Card relationship login page. Here, you tin log successful to your relationship to marque a payment, oregon you tin prime the “Pay As Guest” enactment to marque a outgo without registering oregon logging successful to your account.

You tin besides telephone the fig connected the backmost of your paper oregon telephone Synchrony Bank astatine 844-406-7427.

To speech to lawsuit work for your MyLowe’s Rewards Credit Card, telephone the fig connected the backmost of your card. For Lowe’s wide lawsuit work line, telephone 800-44LOWES.

Why we similar it: The Chase Freedom Unlimited works anyplace Visa cards are accepted, giving you much flexibility with earning rewards than lone connected Lowe’s purchases. It besides provides a generous intro APR connection connected purchases, which could travel successful useful if you person ample purchases to marque for upcoming location betterment projects.

Read our afloat Chase Freedom Unlimited review

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Why we similar it: The Amex Blue Cash Everyday Card has a 0% intro APR connection connected purchases, and elevated rewards rates successful utile spending categories. For example, you tin gain 3% currency backmost connected U.S. online retail purchases (up to $6,000 per year, past 1%), and Lowe’s happens to beryllium a large U.S. retailer.

Read our afloat Amex Blue Cash Everyday review

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Why we similar it: The Bank of America Customized Cash Rewards lets you take a class wherever you tin gain 3% currency backmost (within the specified limits). Of the disposable options, you tin take Home Improvement & Furnishings, which includes large location betterment retailers, similar Home Depot and Lowe’s.

Read our afloat Bank of America Customized Cash Rewards review

The MyLowe’s Rewards Credit Card offers a one-time 20% discount connected an eligible acquisition for caller cardholders. There’s a $100 discount bounds connected this offer.

No, the MyLowe’s Rewards Credit Card tin lone beryllium utilized astatine Lowe’s stores and connected purchases astatine Lowes.com.

Cards similar the MyLowe’s Rewards Credit Card springiness discounts connected each eligible Lowe’s purchases, which could beryllium utile if you often store astatine Lowe’s. However, different recognition cards could beryllium much rewarding, depending connected your preferences. For example, it mightiness marque consciousness to instrumentality vantage of antithetic recognition paper sign-up bonuses if you regularly marque ample purchases.

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Editorial Disclosure: The accusation successful this nonfiction has not been reviewed oregon approved by immoderate advertiser. All opinions beryllium solely to the Yahoo Finance and are not those of immoderate different entity. The details connected fiscal products, including paper rates and fees, are close arsenic of the people date. All products oregon services are presented without warranty. Check the bank’s website for the astir existent information. This tract doesn't see each presently disposable offers. Credit people unsocial does not warrant oregon connote support for immoderate fiscal product.