Lowe's offers credit cards to both individuals and businesses through its Consumer Credit Center. These products include various perks designed to meet specific needs and enable cardholders to save money on home improvement and commercial needs.
Lowe's Consumer Credit Card
Consumers looking to save on home improvement projects and other everyday purchases at Lowe's may benefit from the Lowe's Consumer Credit Card. Purchases of $299 or more made with the card are eligible for 0% APR if the balance is paid in full within six months. All other purchases receive a 5% discount. Other perks include:
- No annual fee
- Online account maintenance including statement viewing and bill payment
- Two card designs to choose from
- 23-day grace period
Reviewers from Credit Karma were pleased with the ability to easily obtain credit increases. However, they often experienced difficulties with customer service when attempting to rectify billing issues and close accounts.
Michael Pruser of Compare Wallet also noted that cardholders should be aware that the discounts cannot be combined with other offers. In addition, the introductory APR is a major perk, but retro-active interest is applied to all outstanding balances once the promotional period expires.
Lowe's Business Credit Cards
Lowe's Business Credit program offers three different credit cards to business customers.
Lowe's Business Credit
The Lowe's Business Credit card is designed for small to medium sized businesses and can be used at all Lowe's retail stores. Organizations have the ability to manage projects with the job account management system. Cardholders have the option to pay in full or revolve the balance each month.
Unfortunately, this card does not offer any major perks beyond the 5% discount and reduced delivery rates, as noted by Michael Pruser.
Lowe's Business Rewards by American Express
Lowe's Business Rewards by American Express is designed for businesses that want to earn rewards on purchases and can be used anywhere American Express is accepted.
Cardholders can earn points on the following purchases:
- Three points at U.S. restaurants, office supply stores and services from U.S. wireless telephone providers
- Two points on Lowe's purchases
- One point on all other purchases
Points are redeemable for Lowe's and American Express gas cards. Card holders have the option to pay the balance in full each month or over a period of time.
Reviewers from the American Express Open Forum were pleased with the rewards system. However, they noted that the points are difficult to redeem and the available options are limited.
Lowe's Accounts Receivable
The Lowe's Accounts Receivable credit card caters to medium to large businesses with invoicing needs and can be used at all Lowe's retail stores. Organizations can manage projects more efficiently with the job account management system. Cardholders must pay the balance in full each month.
The three business cards enable organizations to effectively manage project related expenditures. They also offer 5% off in-store purchases if requested at checkout. Other perks account holders receive include:
- No annual fee
- Detailed statements that include an itemized list of transactions
- Discount on deliveries
- 24/7 customer service
- Online account management
Consider All Options
Although all Lowe's credit cards offer a 5% discount on select in store purchases, there are other options out there that may offer more competitive introductory perks and rewards systems.
If your project is going to span over a lengthy period of time, consider financing options for home improvement projects offered through your local financial institution as they more than likely have lower interest rates and repayment terms. However, if you have bad credit, a Lowe's card may be the best option if you cannot secure financing elsewhere.