January 26, 2023
This Credit score Card Can Assist You Save Massive on Your Subsequent Residence Enchancment Mission

The Lowe’s Benefit Card, issued by Synchrony Financial institution, is a no-annual-fee bank card that will aid you save on residence enchancment. You possibly can solely use this closed-loop card at Lowe’s the place it presents a beneficiant 5% low cost on most gadgets. (Closed-loop means you’ll be able to solely use it at Lowe’s).

There are additionally two particular financing choices accessible to cardholders: a deferred curiosity supply on purchases of $299 or extra and installment financing on purchases of not less than $2,000. Chances are you’ll discover further financing choices accessible on a limited-time foundation.

This Credit score Card Can Assist You Save Massive on Your Subsequent Residence Enchancment Mission

Lowe’s Benefit Card

  • Base rewards fee: None
  • Bonus rewards: 5% off at Lowe’s shops and Lowes.com
  • Signal-up bonus: 20% off whenever you open an account (as much as $100 low cost) by means of Jan. 31, 2023
  • Annual price: $0
  • APR: 26.99%, variable

The Lowe’s Benefit Card’s potential to ship high-value financial savings and selection of financing presents have secured this card a spot on our record of the Finest Retailer Playing cards of 2022.

Are the charges definitely worth the rewards?

The Lowe’s card presents beneficiant financial savings should you plan to buy massive for a house enchancment challenge. Let’s assume your house renovation challenge has a price range of $15,000. You spend it at Lowe’s with the shop’s bank card and get 5% off all the quantity. In complete, you’ll hold $750 in your pocket.

No different card from a serious financial institution presents such excessive limitless rewards or reductions at residence enchancment shops—together with the Lowe’s Benefit Card’s competitor, the Residence Depot Shopper Credit score Card. The Residence Depot Card offers no ongoing reductions and just one particular financing possibility: Six months of deferred curiosity on purchases of $299 or extra.

That mentioned, should you’re searching for a 0% APR supply to repay a purchase order over time with out paying curiosity, the Lowe’s Benefit Card isn’t the best choice. With the cardboard’s deferred curiosity supply, you get six months with out curiosity fees. In case you don’t repay the stability in full throughout that interval, you’ll be hit with the usual APR of 26.99% which can apply to the complete buy quantity. 

Installment financing comes with 84 fastened month-to-month funds at 7.99% APR, which might get costly over such a long run.

In case you’re trying to finance your house challenge at higher phrases, look into getting a bank card with a 0% APR introductory supply. A number of the finest 0% APR playing cards at the moment supply as much as 21 months of no curiosity. 

Others even earn rewards: as an illustration, the ​​Wells Fargo Energetic Money, our high decide for the Finest Money Again Credit score Playing cards of 2022, earns 2% again on all purchases and offers 15 months of no curiosity on new purchases. As soon as the intro zero-interest supply expires, the cardboard’s common ongoing APR kicks in and applies to the remaining stability.

Card particulars you may miss

At Purchase Aspect from WSJ, we decide retailer bank cards primarily by the potential worth of rewards and financial savings they will supply. However there are usually different particulars to think about earlier than getting a card, similar to further perks and advantages it comes with.

The Lowe’s Benefit Card, nonetheless, is a bare-bones retailer bank card and doesn’t have a lot to supply apart from the 5% low cost and particular financing choices. 

It’s nonetheless a good suggestion to make sure you know the phrases of the advantages this card does supply. Whereas the 5% low cost applies to most gadgets at Lowe’s, there are exceptions. For instance, you gained’t be capable of use the low cost on reward playing cards, merchandise from choose premium manufacturers, supply and meeting charges, and extra. 

Most vital, you’ll be able to’t stack this low cost on high of most different presents—together with financing. If you wish to each save in your buy and pay it off over time, the Lowe’s Benefit Card may not be the best way to go.

Who advantages most from this card?

In case you incessantly spend at residence enchancment shops or are planning a house renovation, the Lowe’s Benefit Card could be a superb selection. The 5% low cost on most gadgets at Lowe’s is difficult to beat and might prevent a whole lot of {dollars} on costly initiatives.

In case you don’t like carrying a number of playing cards, look into open-loop retailer playing cards. For example, in case you have a Prime membership, the Amazon Prime Rewards Visa Signature could be a superb various. Whereas Amazon doesn’t have the identical choice, you’ll be able to nonetheless discover many gadgets chances are you’ll want to your challenge, from instruments to furnishings to even paint. The Amazon Prime Card earns 5% again at Amazon and Complete Meals and a couple of% again at eating places, gasoline stations, and drugstores, making it a strong money again card.

Moreover, you may need to look into a special card should you’re hoping to pay to your buy over time and keep away from curiosity with out sacrificing financial savings. For instance, for smaller initiatives, you should use the Financial institution of America® Custom-made Money Rewards bank card. This money again card presents 3% again on a class of your selection (choices embody residence enchancment and furnishings) and a couple of% again on grocery shops and wholesale golf equipment. There’s a quarterly cap of $2,500 in mixed spending in these classes. You additionally get 0% intro APR on purchases for 18 months, after which the continuing APR kicks in.

The recommendation, suggestions or rankings expressed on this article are these of the Purchase Aspect from WSJ editorial crew, and haven’t been reviewed or endorsed by our industrial companions.