Credit Card Review: Lowe's Advantage Card

The Lowe's Advantage Card is a great choice for anyone looking to get the most out of their home improvement projects. With its generous rewards program, no annual fee and flexible payment options, you can save money on purchases at Lowe’s and other eligible stores. Plus, with its introductory APR, you can make the most of your purchases with 0% interest for 6 months. Whether you’re looking to take on a big project or just need some supplies for a smaller one, the Lowe’s Advantage Card is a great way to get the job done and save some cash in the process.

Overview of the Lowe's Advantage Card
The Lowe’s Advantage Card is a store-branded credit card issued by Synchrony Bank. This card is most commonly used at Lowe’s stores and their website. While the store itself only accepts cash, credit cards and debit cards, their online store accepts all of these plus PayPal as payment methods. The card has a $39 annual fee, which is waived in the first year of its use. It also offers 0% introductory APR for 6 months. Its standard APR is 24.99%. It has a standard Visa credit card design, with a 16-digit card number, three-digit code on the back and a CVV code on the back of the card. In general, the Lowe’s Advantage Card is a great choice for anyone looking to get the most out of their home improvement projects.

Benefits of the Lowe's Advantage Card
  • Great rewards program - The Lowe’s Advantage Card offers 0% introductory APR for 6 months, plus up to 20% off at Lowe’s stores for your first three months as a cardholder. After that, you’ll get 5% back on all your purchases at Lowe’s and other participating stores. You’ll also get free services from Protect Your Home when you use this card.
  • No annual fee - The Lowe’s Advantage Card has no annual fee, which makes it a great card for people who don’t want to pay a fee but also want to get the most out of their rewards program.
  • Flexible payment options - You can make one of three different types of payments on your Lowe’s Advantage Card: $25, $35 or $50. Plus, there are no penalties for paying the minimum amount due late or paying the amount off over time.

No Annual Fee
The Lowe’s Advantage Card has no annual fee, which makes it a great card for people who don’t want to pay a fee but also want to get the most out of their rewards program. Many store-branded credit cards come with annual fees, which can add up over the course of a year. That’s money you could be saving. Not only will you avoid the fee, but you’ll also get a break on the interest rate. Many store-branded credit cards come with higher interest rates than conventional credit cards. That can be a big problem if you don’t pay off your balance every month. A higher interest rate can add a lot to your card’s balance over time.

Flexible payment options
You can make one of three different types of payments on your Lowe’s Advantage Card: $25, $35 or $50. Plus, there are no penalties for paying the minimum amount due late or paying the amount off over time. While all credit cards have these options, it’s worth noting because it can help you avoid extra fees and penalties that you may not know about with other cards. If you don’t have the money in your bank account to pay off the full amount, you may be charged a late fee. However, paying the minimum amount due each month can be a costly habit. If you pay only the minimum amount due each month, you’ll end up paying interest on the entire balance you owe. Even paying only $25 per month on a $500 balance can add up to more than $800 in interest over the course of two years.

Introductory APR
The Lowe’s Advantage Card offers 0% introductory APR for 6 months, plus up to 20% off at Lowe’s stores for your first three months as a cardholder. After that, you’ll get 5% back on all your purchases at Lowe’s and other participating stores. You’ll also get free services from Protect Your Home when you use this card. A 0% introductory APR is a great way to save money on big purchases or to take advantage of special financing offers. For example, if you have a renovation project that will cost $10,000, you can use a card like the Lowe’s Advantage Card to finance the project with 0% APR for 6 months. That way, you can pay off the full amount of the project in 6 months without having to pay interest on the money you borrowed.

How to Apply for the Lowe's Advantage Card
To apply for the Lowe’s Advantage Card, you’ll need to select “apply” on their landing page. You can also click on any of the links in this review to start the application process. After filling out your information, you’ll get a decision right away. If you’re approved, you’ll be able to start using your card immediately. When you apply for the Lowe’s Advantage Card, you will be asked to give your credit score. If your score is below 619, you may not be approved for the card. If that’s the case, you may want to consider applying for a secured credit card, which allows you to make a deposit to get a credit limit. This card type reports your activity to the three credit bureaus, which can help improve your score over time.

Disadvantages of the Lowe's Advantage Card
  • It’s only for Lowe’s purchases - While you can use the Lowe’s Advantage Card wherever Visa is accepted, you’ll only get 5% back at Lowe’s and other participating stores. If you want to get rewards anywhere else, you’ll need to use a different card.
  • It has a $39 annual fee - The Lowe’s Advantage Card has a $39 annual fee, which you can avoid by applying for the Lowe’s credit card instead. Like the Advantage Card, the standard credit card from Lowe’s has 5% back on all your purchases at Lowe’s and other participating stores. The main difference is that it does not have an annual fee.

Conclusion
The Lowe’s Advantage Card is a great choice for anyone looking to get the most out of their home improvement projects. With its generous rewards program, no annual fee and flexible payment options, you can save money on purchases at Lowe’s and other eligible stores. Plus, with its introductory APR, you can make the most of your purchases with 0% interest for 6 months. Whether you’re looking to take on a big project or just need some supplies for a smaller one, the Lowe’s Advantage Card is a great way to get the job done and save some cash in the process.
November, 12 / 2022
Team Gauss
Placid Inc.
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