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Verdict: The Lowe’s card is good for people that shop at Lowe’s frequently and can take advantage of the financing options like deferred payment and discounts. This card is not meant to carry a balance as the APR is a high 21.99%.

Overview:
When you decide on a credit line at Lowe’s you have two options: the Lowe’s credit card and the Lowe’s project card. The Lowe’s credit card offers special deferred payment options throughout the year with an APR of 21.99%. The Lowe’s project card requires an initial qualifying purchase of $1,000 and gives you a six month “project window” to make purchases with no payments due and no interest acrued.

How This Card Works:
The Lowe’s credit card can be used at all Lowe’s stores and at lowes.com. It’s a standard store credit card with a high APR that gives special financing options such as deferred payments and discounts throughout the year. You can apply for the Lowe’s credit card at lowes.com.

The Lowe’s project card, on the other hand, has a credit line up to $30,000 and is designed to support home improvement projects, giving you a six month “project window” in which no payments are due and no interest is acrued. There’s no annual fee for the project card and you are given 4 to 10 years of fixed payments. You can apply for the Lowe’s project card at any Lowe’s store.

Shopping and Travel Benefits:
The Lowe’s credit card gives the cardholder special financing options and benefits throughout the year at Lowe’s and lowes.com, including discounts, specials, and deferred payment options. The Lowe’s project plan gives a six month “project window” allowing you to make purchases for home improvements with no interest acrued and no payments due during the six month time period.

Fees:
For the Lowe’s credit card an APR of 21.99% applies. There’s no annual fee, and payments will be 1/35th of your balance. The grace period in which to pay your balance in full without incurring any interest is at least 26 days. Late fees are $20 for balances between $50 and $99.99, $30 for balances between $100 and $499.99, and $39 for balances above $500. The returned check fee is $20. For the Lowe’s project card the APR will range from 7.99% to 17.99% for the first project. You’re required to make a qualifying purchase of $1,000.

Pros:

  • No annual fee for either card
  • Financing options throughout the year
  • Project card has a limit of up to $30,000
  • Project card gives 6 month window to make purchases with no balance do or interest incrued

Cons:

  • Lowe’s credit card has an APR of 21.99%
  • No balance transfers, cash advances, rewards
1 Star2 Stars3 Stars4 Stars5 Stars (6 votes, average: 3.17 out of 5)
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