Lowe’s Credit Card Review: A Must-Have for Diehard DIYers
The Bottom Line
4.0
This card offers top-notch value on spending at Lowe's, making it one of the best credit cards available for home improvement. The automatic discount can easily save you hundreds of dollars on a big project.
Rates, fees and offers
Annual fee
$0
Rewards rate
N/A
Bonus offer
N/A
Intro APR
N/A
Ongoing APR
APR: 31.99%, Variable
Penalty APR: 36.99%, Variable
Foreign transaction fee
N/A
More details from Synchrony Bank
- Get 20% off your purchase today when you open and use a new account. Up to $100 discount. Exclusions and more restrictions apply. Valid now - 1/31/25.
- Then, enjoy everyday savings of 5% off your eligible purchase or order when charged to your MyLowe’s Rewards Credit Card.
- Cardholders unlock free Silver Key Status with MyLowe's Rewards Loyalty program.
- No Interest if Paid in Full within 6 Months. Offer applies to purchase or order of $299 or more on your MyLowe’s Rewards Credit Card.
- For MyLowe’s Rewards Credit Card purchases of $2,000 or more, select 84 Fixed Monthly Payments at 9.99% APR.
Pros and Cons
Pros
No annual fee
High rewards rate
New cardholder bonus offer
Cons
Rewards have limited flexibility
No 0% intro APR
Detailed Review
For those who spend plenty at Lowe's and want top-notch savings on those purchases, the MyLowe’s Rewards Credit Card — formerly known as the Lowe's Advantage Card — is a standout choice.
Unlike store cards that give you rewards points that have value only if you return to the store and spend more money, this Synchrony Bank-issued card gives you a flat 5% discount on almost everything, and the annual fee is $0. Those high-value discounts make it a compelling choice not just for loyal Lowe's customers, but also for those who spend heavily on home improvement elsewhere and could easily shift that spending to Lowe's.
MyLowe’s Rewards Credit Card: Basics
Card type: Store.
Annual fee: $0.
New cardholder offer: When you're approved, you'll receive a coupon good for 20% off your first purchase (maximum savings: $100). As of March 2024, Lowe's was saying this offer was good through Jan. 31, 2025.
Discount: 5% off eligible purchases. This applies to most items in the store, but not all. More on that later, but among the exceptions: You won't get this discount on purchases if you use special financing or installment financing offers on the card.
Interest rate: The ongoing APR is 31.99% Variable.
Purchases of $299 and up are eligible for special financing. (This is a deferred interest offer, which means interest is still being calculated on the purchase. If it's not paid in full by the end of the promotion, you could get stuck with huge interest charges.)
Purchases of $2,000 or more are eligible for 84 months of installment financing at a lower APR of 9.99% (as of March 2024). With this option, you pay for the purchase in fixed monthly installments. These payments will be included in your minimum amount due every month.
Additional promotional financing may be available on select purchases.
Other benefits: Automatic "Silver Key" status in the MyLowe's Rewards loyalty program, which includes free shipping. See below for details.
Compare to Other Cards
Benefits and Perks
Big discount at Lowe's
This card gets you a 5% discount at Lowe's on all eligible purchases. That makes it one of the most rewarding credit cards for home improvement purchases available. And because the discount is taken instantly at purchase, you get rewarded right away; there's no waiting to collect points.
To be sure, there are some limits on which purchases qualify for these discounts. If you opt for special financing or installment financing, for instance, you won't get the discount. Also, you can't stack this on top of other discount programs (e.g., military, employee, low-price guarantee), and you don't get 5% off if you're using a coupon for a product. It also won't apply to:
Gift cards.
Extended protection plans.
Shipping, delivery and assembly fees, or taxes.
Certain high-end brands.
Even with those limitations, though, the card can still deliver outstanding savings on home improvement spending at Lowe's. You'd be hard-pressed to find similar value on other cards.
Instant sign-up bonus
Unlike with most credit cards, the MyLowe’s Rewards Credit Card comes with a sign-up bonus you can get right away: When you're approved, you'll receive a coupon good for 20% off your first purchase (maximum savings: $100). The offer is available through Jan. 31, 2025.
Again, some restrictions apply; for instance, discounts won't be applied to gift cards, certain brands, taxes and fees or services. But if you're making a big purchase — say, a refrigerator or flooring — maxing out that offer is a breeze. And in some cases, that instant bonus might give you a reason to choose the card over others.
No annual fee
The MyLowe’s Rewards Credit Card has an annual fee of $0. That makes it easy to pull ahead in savings, even if you don't use it for a time — say, when you're between remodeling projects.
Status in loyalty program
Holders of the MyLowe’s Rewards Credit Card automatically receive "Silver Key" status in the retailer's loyalty program, known as MyLowe's Rewards, which launched in January 2024. The primary benefit of Silver Key status is free standard shipping on all orders. (Base-level program members get free shipping only on orders of $35 or more.)
Rewards program members also earn points on Lowe's purchases, which can be converted to "MyLowe's Money" — store credit, essentially. With Silver Key status, every dollar you spend at Lowe's earns 1.25 points (as opposed to 1 point per dollar for a base-level membership). Amassing 1,000 points gets you $5 in MyLowe's Money. So at 1.25 points per dollar, you'd have to spend $800 to earn $5 in store credit. That's just a 0.625% rewards rate — but remember, it comes on top of your 5% discount. It's the icing, not the cake.
Lowe's card vs. Home Depot card
You can't really talk about the MyLowe’s Rewards Credit Card without also talking about The Home Depot Consumer Credit Card, offered by the biggest name in the home improvement game. Home Depot's annual sales are higher than Lowe's, so you might expect its credit card to offer richer perks, too. But in a head-to-head comparison, the MyLowe’s Rewards Credit Card blows Home Depot's card out of the water.
The Home Depot Consumer Credit Card offers no ongoing purchase benefits at all — no discount, no rewards. You can get six months of deferred-interest special financing on purchases of $299 or more, or up to 24 months for certain promotions, and you get a year to make returns as opposed to the usual three months. And that's about it. When you consider that pricing reviews have found that the two chains are roughly equivalent in terms of cost, the MyLowe’s Rewards Credit Card is such a better product that it's not even a competition.
Drawbacks and Considerations
Doesn't come with a true 0% APR offer
The MyLowe’s Rewards Credit Card comes with your choice of a deferred interest offer or installment financing, but neither of these options is a true 0% APR offer. Installment financing comes with interest charges, and deferred interest offers can hit you with huge fees if they aren't paid in full before the terms expire. You also won’t get 5% discounts on purchases when you opt for these financing offers. A card that offers a true 0% intro APR period could be a better option, since it gives you a break on interest and doesn't surprise you with big charges if there's a balance when the promotion ends.
The Bank of America® Customized Cash Rewards credit card could be a great pick. It comes with an intro APR period. The card also offers 3% cash back on a category of your choice from a list ("home improvement and furnishings" is an option) and 2% cash back at wholesale clubs and grocery stores, on up to $2,500 in category/wholesale club/grocery store rewards each quarter. It also earns 1% cash back on all other purchases. You can change your category selection up to once a month. There's a sign-up bonus, too.
Can be used only at Lowe's
The MyLowe’s Rewards Credit Card is a closed-loop card, which means you can use it only at Lowe's. You can't use it at, say, a restaurant, grocery store or other places that take credit cards.
If you want a card that can be used at more than one place, try the Discover it® Cash Back, which offers 5% cash back in rotating, quarterly categories on up to $1,500 in purchases each quarter, and 1% cash back on all other purchases. Activation is required. Home improvement is occasionally a quarterly category. It comes with a 0% intro APR for 15 months on purchases and balance transfers, and then the ongoing APR of 18.49%-27.49% Variable APR. *Rates as of December 12, 2024. It also comes with a new-cardholder bonus. INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300. The annual fee is $0.
How To Decide If It's Right For You
If you're a regular Lowe's customer already, then the MyLowe’s Rewards Credit Card should be in your wallet. If you could just as easily go to Lowe's as Home Depot, then consider getting this card and pledging your allegiance. If you're still wondering if this is the best credit card to apply for, see other options here.
If you need more time to pay off a big purchase than the six months of "special financing" offered by the MyLowe’s Rewards Credit Card, consider this option. New cardholders get a sign-up bonus that could be pretty easy to attain with the spending from a DIY project. Its rewards include up to 3% cash back at home improvement stores.
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Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
