Top perks
You get a few standout benefits with a Lowe's credit card.
20% off first purchase
When you open and use a new MyLowe’s Rewards Credit Card, you get 20% off first purchase, up to a maximum discount of $100. For accounts opened in store, you must ask the cashier to apply the discount at the time of your purchase. For accounts opened online, you'll receive a one-time coupon/promotional code.
It's not a huge welcome offer, and it can't be combined with this card's 5% off discount, either. But it's a solid deal from a store credit card, especially if you use it on a $500 purchase to maximize your savings. This introductory offer currently runs through Jan. 31, 2024, but Lowe's seems to renew it regularly.
5% off purchases
The MyLowe’s Rewards Credit Card gets you 5% off all eligible in-store and online purchases. Note that if a purchase also qualifies for one of the special financing offers available through a Lowe's credit card, you must choose either the 5% discount or the financing plan. These offers can't be combined. A 5% discount on every eligible Lowe's purchase is a great deal if you shop there often.
Financing plans
The MyLowe’s Rewards Credit Card has two available financing plans:
- Special financing: No interest on purchases of at least $299 when paid in full within six months
- Reduced APR financing: 84 fixed monthly payments on purchases of at least $2,000 at a reduced APR of 9.99%
In addition, Lowe's periodically has limited-time special financing offers. For example, you could see an offer for no interest on a specific type of product, such as appliances, if the purchase is at least $299 and you pay in full within 12 months.
While these special financing offers can be useful, paying off the balance on time is a must. These are deferred-interest offers, which means if you don't pay off the balance within the allotted time, you're charged interest going back to the purchase date.
LEARN MORE: What Is Deferred Interest?
No annual fee
Store cards are usually no annual fee cards, and that's the case with the MyLowe’s Rewards Credit Card. It's an important perk, because it means you can save money using your Lowe's credit card and it won't cost you anything.