Lowe's Advantage Card Reviews - What Is It?

DO NOT USE Lowe's Advantage Card!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!

Lowe's Advantage Card

The Lowe's Advantage Card is a credit that can be a good option for those who frequently shop at Lowe's. It promises to offer financing features and high savings to its cardholders. However, the greatest drawback of this card is that it can only be used for purchases as Lowe's. So, if you are looking for an everyday card, you would better opt for a different card. Those who don't mind using multiple cards, this credit card may provide with some benefits that make it a great backup card. If you make several expensive home repairs you may find yourself shopping at Lowe's quite often, but it is still hard to top the Lowe's Advantage Card's 5% discount. For comparison, some of the most popular cash-back rewards cards offer a 2% rewards rate, and you can earn that rate on non-Lowes purchases. At the same time, Advantage Credit Card's main advantage if that it comes with no annual fee.

In this way, this card is good for those who are having expensive home renovations, those searching for a credit card with no annual fee, as well as those who want to have cash-back rewards. But this rad is not suitable for someone who is looking for an everyday card, business owners or contractors. Another drawback of this card is that cardholders can't combine its benefits. They will have to choose between applying one of the card's financing features or the 5% discount. If you want to apply for the card, you should compare Advantage Credit Card to other cards that have similar financing features or offer cash-back rewards. Small-business owners or contractors should note that Lowe's offers three business credit cards they can choose from. These cards come with different benefits, but they are better than the consumer version of the card. For instance, the Lowe's Business Account card comes with lowered job-site delivery fees. This can help you to save a lot of money over time. Business credit cards usually carry a higher credit limit.

Customer Reviews - Does Lowe's Advantage Card Really Work?

Lowe's Advantage Credit Card has its own unique features. Every time you use it for a Lowe's store purchase, you are automatically eligible for a 5% discount. For instance, if you buy a light fixture for $100, you will be charged only $95, reflecting the 5% savings. However, it should be kept in mind that the discount excludes several services and products, such as delivery charges and extended protection plans. Besides, the discount can't be stacked, which means that if you have a coupon you will have to decide what to use - the coupon's discount or the 5% discount.

Lowe's Advantage Card can be used for financing of 6, 12, 18, or 24 months, as well for financing a big project for up to 84 months. The card comes with a mobile app and weekly promotions. You can sign up for the card in person or online. The online application requires basic information including your name, address, email, monthly income. You will be asked which type of statements you want (paper or electronic). You will also be offered Card Security that cancels your balance if you lose a job or get into hospital. You will get a copy of the terms agreement. The registration process takes several minutes. In person registration is claimed to be also fast and easy. After signing up for the card you will be able to head over to Lowe's where you will be able to purchase home improvement supplies. This way of shopping may seem to be unappealing to those people who need to hold items in their hand before buying them.

It is high time to discuss the rewards program of Lowe's Advantage Card. After putting the desired items into your cart you can head for checkout. You will be given a definite sum of money (like a $30 coupon) to use on your first purchase. After your first purchase, you will be given a choice of card benefits: 5% off your purchase or financing (the duration depends on the amount of money you have spent). The first option allows you to saved 5% instantly. This is an easy rewards program, as you can see. 5% is not a big discount, though. Another feature of the Lowe's Advantage Card is that you will have to choose from financing options of 6, 12, 18, or 24 months based on the size and category of your purchase. If you spend more than $299 you can get six-month financing. Spending $299-$998.99 will provide you with 12-month financing. To get 18-month financing you will have to spend between $999-$1,998.99. And spending over $1,999 will offer you 24-month financing. These financing options are flexible and affordable but we failed to find any review from a cardholder who has used any of these bonuses successfully.

If you are doing your own major renovations or you are a contractor, the Lowe's Advantage Card offers longer financing options for big projects. If you spend more than $2,000 you will get 36 months of a fixed APR at 3.99 percent. 60 months come with APR at 5.99 percent, while 84 months come with APR at 7.99 percent. These rates seem to be fabulous but we also have not found a testimonial from an individual who has used these options. You probably won't want to get caught paying deferred interest charges. When you choose a financing option with reduced APRs for a certain amount of time or 0 percent APR, the deferred interest is being built in the background. You won't have any issues if you pay off your purchase fully before the fixed term finishes. But if you have a balance even of only $1 at the end of the financing term, you will be charged the deferred interest. You will have to pay interest charges and the regular APR which is 26.99 percent. Let's take a look at the actual testimonials of Lowe's Advantage cardholders available online.

"I am not pleased with Lowe's Advantage Card just because I did not get the 5% that Lowes promised. My total was $2.800, $500 was put on my Lowes card. There was no discount and they cheated out $25. I would better opt for another card with great rewards."

"I got my Lowe's Advantage Card this year because we bought appliances for $2000 and kitchen cabinets for $6000. All of this money was supposed to be deferred from six months to a year. The next month I bought one item for $110. I paid $1500.00 on the card to cover this money and the rest to go to the $8000 in deferred purchases. The I received the statement saying that I was charge the interest of $20. In thirty years of using different credit cards I never paid any interest. This is a total scam."

"When I possessed the Lowe's Advantage Card I was charged almost 20% of interest per month which is 240% per year. If I had known that they had such high interest I would have never gotten the card. I was sick and tired of constantly losing my money on interest, so I finally got rid of this card. I do not recommend it to anyone."

My Final Summary

There are a few of big drawbacks to the Lowe's Advantage Card. As it was already noted, this card has an extremely high standard APR (26.99%), and you risk getting into a serious trouble if you choose specific financing options and do not pay them off in the required time frame. Besides, the Lowe's card can be only used at Lowe's stores and Lowes.com. There are many other drawbacks too including high late fees (up to $38) and no cash advance option. There is also lack of perks like extended warranties and extended returns. The Lowe's Advantage Credit Card could be a money saver for those who shop at Lowe's frequently and who are a responsible cardholder. There is 5% off benefit but some people report that they did not get it. You should pay special attention to the fine print on the official website to learn some exclusions. You should be a wise cardholder to make true decisions when choosing from the 5% off and special financing option. If you are not going to have large home renovations you will not probably benefit from the Lowe's Advantage Card.

Lowe's Advantage Card Rates and Fees

Owning a Lowe's Advantage Card is linked with some usual charges and fees. This card charges no annual fee, so you won't lose out on anything even if you don't use it. Its standard APR is 26.99%, which is a lot, based on the norm for store credit cards. Try to avoid APR charges by paying off your balance regularly. Late Payment Fee is $27, so ensure not to miss a payment. If you have been late making your payments within the last six months, you will be charged a $38 late payment penalty fee.