The Lowe’s Benefit Card, issued by Synchrony Financial institution, is a no-annual-fee bank card which will provide help to save on dwelling enchancment. You’ll be able to solely use this closed-loop card at Lowe’s the place it presents a beneficiant 5% low cost on most gadgets. (Closed-loop means you possibly can solely use it at Lowe’s).

There are additionally two particular financing choices obtainable to cardholders: a deferred curiosity provide on purchases of $299 or extra and installment financing on purchases of not less than $2,000. You could discover further financing choices obtainable on a limited-time foundation.

Lowe’s Benefit Card

• Base rewards charge: None
• Bonus rewards: 5% off at Lowe’s shops and Lowes.com
• Signal-up bonus: 20% off whenever you open an account (as much as $100 low cost) by Jan. 31, 2023
• Annual payment: $0
• APR: 26.99%, variable

The Lowe’s Benefit Card’s potential to ship high-value financial savings and selection of financing presents have secured this card a spot on our checklist of the Finest Retailer Playing cards of 2022.

Are the charges well worth the rewards?

The Lowe’s card presents beneficiant financial savings in the event you plan to buy large for a house enchancment challenge. Let’s assume your house renovation challenge has a funds of $15,000. You spend it at Lowe’s with the shop’s bank card and get 5% off your entire quantity. In whole, you’ll hold $750 in your pocket.

No different card from a significant financial institution presents such excessive limitless rewards or reductions at dwelling enchancment shops—together with the Lowe’s Benefit Card’s competitor, the House Depot Shopper Credit score Card. The House Depot Card supplies no ongoing reductions and just one particular financing choice: Six months of deferred curiosity on purchases of $299 or extra.

That mentioned, in the event you’re searching for a 0% APR provide to repay a purchase order over time with out paying curiosity, the Lowe’s Benefit Card isn’t the best choice. With the cardboard’s deferred curiosity provide, you get six months with out curiosity expenses. When you don’t repay the stability in full throughout that interval, you’ll be hit with the usual APR of 26.99% which is able to apply to the total buy quantity. 

Installment financing comes with 84 mounted month-to-month funds at 7.99% APR, which may get costly over such a long run.

When you’re trying to finance your house challenge at higher phrases, look into getting a bank card with a 0% APR introductory provide. A number of the greatest 0% APR playing cards at the moment provide as much as 21 months of no curiosity. 

Others even earn rewards: as an example, the ​​Wells Fargo Lively Money, our prime choose for the Finest Money Again Credit score Playing cards of 2022, earns 2% again on all purchases and supplies 15 months of no curiosity on new purchases. As soon as the intro zero-interest provide expires, the cardboard’s common ongoing APR kicks in and applies to the remaining stability.

Card particulars you may miss

At Purchase Aspect from WSJ, we decide retailer bank cards primarily by the potential worth of rewards and financial savings they’ll provide. However there are typically different particulars to think about earlier than getting a card, similar to further perks and advantages it comes with.

The Lowe’s Benefit Card, nonetheless, is a bare-bones retailer bank card and doesn’t have a lot to supply moreover the 5% low cost and particular financing choices. 

It’s nonetheless a good suggestion to make sure you know the phrases of the advantages this card does provide. Whereas the 5% low cost applies to most gadgets at Lowe’s, there are exceptions. For instance, you gained’t have the ability to use the low cost on present playing cards, merchandise from choose premium manufacturers, supply and meeting charges, and extra. 

Most necessary, you possibly can’t stack this low cost on prime of most different presents—together with financing. If you wish to each save in your buy and pay it off over time, the Lowe’s Benefit Card won’t be the best way to go.

Who advantages most from this card?

When you regularly spend at dwelling enchancment shops or are planning a house renovation, the Lowe’s Benefit Card may be a wonderful selection. The 5% low cost on most gadgets at Lowe’s is tough to beat and might prevent a whole lot of {dollars} on costly tasks.

When you don’t like carrying a number of playing cards, look into open-loop retailer playing cards. As an illustration, you probably have a Prime membership, the Amazon Prime Rewards Visa Signature could be a great various. Whereas Amazon doesn’t have the identical choice, you possibly can nonetheless discover many gadgets chances are you’ll want to your challenge, from instruments to furnishings to even paint. The Amazon Prime Card earns 5% again at Amazon and Entire Meals and a couple of% again at eating places, gasoline stations, and drugstores, making it a strong money again card.

Moreover, you may need to look into a unique card in the event you’re hoping to pay to your buy over time and keep away from curiosity with out sacrificing financial savings. For instance, for smaller tasks, you should utilize the Financial institution of America® Custom-made Money Rewards bank card. This money again card presents 3% again on a class of your selection (choices embrace dwelling enchancment and furnishings) and a couple of% again on grocery shops and wholesale golf equipment. There’s a quarterly cap of $2,500 in mixed spending in these classes. You additionally get 0% intro APR on purchases for 18 months, after which the continued APR kicks in.