To obtain a credit card, the credit score is fundamental. It is difficult to be offered a card with a bad credit score. That also applies to cards issued by retailers like Lowe’s. Read on if you want to know what score you need and how to get this card.
As with many chain shops, Lowe’s offers its line of credit cards. The basic operation of this card is very similar to that of other brands. Initially, it is a card that can be used at the shop itself (at any of its branches) and offers benefits and discounts for these purchases.
One of the important features is that it has a wide variety of discounts. You can get significant savings such as $100 on the first in-store purchase. It is also possible to access special financing on qualifying purchases.
However, it is a card with a high APR relative to other credit cards. Therefore, it is worth knowing more about how it works, the score required, and whether or not it is worth applying for, as not all users may be able to take advantage of it to the same extent.
Lowe’s cards features
Discounts are one of the main features of this credit card. They offer an automatic 5% discount on every purchase made in their shops, and these discounts are the card’s main attraction.
Discounts on Lowe’s cards
Keep in mind that many chain store credit cards offer occasional discounts. For many offers, coupons are used to redeem them later in the purchase. Not in this case. The Lowe’s card will automatically apply the discount to each purchase.
However, these discounts have some particularities:
- They only apply to eligible purchases.
- They do not apply to gift cards
- They cannot combine them with other coupons or discounts.
- They also cannot be used with contractor packages.
- Some brands are excluded.
Special financing
Some special financing options are also part of the main features of these cards.
For example, for purchases of $300 or more, six-month 0% APR financing is possible (this is not cumulative with the 5% discount).
Also, occasionally, 0% interest promotions are run for longer, even up to 12 months. This is relatively frequent on household appliances, air conditioning equipment, etc.
Special financing is also possible for purchases over $2,000. For this purpose, Project Financing could be chosen, which reduces the APR and maintains regular installments for different terms. In this case, the installments can range from 36 months to 84 months. The interest rates are lower the shorter the term.
- 3.99% APR 36 installments
- 5.99% APR 60 installments
- 7.99% APR 84 installments
Within this financing feature, it is also possible to obtain special savings on the first purchase with the card. The savings will vary depending on the amount of the purchase. It can be up to $100 for a transaction of $600 or more.
Disadvantages
You should be aware of some disadvantages before signing up for this card. The most important disadvantages are the following:
- High APR: if you compare this credit card with the average of these products on the market, you will see that the APR is much higher. It has an APR close to 27%. This means that it is a very high-interest rate and that it can end up generating a high debt if you do not make the payments (remember the sum of interest for delayed debts). In short, it is an expensive card.
- Financing can raise costs: even when you choose 0% financing, if you do not repay the loan in full, all unpaid interest will be charged at 27%. Therefore, not only the interest on late payments but also the total interest on the card is added.
When is the Lowe’s card recommended?
It is a very interesting option for retail chain customers who shop there regularly. The 5% discount is certainly very attractive, and it is a big improvement on the offer of other retail chains.
On the other hand, taking advantage of interest-free financing can also be highly recommended. That differentiates the card favorably, and if you are going to need the funding for purchases in these shops, it can be highly recommended.
However, if you are not going to be able to afford any of the payments, or if your purchases are not going to be regular, it may not be a very recommendable card as it is relatively expensive and will not fulfill the functions of other standard credit cards.
Apply for a Lowe’s card
The two most common methods for applying for this card are as follows:
- Access the website and apply for the card online.
- Applying for the card in the shops themselves
Although both options are equally effective, keep in mind that in many cases, this retail chain offers limited-time offers for those who apply for their cards in the shops. In these offers, you can get additional benefits and discounts. For this reason, it is always a good idea to check whether any of these offers are active.
What is the required score on Lowe’s cards?
It is a high credit score. Below 600, cards will almost certainly be rejected. And credit scores between 600 and 800 can be considered good, but it is not always a guarantee that you will be granted a card.
From a credit score of 800, which is considered excellent, you will have no problem getting a card. The big advantage is that this approval is practically immediate.
However, the process can take a few days or even a week for low to medium credit scores.