Is the MyLowe’s Rewards™ Credit Card one of many greatest bank cards for home improvement? It relies upon, however it is perhaps in case you’re an avid Lowe’s shopper.
It’s large to get 5% off on qualifying Lowe’s and Lowes.com purchases, however there are some drawbacks to think about, comparable to not with the ability to use the cardboard anyplace else and never having a 0% introductory APR provide.
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Annual payment: $0
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Welcome provide: Get 20% off an eligible buy (as much as a $100 low cost) if you open and use a brand new account.
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Intro APR: None
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Standard APR: 31.99%
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Rewards charge: Get 5% off on qualifying purchases
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Benefits:
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Free Silver Key standing with MyLowe’s Rewards, which incorporates free customary transport and bonus factors on eligible purchases
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Access to unique cardholder occasions
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The MyLowe’s Rewards Credit Card has two promotional gives out there, topic to credit score approval.
There’s no curiosity cost if qualifying purchases of $299 or extra are paid in full inside six months of the acquisition date. The rate of interest applies if the complete stability isn’t paid off in the course of the promotional interval.
Qualifying purchases of $2,000 or extra can obtain a promotional financing provide of 84 mounted month-to-month funds at 9.99% buy APR.
The MyLowe’s Rewards Credit Card gives 5% off on qualifying purchases. That’s extra of an computerized low cost than really incomes rewards.
However, cardholders additionally obtain free Silver Key standing with MyLowe’s Rewards. This standing allows you to earn 1.25x factors on eligible purchases. Every 500 factors you earn is the same as $5 in MyLowe’s Money.
You obtain 1.25x factors on eligible purchases by way of your complimentary MyLowe’s Rewards Silver Key standing as a MyLowe’s Rewards Credit Card cardholder. Every 500 factors earned equals $5 in MyLowe’s Money. That cash is robotically added to your Lowes.com account pockets and will be redeemed in retailer or on Lowes.com.
What does this imply for you?
Let’s say you purchase a $400 grill at Lowe’s. If it’s a qualifying buy, you’d earn 500 factors which are transformed to $5 in MyLowe’s Money and added to your Lowes.com pockets. You can then use that $5 towards your subsequent Lowe’s retailer or Lowes.com buy.
Note that factors expire after 12 months of no points-earning exercise. MyLowe’s Money usually has an expiration date hooked up to it as soon as it’s issued. If there’s no expiration date, it will expire 30 days after it’s issued.
The MyLowe’s Rewards Credit Card solely is smart for individuals who incessantly store at Lowe’s or Lowes.com. You can’t use this card anyplace else, and it wouldn’t have a lot of an impression in case you solely store at Lowe’s often.
Let’s take into account some math. What would your financial savings and/or rewards earnings appear to be in case you make $10,000 in qualifying purchases at Lowe’s per yr utilizing various kinds of bank cards?
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MyLowe’s Rewards Credit Card: Save $500
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2% rewards card: Earn $200 in rewards
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3% rewards card: Earn $300 in rewards
That appears simple, however there are a number of different elements to think about. For instance, incomes MyLowe’s Money as a MyLowe’s Rewards member (you don’t want a Lowe’s bank card to turn out to be a member). Any member who spends over $2,000 per yr will get Gold Key standing and earns 1.5x factors on eligible purchases. On $10,000, that’s 15,000 factors, or $150 in MyLowe’s Money.
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MyLowe’s Rewards Credit Card: Save $500 and earn $150 in MyLowe’s Money
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2% rewards card: Earn $200 in rewards and earn $150 in MyLowe’s Money
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3% rewards card: Earn $300 in rewards and earn $150 in MyLowe’s Money
Something else to think about is which you can earn welcome gives with many rewards bank cards, with some worth $500 or extra. And many rewards playing cards have higher perks than a Lowe’s bank card, comparable to buy and journey protections. Also, sure rewards are worth extra relying on the way you redeem them. This is the case with particular journey bank cards, the place you may redeem rewards towards journey for greater worth.
So, in case you’re capable of earn a welcome bonus on a rewards card and the rewards you’re incomes are extra priceless than a Lowe’s low cost, you may see the way you may get extra worth by placing your purchases on playing cards aside from the MyLowe’s Rewards Credit Card.
The MyLowe’s Rewards Credit Card is a closed-loop retailer bank card, that means it can solely be used at Lowe’s shops and on Lowes.com.
One of the best methods to make a Lowe’s bank card cost is to go to the MyLowe’s Rewards Credit Card account login web page. Here, you may log in to your account to make a cost, or you may choose the “Pay As Guest” choice to make a cost with out registering or logging in to your account.
You may also name the quantity on the again of your card or name Synchrony Bank at 844-406-7427.
To speak to customer support for your MyLowe’s Rewards Credit Card, name the quantity on the again of your card. For Lowe’s common customer support line, name 800-44LOWES.
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Annual payment
$0
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Welcome provide
Limited-time provide: Earn a $300 bonus after you spend $500 on purchases within the first 3 months from account opening
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Introductory Purchases APR
0% Intro APR on Purchases for 15 months
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Ongoing Purchases APR
18.49% – 27.99% Variable
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Introductory Balance Transfer APR
0% Intro APR on Balance Transfers for 15 months
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Ongoing Balance Transfer APR
18.49% – 27.99% Variable
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Rewards charge
- Enjoy 5% money again on journey bought by way of Chase Travel℠
- 3% money again on drugstore purchases and eating at eating places (contains takeout and eligible supply service)
- 1.5% on all different purchases
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Benefits
- You can select to obtain a press release credit score or direct deposit into most U.S. checking and financial savings accounts
- Chase Credit Journey helps you monitor your credit score with free entry to your newest rating, alerts, and extra
- Generous intro APR on purchases and stability transfers
Why we like it: The Chase Freedom Unlimited works anyplace Visa playing cards are accepted, providing you with extra flexibility with incomes rewards than solely on Lowe’s purchases. It additionally offers a beneficiant intro APR provide on purchases, which may come in useful you probably have giant purchases to make for upcoming home improvement tasks.
Read our full Chase Freedom Unlimited overview
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Annual payment
$0
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Welcome provide
Earn a $200 assertion credit score after spending $2,000 throughout the first 6 months
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Introductory Purchases APR
0% on purchases for 15 months
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Ongoing Purchases APR
19.49%-28.49% Variable
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Introductory Balance Transfer APR
0% on stability transfers for 15 months
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Ongoing Balance Transfer APR
19.49%-28.49% Variable
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Rewards charge
- 3% money again at U.S. supermarkets (on as much as $6,000 per yr in eligible purchases, then 1%)
- 3% money again on U.S. on-line retail purchases (on as much as $6,000 per yr in eligible purchases, then 1%)
- 3% money again at U.S. gasoline stations (on as much as $6,000 per yr in eligible purchases, then 1%)
- 1% money again on all different purchases
- Cash again is obtained within the type of Reward Dollars that may be redeemed as a press release credit score or on Amazon.com at checkout
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Benefits
- Generous intro APR on purchases and stability transfers
- Get as much as a $7 month-to-month assertion credit score after utilizing your enrolled Blue Cash Everyday® Card for a subscription buy, together with a bundle subscription buy, at disneyplus.com, hulu.com, or plus.espn.com U.S. web sites (topic to auto-renewal)
- Split purchases of $100 or extra into equal month-to-month installments with a set payment — choose the acquisition in your on-line account or the American Express® App to see your plan choices
Why we like it: The Amex Blue Cash Everyday Card has a 0% intro APR provide on purchases, and elevated rewards charges in helpful spending classes. For instance, you may earn 3% money again on U.S. on-line retail purchases (as much as $6,000 per yr, then 1%), and Lowe’s occurs to be a significant U.S. retailer.
Read our full Amex Blue Cash Everyday overview
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Annual payment
$0
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Welcome provide
Earn a $200 on-line money rewards bonus after making at the least $1,000 on purchases within the first 90 days of account opening
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Introductory APR
0% intro APR for your first 15 billing cycles for purchases, and for any stability transfers made throughout the first 60 days of opening your account (variable APR of 17.74% – 27.74% after the intro APR ends)
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Purchase APR
17.74% – 27.74% variable
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Rewards charge
- 3% money again + 3% first-year money again bonus within the class of your selection*
- 2% money again at grocery shops and wholesale golf equipment
- Unlimited 1% money again on all different purchases
- *Earn 6% and a couple of% money again on the primary $2,500 in mixed purchases every quarter within the selection class, and at grocery shops and wholesale golf equipment (limitless 1% after that); after the three% first-year bonus provide ends, you’ll earn 3% and a couple of% money again on these purchases as much as the quarterly most
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Benefits
- Bank of America Preferred Rewards® members can earn as much as 75% extra cash again on each buy
- Choose which class you wish to earn 6% money again in for the primary yr: gasoline and EV charging stations; on-line purchasing, together with cable, web, cellphone plans and streaming; eating; journey; drug shops and pharmacies; or home improvement and furnishings
Why we like it: The Bank of America Customized Cash Rewards allows you to select a class the place you may earn 3% money again (throughout the specified limits). Of the out there choices, you may select Home Improvement & Furnishings, which incorporates main home improvement retailers, like Home Depot and Lowe’s.
Read our full Bank of America Customized Cash Rewards overview
The MyLowe’s Rewards Credit Card gives a one-time 20% low cost on an eligible buy for new cardholders. There’s a $100 low cost restrict on this provide.
No, the MyLowe’s Rewards Credit Card can solely be used at Lowe’s shops and on purchases at Lowes.com.
Cards just like the MyLowe’s Rewards Credit Card give reductions on all eligible Lowe’s purchases, which might be helpful in case you incessantly store at Lowe’s. However, different bank cards might be extra rewarding, relying in your preferences. For instance, it may make sense to reap the benefits of completely different bank card sign-up bonuses in case you usually make giant purchases.
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