Is the MyLowe’s Rewards™ Credit score Card among the finest bank cards for house enchancment? It relies upon, nevertheless it is likely to be for those who’re an avid Lowe’s shopper.
It’s big to get 5% off on qualifying Lowe’s and Lowes.com purchases, however there are some drawbacks to think about, equivalent to not having the ability to use the cardboard anyplace else and never having a 0% introductory APR supply.
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Annual charge: $0
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Welcome supply: Get 20% off an eligible buy (as much as a $100 low cost) whenever you open and use a brand new account.
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Intro APR: None
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Commonplace APR: 31.99%
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Rewards price: Get 5% off on qualifying purchases
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Advantages:
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Free Silver Key standing with MyLowe’s Rewards, which incorporates free commonplace transport and bonus factors on eligible purchases
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Entry to unique cardholder occasions
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The MyLowe’s Rewards Credit score Card has two promotional presents obtainable, 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 total steadiness isn’t paid off throughout the promotional interval.
Qualifying purchases of $2,000 or extra can obtain a promotional financing supply of 84 fastened month-to-month funds at 9.99% buy APR.
The MyLowe’s Rewards Credit score Card presents 5% off on qualifying purchases. That’s extra of an automated low cost than truly incomes rewards.
Nonetheless, cardholders additionally obtain free Silver Key standing with MyLowe’s Rewards. This standing helps you to earn 1.25x factors on eligible purchases. Each 500 factors you earn is the same as $5 in MyLowe’s Cash.
You obtain 1.25x factors on eligible purchases by your complimentary MyLowe’s Rewards Silver Key standing as a MyLowe’s Rewards Credit score Card cardholder. Each 500 factors earned equals $5 in MyLowe’s Cash. That cash is routinely 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 can be transformed to $5 in MyLowe’s Cash and added to your Lowes.com pockets. You may then use that $5 towards your subsequent Lowe’s retailer or Lowes.com buy.
Be aware that factors expire after 12 months of no points-earning exercise. MyLowe’s Cash usually has an expiration date connected to it as soon as it’s issued. If there’s no expiration date, it’ll expire 30 days after it’s issued.
The MyLowe’s Rewards Credit score Card solely is smart for individuals who often store at Lowe’s or Lowes.com. You may’t use this card anyplace else, and it wouldn’t have a lot of an impression for those who solely store at Lowe’s often.
Let’s think about some math. What would your financial savings and/or rewards earnings seem like for those who make $10,000 in qualifying purchases at Lowe’s per yr utilizing several types of bank cards?
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MyLowe’s Rewards Credit score 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 easy, however there are a couple of different elements to think about. For instance, incomes MyLowe’s Cash as a MyLowe’s Rewards member (you don’t want a Lowe’s bank card to develop into 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 Cash.
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MyLowe’s Rewards Credit score Card: Save $500 and earn $150 in MyLowe’s Cash
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2% rewards card: Earn $200 in rewards and earn $150 in MyLowe’s Cash
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3% rewards card: Earn $300 in rewards and earn $150 in MyLowe’s Cash
One thing else to think about is you can earn welcome presents with many rewards bank cards, with some value $500 or extra. And lots of rewards playing cards have higher perks than a Lowe’s bank card, equivalent to buy and journey protections. Additionally, sure rewards are value extra relying on the way you redeem them. That is the case with particular journey bank cards, the place you possibly can redeem rewards towards journey for increased worth.
So, for those who’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 possibly can see the way you may get extra worth by placing your purchases on playing cards apart from the MyLowe’s Rewards Credit score Card.
The MyLowe’s Rewards Credit score Card is a closed-loop retailer bank card, that means it could solely be used at Lowe’s shops and on Lowes.com.
One of many best methods to make a Lowe’s bank card fee is to go to the MyLowe’s Rewards Credit score Card account login web page. Right here, you possibly can log in to your account to make a fee, or you possibly can choose the “Pay As Visitor” choice to make a fee with out registering or logging in to your account.
It’s also possible to name the quantity on the again of your card or name Synchrony Financial institution at 844-406-7427.
To speak to customer support to your MyLowe’s Rewards Credit score Card, name the quantity on the again of your card. For Lowe’s basic customer support line, name 800-44LOWES.
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Annual charge
$0
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Welcome supply
Restricted-time supply: 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 Steadiness Switch APR
0% Intro APR on Steadiness Transfers for 15 months
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Ongoing Steadiness Switch APR
18.49% – 27.99% Variable
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Rewards price
- Take pleasure in 5% money again on journey bought by Chase Journey℠
- 3% money again on drugstore purchases and eating at eating places (consists of takeout and eligible supply service)
- 1.5% on all different purchases
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Advantages
- You may select to obtain an announcement credit score or direct deposit into most U.S. checking and financial savings accounts
- Chase Credit score Journey helps you monitor your credit score with free entry to your newest rating, alerts, and extra
- Beneficiant intro APR on purchases and steadiness transfers
Why we prefer it: The Chase Freedom Limitless 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 supply on purchases, which may turn out to be useful you probably have giant purchases to make for upcoming house enchancment initiatives.
Learn our full Chase Freedom Limitless overview
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Annual charge
$0
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Welcome supply
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 Steadiness Switch APR
0% on steadiness transfers for 15 months
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Ongoing Steadiness Switch APR
19.49%-28.49% Variable
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Rewards price
- 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. fuel stations (on as much as $6,000 per yr in eligible purchases, then 1%)
- 1% money again on all different purchases
- Money again is obtained within the type of Reward {Dollars} that may be redeemed as an announcement credit score or on Amazon.com at checkout
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Advantages
- Beneficiant intro APR on purchases and steadiness transfers
- Stand up to a $7 month-to-month assertion credit score after utilizing your enrolled Blue Money On a regular basis® 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)
- Break up purchases of $100 or extra into equal month-to-month installments with a hard and fast charge — choose the acquisition in your on-line account or the American Categorical® App to see your plan choices
Why we prefer it: The Amex Blue Money On a regular basis Card has a 0% intro APR supply on purchases, and elevated rewards charges in helpful spending classes. For instance, you possibly can 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.
Learn our full Amex Blue Money On a regular basis overview
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Annual charge
$0
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Welcome supply
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 to your first 15 billing cycles for purchases, and for any steadiness 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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Buy APR
17.74% – 27.74% variable
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Rewards price
- 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
- Limitless 1% money again on all different purchases
- *Earn 6% and a pair 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 supply ends, you’ll earn 3% and a pair of% money again on these purchases as much as the quarterly most
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Advantages
- Financial institution of America Most well-liked Rewards® members can earn as much as 75% additional cash again on each buy
- Select which class you need to earn 6% money again in for the primary yr: fuel and EV charging stations; on-line procuring, together with cable, web, telephone plans and streaming; eating; journey; drug shops and pharmacies; or house enchancment and furnishings
Why we prefer it: The Financial institution of America Custom-made Money Rewards helps you to select a class the place you possibly can earn 3% money again (throughout the specified limits). Of the obtainable choices, you possibly can select Residence Enchancment & Furnishings, which incorporates main house enchancment retailers, like Residence Depot and Lowe’s.
Learn our full Financial institution of America Custom-made Money Rewards overview
The MyLowe’s Rewards Credit score Card presents a one-time 20% low cost on an eligible buy for brand spanking new cardholders. There’s a $100 low cost restrict on this supply.
No, the MyLowe’s Rewards Credit score Card can solely be used at Lowe’s shops and on purchases at Lowes.com.
Playing cards just like the MyLowe’s Rewards Credit score Card give reductions on all eligible Lowe’s purchases, which might be helpful for those who often store at Lowe’s. Nonetheless, different bank cards might be extra rewarding, relying in your preferences. For instance, it would make sense to reap the benefits of totally different bank card sign-up bonuses for those who recurrently make giant purchases.
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