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MyLowe’s Rewards Card Review: Simple Perks and Solid Value

Review Updated
Lyle Daly
Lyle Daly
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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
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Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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If you do much shopping at Lowe's, then the MyLowe’s Rewards Credit Card could be a serious money saver. Each time you shop with this store credit card, you can get a discount or take advantage of special financing plans on eligible purchases. Read our full MyLowe’s Rewards Credit Card review for all the details on its good and bad points.

Ratings Methodology

MyLowe’s Rewards Credit Card

MyLowe’s Rewards Credit Card
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Credit Score: Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Credit Score Circle with letter I in it. Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.

Good/Excellent (670-850)

Intro APR Circle with letter I in it. 6 months special financing on purchases of $299 or more

Purchases: 6 months special financing

Balance Transfers: N/A

Regular APR

28.99%

Rewards Circle with letter I in it. 5% off Lowe's purchases or 6 months special financing, or 84 fixed monthly payments with reduced APR financing

5% off Lowe's purchases

Annual Fee

$0

Welcome Offer Circle with letter I in it. Get 20% off your purchase today when you open and use a new account now through 1/31/24. Up to a $100 discount. Terms apply.

20% off first purchase

  • You can get quite a bit of value at Lowe's with this card, but that's also the only place you'll be able to use it.

    • Introductory discount offer
    • Discounts on eligible purchases
    • Financing plans
    • No annual fee
    • Only accepted at Lowe's
    • Deferred-interest financing
    • Receive a 20% off coupon for your first purchase
    • 5% off all eligible in-store and online purchases
    • Special financing for purchases more than $299
    • Fixed monthly payments and APR for purchases of at least $2,000
    • No annual fee

Full MyLowe’s Rewards Card review

This credit card is a good fit for: Home improvement enthusiasts who shop at Lowe's frequently and want to get discounts or special financing plans.

Top perks

You get a few standout benefits with a Lowe's credit card.

20% off first purchase

When you open and use a new MyLowe’s Rewards Credit Card, you get 20% off first purchase, up to a maximum discount of $100. For accounts opened in store, you must ask the cashier to apply the discount at the time of your purchase. For accounts opened online, you'll receive a one-time coupon/promotional code.

It's not a huge welcome offer, and it can't be combined with this card's 5% off discount, either. But it's a solid deal from a store credit card, especially if you use it on a $500 purchase to maximize your savings. This introductory offer currently runs through Jan. 31, 2024, but Lowe's seems to renew it regularly.

5% off purchases

The MyLowe’s Rewards Credit Card gets you 5% off all eligible in-store and online purchases. Note that if a purchase also qualifies for one of the special financing offers available through a Lowe's credit card, you must choose either the 5% discount or the financing plan. These offers can't be combined. A 5% discount on every eligible Lowe's purchase is a great deal if you shop there often.

Financing plans

The MyLowe’s Rewards Credit Card has two available financing plans:

  • Special financing: No interest on purchases of at least $299 when paid in full within six months
  • Reduced APR financing: 84 fixed monthly payments on purchases of at least $2,000 at a reduced APR of 9.99%

In addition, Lowe's periodically has limited-time special financing offers. For example, you could see an offer for no interest on a specific type of product, such as appliances, if the purchase is at least $299 and you pay in full within 12 months.

While these special financing offers can be useful, paying off the balance on time is a must. These are deferred-interest offers, which means if you don't pay off the balance within the allotted time, you're charged interest going back to the purchase date.

No annual fee

Store cards are usually no annual fee cards, and that's the case with the MyLowe’s Rewards Credit Card. It's an important perk, because it means you can save money using your Lowe's credit card and it won't cost you anything.

Credit card comparison

We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.

Offer Our Rating Welcome Offer Rewards Program APR Learn More
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash back on rotating categories 		Discover will match all the cash back you’ve earned at the end of your first year. 1% - 5% Cashback Circle with letter I in it. Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases.

Intro:

Purchases: 0%, 15 months

Balance Transfers: 0%, 15 months

Regular: 18.24% - 27.24% Variable APR

Apply Now for Discover it® Cash Back

On Discover's Secure Website.

Rates & Fees External Link Icon

Rating image, 5.00 out of 5 stars.
5.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for cash rewards on everyday spending 		$200 cash rewards Circle with letter I in it. Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months. 2% cash rewards Circle with letter I in it. Earn unlimited 2% cash rewards on purchases.

Intro: Circle with letter I in it. 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers

Purchases: 0% intro APR, 12 months from account opening

Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers

Regular: 19.24%, 24.24%, or 29.24% Variable APR

Apply Now for Wells Fargo Active Cash® Card

On Wells Fargo's Secure Website.

Rates & Fees External Link Icon

Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Best for unlimited rewards on purchases 		25,000 points Circle with letter I in it. 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases 1.5-3 points per dollar Circle with letter I in it. Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees, and your points don't expire as long as your account remains open. Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center.

Intro: Circle with letter I in it. 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% fee for 60 days from account opening, then 4% fee applies to all balance transfers. Balance transfers may not be used to pay any account provided by Bank of America.

Purchases: 0% Intro APR for 15 billing cycles for purchases

Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days

Regular: 18.24% - 28.24% (Variable)

Apply Now for Bank of America® Travel Rewards credit card

On Bank of America's Secure Website.

What could be improved

Before you apply for a Lowe's credit card, you should know about its drawbacks.

Deferred-interest financing

As mentioned earlier, Lowe's special financing plans have deferred interest. If you haven't heard of this, it means interest charges are only deferred until the end of the introductory period. You must pay off the balance in full by then, or you'll be charged all the interest going back to the purchase date.

A deferred-interest offer can still be a good deal, assuming you pay in full by the end of the introductory period. Just keep in mind that minimum payments may not be enough. If you want a more flexible financing option, check out 0% intro APR credit cards. These offer waived interest, so even if you don't pay off purchases within the intro period, you only get charged interest on your remaining balance.

READ MORE: Best 0% APR Credit Cards

Lackluster introductory discount

A 20% discount is reasonable for a store credit card, but it could be better. In particular, it'd be nice to see Lowe's get rid of or at least raise the $100 limit on the discount. That bonus cap means the value of this introductory offer pales in comparison to many of the best sign-up bonuses.

Only works at Lowe's

The MyLowe’s Rewards Credit Card is a closed-loop store card. You can only use it to pay for your purchases at Lowe's, not anywhere else. Because of that, you'll need at least one other credit card to cover your non-Lowe's expenses. Check out more of our credit card reviews to find a card to use instead of or in addition to a Lowe's card.

No extra benefits

When it comes to features, the MyLowe’s Rewards Credit Card is bare bones compared to most other credit cards. The purchase discounts and financing plans are its only perks. You won't get any extra benefits that are popular with store credit cards, such as free shipping, an extended return window, purchase protection, or exclusive sales.

Find the best credit card for your needs
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Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.

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Suggested credit score

The MyLowe’s Rewards Credit Card is aimed at consumers with fair credit or better, and a FICO® Score of at least 620 is recommended. Keep in mind that Lowe's will base its decision on more than just your credit score. Card issuers weigh a variety of factors to determine whether to approve or deny credit card applications. But one of the nice things about store credit cards is that they often have more lenient approval requirements than other cards.

SEE MORE: Best Store Credit Cards

The MyLowe’s Rewards Card is right for you if:

You spend at least $500 per year at Lowe's and you either want to get discounts or finance your more expensive purchases.

Since the benefits of the MyLowe’s Rewards Credit Card are so simple, it's also easy to figure out if this is a good credit card for you. A 5% discount at Lowe's is more than you'll get from almost any other rewards credit cards. The card's financing plans are also competitive. If you're a DIYer or just like to make major home purchases at Lowe's, a Lowe's credit card is sure to save you some cash.

Our credit card methodology

At Motley Fool Money, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.

We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how Motley Fool Money rates credit cards.

FAQs

  • Reported credit limits for the MyLowe’s Rewards Credit Card range from under $500 to over $25,000. Your credit limit is based on several factors, including your income and overall creditworthiness.

  • You can use the MyLowe’s Rewards Credit Card at Lowe's stores and online at Lowes.com.

  • Yes, the MyLowe’s Rewards Credit Card can build credit. The card issuer, Synchrony Bank, reports activity to the consumer credit bureaus. If you follow good credit-building habits, such as paying your bill on time, that activity will be reported and can boost your credit score.