We all agree that Credit cards such as Lowes Credit Card can come in handy when you want to make savings. You can also use them to buy urgent stuff when you do not have cash at hand. The only thing that most of cannot agree on is which is the best credit card from the numerous choices that exist today.
It could be because they do not all have the same exact benefits. Instead, each card issuer chooses to focus on a particular niche market. That is why it is important to know all the benefits that a particular card offers its users. Read on to learn more about 10 Benefits of Having a Lowes Credit Card.
No Interest Charges
The Lowes Credit Card provides its users with a revolving line of credit. Users can therefore enjoy buying items at discounted prices from its store without paying any interest for using Lowe’s card. All they have to do is make sure they clear the balance by the end of the month. If you are sure of getting your money at the end of the month, this credit card will help you buy what you need from Lowe's store without waiting till the end of the month.
Easy to Apply
You will be happy to know that the card's approval only takes a few minutes to come through. Once it is approved, you can start using it immediately to buy stuff from Lowe's physical store or on its website. For those who just got a job and need to buy a few urgent home appliances, the fast approval and activation means you get to start your work life with ease. Moreover, you will not have to get an loan charging a high interest rate simply to buy a few home improvement items.
When you buy an item from Lowe using the credit card, they give you a 5% discount on all purchases. That may seem as not being much but over time, you get to save hundreds of dollars. Moreover, since a dollar saved is a dollar earned, the Lowes Credit Card allows you to earn 5% of what you spend in their store.
0% Interest for Six Months
Instead of going for the 5% off discount, you may also choose to take the 0% interest for six months when you spend $299 and above. That arrangement allows you to spend money as if you are using your savings. Instead of saving for up to six months for that appliance, you need urgently, buy it with the Lowe's card. You will then pay the minimum payments without fail each month until you clear the balance.
Huge Savings for Home Renovations
The Lowes Credit Card offers a special financing rate running for 36, 60, or 84 months that requires payment of fixed monthly payments. The monthly payments incur a reduced Annual Percentage Rate of 3.99%, 5.99%, and 7.99% respectively. You may use these rates for projects such as a do-it-yourself home-renovation and save some cash.
No Annual fee
As long as you make your monthly payments on time to clear your outstanding balance, you don't have to worry about paying extra cash in annual fee just for owning the card.
Avoid 26.99% APR
The annual percentage rate of 24.99% will only kick in if you miss paying the minimum monthly payments. With proper planning, you can avoid paying it altogether.
Special Financing Rates
You can choose between the regular purchase rates or special financing rates. That allows you to use the Lowe's card to get credit that is less punishing compared to others sources of borrowing.
You may take advantage of rotating promotions to shop when you will get the most out of your card. Of course, that is for those times when you want to buy something you have been putting off for a while. Otherwise, the special refinancing options may be what you need to buy the big-ticket items without cash at hand, and still save money.
You can only use the Lowe's credit card to buy items from Lowe's stores. That gives you additional protection in case someone steals your credit information and tries to use it elsewhere else.
10 FAQs about the Lowes Credit Card
1. Can I edit my credit card information?
If there are any details you would like to remove or add to your credit card, it is possible. You will need to log into your account, click on the left-hand menu and select "Preferences." You will find the various types of credit cards available, and from the list, you can choose the one you want to edit by clicking on "Edit". From there you can make your changes and click "save" to update your credit card details.
2. How do I pick the best credit card for my needs?
Lowe's has several cards to adhere to the different needs of people in business. For instance, if you own a small business, then Lowe's business credit card is ideal for you. Lowe's accounts receivable business credit card is perfect for medium to large business while Lowe's business rewards card is suitable for firms seeking a full credit card.
3. How do I pay for my Lowe's credit card?
Four methods are available for making payments for your credit card, and they include doing it online by logging in into your account where you also have the option of viewing the bills you have made or schedule payments. You may also opt to make your payment by mail, but note that each card has a different mailing address. Alternatively, you can do it by phone, and each card has a different phone number, or go to any Lowe's store and ask for further directions from the service desk.
4. Is there a way to avoid charges?
If you want to avoid late payment fees, then you will need to make at least the minimum payment by the due date indicated on your statement. As for finance charges, you will not incur any if, the total payments and credits for that particular billing period are equal to the balance. Further, if you make any more purchases, they will not attract finance charges if you pay for them within 26 days from the billing date shown on the statement.
5. What if I lose my credit card or it is stolen?
If you misplace your card or it is stolen, the first thing you should do is check for any unauthorized charges by logging in to your account and viewing the activity. If you find any suspicious transactions, you should call the customer service at (888) 840 7651; it is always open from 8 am to 8 pm throughout the week. You can then seek a replacement.
6. What are the fees for late payments?
A late fee applies if you pay after the due date, fail to pay anything or pay less than the minimum payment. The Lowe's credit card has a grace period of at least 26 days, meaning you have that time to make your payment failure to which the late fee can be up to $38.
7. Is a 5% discount for all purchases?
You may get a 5% discount offer, but it does not apply on all purchases. Some brands are restricted from the discount, and it also does not apply to assembly or delivery charges. Therefore before picking up that item you want off the shelf, it is advisable that you ask; otherwise you will be disappointed when the cashier asks for more money than you were expecting to pay.
8. What do I need to qualify for the Lowe's credit card?
For you to qualify for a Lowe's credit card, your credit score has to be average, meaning at least 580 or more before applying. However, the score depends on the type of card you are applying for because if you want the Rewards Card from American Express, you will need a much higher score of 680 and higher. Additionally, you must be a US resident and have attained 18 years, at least.
9. What if I do not want a credit check?
Not all credit checks result in being granted a credit card therefore if you are not sure that yours will go through, you can opt for the Lowe's preload card which requires no credit check when you are signing up. It is not a credit card per se but still offers the holders the benefit of a 5% discount if they shop at Lowe's. You will need to load the card with money before using it, a process which is completed through a checking, debit or credit account.
10. I made a payment by mail, but it is yet to be posted?
If you make your payment by mail, then you should permit at least 7 to 10 days for the payment process to be completed.
Written by Garrett Parker
Read more posts by Garrett Parker