The MyLowe's Rewards Credit Card offers a 5% discount on qualifying purchases at Lowe's stores and Lowes.com. There is no annual fee for the card.
New cardholders receive a one-time 20% discount on an eligible purchase, with a maximum discount of $100. The card does not feature a 0% introductory APR offer. The standard purchase APR is 31.99%.
Cardholders automatically receive Silver Key status in the MyLowe's Rewards program. This status provides free standard shipping and allows members to earn 1.25 points per dollar on eligible purchases. Every 500 points earned converts to $5 in MyLowe's Money, which is added to the cardholder's Lowes.com wallet. This money can be used for future in-store or online purchases.
Points expire after 12 months of no points-earning activity. MyLowe's Money typically has an expiration date once issued; if no date is specified, it expires 30 days after issuance.
The card provides access to promotional financing offers subject to credit approval. Purchases of $299 or more can qualify for a six-month special financing plan with no interest if paid in full within that period. Purchases of $2,000 or more may qualify for a promotional offer of 84 fixed monthly payments at a 9.99% purchase APR.
The card is a closed-loop store credit card, meaning it can only be used at Lowe's and Lowes.com. Payments can be made online through the account login page or by calling the number on the back of the card. Customer service for the card can be reached at the number on the back of the card.
For individuals who spend $10,000 annually on qualifying purchases at Lowe's, using the MyLowe's Rewards Credit Card would result in $500 in savings from the 5% discount. A cardholder with Silver Key status spending the same amount would also earn $150 in MyLowe's Money from points.
Other credit cards were mentioned for comparison. The Chase Freedom Unlimited card offers a $300 bonus after spending $500 in the first three months and features a 0% introductory APR on purchases for 15 months. The Blue Cash Everyday Card from American Express offers a $200 statement credit after spending $2,000 in six months and a 0% introductory APR on purchases for 15 months. It provides 3% cash back on U.S. online retail purchases, which includes Lowe's. The Bank of America Customized Cash Rewards Credit Card offers a $200 bonus after spending $1,000 in the first 90 days and a 0% introductory APR for 15 billing cycles. Cardholders can choose a 3% cash back category, with 'Home Improvement & Furnishings' being an option that includes Lowe's.