The Lowe’s Advantage is a good store credit card for anyone who regularly shops at Lowe’s or who has major home improvements planned. However, the card can only be used to make purchases at Lowe’s stores or on their website, so you’ll need to look elsewhere if you want a general-purpose credit card.
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Quick Review
The Lowe’s Advantage Card is a store card issued by Synchrony Bank. It has a flexible credit limit and a variable APR that’s relatively high at 26.99% (fixed).
Lowe’s Advantage Card holders can choose between a generous 5% discount on most purchases or various special financing and fixed-pay financing offers. These offers can help diffuse the financial strain of making big purchases, but you should approach them with caution, as you could end up getting backcharged months’ worth of interest (more on that later).
The Lowe’s Advantage Card also offers a notable welcome bonus. New cardholders receive a 20% discount (up to $100) on their first Lowe’s purchase, with this bonus lasting until 1/31/23. If you have a big Lowe’s purchase on the horizon, this card is worth considering.
Lowe’s Advantage Card Pros & Cons
Lowe’s Advantage Card Important Details
Basic Card Details
- Card issuer: Synchrony Bank
- Card type: Store card
- APR: 26.99% (fixed)
- Annual fee: $0
- Grace period: 23 days
- Can be used at: Lowe’s stores and Lowes.com
Additional Information
- 5% off most Lowe’s purchases
- Various special financing and fixed pay financing offers
- 20% off your first purchase
- Exclusive cardholder events (e.g., 10% off events)
- Joint accounts and authorized users are permitted
Lowe’s Advantage Card Feature Breakdown
To help you better understand what the Lowe’s Advantage Card has to offer, here’s a breakdown of the card’s key features.
Fees
- Annual fee: $0
- Late fee: $29–$40
Interest Rates
- Regular APR: 26.99% (fixed)
- Minimum interest charge: $2
The Lowe’s Advantage Card offers you two ways to pay for your purchases without paying any interest (which, as you can see, is charged at a 26.99% rate).
These offers are called special financing and fixed-pay financing.
Special financing program
Special financing programs like the one you get with the Lowe’s Advantage Card are also sometimes known as deferred interest programs.
The way it works is that, when you buy certain eligible products (all of which cost $299 and up), you won’t have to pay anything in interest so long as you pay off your full balance within a certain time period. Depending on the product, this may be:
- 6 months
- 12 months
- 18 months
- 24 months
If you fail to pay the full balance in the listed time period, you’ll be backcharged interest for the entire 6–24 months.
Fixed-pay financing
The Lowe’s Advantage Card gives you a fixed-pay financing program that allows you to split the cost of a large purchase (of $2,000 or more) into 84 smaller payments. You’ll also get a reduced APR of 7.99% when paying it off.
Rewards
The Lowe’s Advantage Card gives rewards in the form of a 5% discount on many Lowe’s products (this is only available if you don’t opt for any special financing or fixed pay financing offers).
This means you aren’t limited in how you can redeem your rewards, you don’t need to spend a certain amount to redeem them, and you don’t have to remember to do anything to benefit from your rewards. So if you’re a regular Lowe’s shopper, this could easily be a worthwhile rewards program.
Additionally, Lowe’s will offer exclusive discounts to Lowe’s Advantage cardholders from time to time, like 15% off flooring or 10% off window treatment supplies.
Welcome Bonus
Currently, you can get 20% off the first purchase you make with your Lowe’s Advantage Card (up to a maximum of $100). If you’re planning a big purchase from Lowe’s—for instance, a fridge—this offer could save you a lot of money.
Credit Reporting
Lowe’s partners with Synchrony Bank, a large financial company, to issue their cards. Synchrony reports to all three major credit bureaus (Equifax, Experian, and TransUnion).
If you apply for a Lowe’s Advantage Card, you may see SYNCB (an acronym for Synchrony Bank) or SYNCB/LOW show up on your credit report. This is because Synchrony Bank will check your credit (resulting in a credit check called a hard inquiry) to determine whether or not you qualify for the card.
Customer Service
The Lowe’s Advantage Card offers customer support online as well as over the phone. If you have a question about or a problem with your Lowe’s Advantage Card, call (888) 840-7651.
Customer service reputation
Unfortunately, Synchrony Bank (the Lowe’s Advantage Card issuer) doesn’t have a great reputation for customer service. In a 2021 study, Synchrony received a below-average score for customer service among major credit card issuers.
Is the Lowe’s Advantage Card Worth It?
FinanceJar verdict
The Lowe’s Advantage Card is worth it for Lowe’s shoppers or home renovators who can benefit from consistent 5% discounts at Lowe’s.
However, if you’re only interested in the card for the special financing offers, you might be better off looking for a credit card that gives you a true introductory 0% APR offer. Lowe’s special financing offer will negate your 5% discount, and you’ll risk being backcharged huge amounts of interest if you slip up on repaying it.
Who is this card for?
The Lowe’s Advantage Card is best for:
- Someone planning a major purchase at Lowe’s: If you have a large Lowe’s purchase coming up (and don’t mind getting a hard inquiry on your credit report when you apply for a new card), you might as well sign up for the Lowe’s Advantage Card and enjoy up to $100 off that purchase.
- Home improvers who need help financing an expensive project: The Lowe’s 84-month fixed-pay financing program is great if you have a sizable home renovation project that you want to pay off slowly over 7 years.
- Frequent Lowe’s shoppers: If you regularly shop at Lowe’s, the 5% discount you’ll get with the Lowe’s Advantage Card is well worth it.
FAQs About the Lowe’s Advantage Card
1. Can I use the Lowe’s Advantage Card anywhere?
No, you can only use the Lowe’s Advantage Card at Lowe’s stores or on the Lowe’s website.
2. What credit score do I need for the Lowe’s Advantage Card?
You probably won’t need a very good credit score to get a Lowe’s Advantage credit card. According to Experian, “Many retail cards are available if you have limited or bad credit.”1 This suggests that you may be able to get the Lowe’s card if you have a score lower than 670, although it will be easier to get approved if your score is above that.
3. How do I apply for the Lowe’s Advantage Card?
You can apply for the Lowe’s Advantage credit card online. You can also apply in-person at a Lowe’s store.
Note that you may see SYNCB/LOW on your credit report after applying for a Lowe’s Advantage Card. This is because Synchrony Bank will likely perform a hard inquiry into your credit history to determine whether or not you qualify for the card.
4. How do I make payments on my Lowe’s Advantage Card?
There are several ways to make payments on your Lowe’s Advantage Card:
- Online: Use the Lowe’s Advantage Card login portal at the Lowes website. (If you think you’re likely to forget to pay, you can set up AutoPay.)
- At a Lowe’s store: You can pay with physical or electronic checks, money orders, or similar payment instruments from a US bank.
- By phone: By calling (800) 444-1408.
- By mail: Make checks payable to “Lowe’s/SYNCB” and mail them to Lowe’s (include your name and account number).
The Lowe’s Store Card’s payment address is:
Lowe’s
PO Box 530914,
Atlanta, GA 30353-0914
Comparable Cards
To help you decide whether the Lowe’s Advantage Card is the right choice for you, take a look at how it measures up against similar credit cards on the market.
Lowe’s Advantage Card vs. the Home Depot Consumer Credit Card
The Home Depot Consumer Credit Card has an introductory offer similar to Lowe’s, allowing you to save $25–$100 on a qualifying purchase (although only until 7/28/21). The two cards also offer similar special financing programs.
However, the Home Depot Consumer Credit Card doesn’t offer anything comparable to the 84-month fixed-pay financing plan. Additionally, the Home Depot card doesn’t have consistent rewards, like the 5% discount offered by the Lowe’s card.
Although the Home Depot gives you an extended returns policy that lets you return items for up to a year and get a slightly lower APR of 17.99%–26.99% (variable), the Lowe’s Advantage Card is still the better store card choice for financing home renovations.
Lowe’s Advantage Card vs. Menards® BIG Card®
Like the Lowe’s Advantage Card, the Menards® BIG Card® gives you special financing offers
that let you pay off purchases of more than $299 over 6 months without interest. Additionally, you can pay off large purchases of more than $1,500 over 48 months at a reduced APR of 3.99%. However, Menards doesn’t offer a comparable financing plan to the 84-month fixed-pay program.
The 2% rebate you get with the Menards® BIG Card® is also more modest than the 5% discount you get with Lowe’s card and is issued only as Menards® merchandise certificates, so redeeming these rewards is less convenient than with Lowe’s immediate discount.
In the Menards® credit card’s favor are the extra opportunities to earn points. The Menards® BIG Card® lets you earn a rebate in places other than Menards (e.g., Speedway, Holiday®, Kwik Trip®, and Kwik Star® stores)—albeit only at a rewards rate of 1%.
Lowe’s Advantage Credit Card vs. Sears Card®
The Sears Card® and the Lowe’s Advantage Card are both options you might consider for financing high-priced items like furniture, appliances, or electronics.
The Sears Card® currently offers either 12-month financing on eligible items over $299—which may be better for some shoppers than the 6-month equivalent at Lowe’s—or 5% off Sears purchases. Sears also boasts limited-time offers like 10% off home appliances that cost more than $599, plus deals on fitness items, lawn and garden items, tools, sporting goods, furniture, and furnishings.
However, given the diminishing presence of Sears stores, the Lowe’s Advantage Card will most likely be better for frequent home supplies shoppers.
