Lowe’s Credit Card Review: A Must-Have for Diehard DIYers

Big discount at Lowe's

This card gets you a 5% discount at Lowe's on all eligible purchases. That makes it one of the most rewarding credit cards for home improvement purchases available. And because the discount is taken instantly at purchase, you get rewarded right away; there's no waiting to collect points.

To be sure, there are some limits on which purchases qualify for these discounts. If you opt for special financing or installment financing, for instance, you won't get the discount. Also, you can't stack this on top of other discount programs (e.g., military, employee, low-price guarantee), and you don't get 5% off if you're using a coupon for a product. It also won't apply to:

• Gift cards.

• Extended protection plans.

• Shipping, delivery and assembly fees, or taxes.

• Certain high-end brands.

Even with those limitations, though, the card can still deliver outstanding savings on home improvement spending at Lowe's. You'd be hard-pressed to find similar value on other cards.

Instant sign-up bonus

Unlike with most credit cards, the MyLowe’s Rewards Credit Card comes with a sign-up bonus you can get right away: When you're approved, you'll receive a coupon good for 20% off your first purchase (maximum savings: $100). The offer is available through Jan. 31, 2025.

Again, some restrictions apply; for instance, discounts won't be applied to gift cards, certain brands, taxes and fees or services. But if you're making a big purchase — say, a refrigerator or flooring — maxing out that offer is a breeze. And in some cases, that instant bonus might give you a reason to choose the card over others.

No annual fee

The MyLowe’s Rewards Credit Card has an annual fee of $0. That makes it easy to pull ahead in savings, even if you don't use it for a time — say, when you're between remodeling projects.

Status in loyalty program

Holders of the MyLowe’s Rewards Credit Card automatically receive "Silver Key" status in the retailer's loyalty program, known as MyLowe's Rewards, which launched in January 2024. The primary benefit of Silver Key status is free standard shipping on all orders. (Base-level program members get free shipping only on orders of $35 or more.)

Rewards program members also earn points on Lowe's purchases, which can be converted to "MyLowe's Money" — store credit, essentially. With Silver Key status, every dollar you spend at Lowe's earns 1.25 points (as opposed to 1 point per dollar for a base-level membership). Amassing 1,000 points gets you $5 in MyLowe's Money. So at 1.25 points per dollar, you'd have to spend $800 to earn $5 in store credit. That's just a 0.625% rewards rate — but remember, it comes on top of your 5% discount. It's the icing, not the cake.

Lowe's card vs. Home Depot card

You can't really talk about the MyLowe’s Rewards Credit Card without also talking about The Home Depot Consumer Credit Card, offered by the biggest name in the home improvement game. Home Depot's annual sales are higher than Lowe's, so you might expect its credit card to offer richer perks, too. But in a head-to-head comparison, the MyLowe’s Rewards Credit Card blows Home Depot's card out of the water.

The Home Depot Consumer Credit Card offers no ongoing purchase benefits at all — no discount, no rewards. You can get six months of deferred-interest special financing on purchases of $299 or more, or up to 24 months for certain promotions, and you get a year to make returns as opposed to the usual three months. And that's about it. When you consider that pricing reviews have found that the two chains are roughly equivalent in terms of cost, the MyLowe’s Rewards Credit Card is such a better product that it's not even a competition.

Doesn't come with a true 0% APR offer

The MyLowe’s Rewards Credit Card comes with your choice of a deferred interest offer or installment financing, but neither of these options is a true 0% APR offer. Installment financing comes with interest charges, and deferred interest offers can hit you with huge fees if they aren't paid in full before the terms expire. You also won’t get 5% discounts on purchases when you opt for these financing offers. A card that offers a true 0% intro APR period could be a better option, since it gives you a break on interest and doesn't surprise you with big charges if there's a balance when the promotion ends.

The Bank of America® Customized Cash Rewards credit card could be a great pick. It comes with an intro APR period. The card also offers 3% cash back on a category of your choice from a list ("home improvement and furnishings" is an option) and 2% cash back at wholesale clubs and grocery stores, on up to $2,500 in category/wholesale club/grocery store rewards each quarter. It also earns 1% cash back on all other purchases. You can change your category selection up to once a month. There's a sign-up bonus, too.

Can be used only at Lowe's

The MyLowe’s Rewards Credit Card is a closed-loop card, which means you can use it only at Lowe's. You can't use it at, say, a restaurant, grocery store or other places that take credit cards.