Is the MyLowe’s Rewards™ Credit score Card one of many finest bank cards for dwelling enchancment? It relies upon, however it is perhaps in case you’re an avid Lowe’s shopper.
It’s big to get 5% off on qualifying Lowe’s and Lowes.com purchases, however there are some drawbacks to contemplate, reminiscent of not having the ability to use the cardboard anyplace else and never having a 0% introductory APR supply.
Annual payment: $0
Welcome supply: Get 20% off an eligible buy (as much as a $100 low cost) once you open and use a brand new account.
Intro APR: None
Normal APR: 31.99%
Rewards price: Get 5% off on qualifying purchases
Advantages:
Free Silver Key standing with MyLowe’s Rewards, which incorporates free normal transport and bonus factors on eligible purchases
Entry to unique cardholder occasions
The MyLowe’s Rewards Credit score Card has two promotional affords accessible, topic to credit score approval.
There’s no curiosity cost if qualifying purchases of $299 or extra are paid in full inside six months of the acquisition date. The rate of interest applies if the complete steadiness isn’t paid off in the course of the promotional interval.
Qualifying purchases of $2,000 or extra can obtain a promotional financing supply of 84 mounted month-to-month funds at 9.99% buy APR.
The MyLowe’s Rewards Credit score Card affords 5% off on qualifying purchases. That’s extra of an computerized low cost than truly incomes rewards.
Nonetheless, cardholders additionally obtain free Silver Key standing with MyLowe’s Rewards. This standing permits you to earn 1.25x factors on eligible purchases. Each 500 factors you earn is the same as $5 in MyLowe’s Cash.
You obtain 1.25x factors on eligible purchases by your complimentary MyLowe’s Rewards Silver Key standing as a MyLowe’s Rewards Credit score Card cardholder. Each 500 factors earned equals $5 in MyLowe’s Cash. That cash is mechanically added to your Lowes.com account pockets and will be redeemed in retailer or on Lowes.com.
What does this imply for you?
Let’s say you purchase a $400 grill at Lowe’s. If it’s a qualifying buy, you’d earn 500 factors which might be transformed to $5 in MyLowe’s Cash and added to your Lowes.com pockets. You possibly can then use that $5 towards your subsequent Lowe’s retailer or Lowes.com buy.
Be aware that factors expire after 12 months of no points-earning exercise. MyLowe’s Cash sometimes has an expiration date hooked up to it as soon as it’s issued. If there’s no expiration date, it’s going to expire 30 days after it’s issued.
The MyLowe’s Rewards Credit score Card solely is sensible for individuals who ceaselessly store at Lowe’s or Lowes.com. You possibly can’t use this card anyplace else, and it wouldn’t have a lot of an influence in case you solely store at Lowe’s sometimes.
Let’s think about some math. What would your financial savings and/or rewards earnings appear like in case you make $10,000 in qualifying purchases at Lowe’s per 12 months utilizing several types of bank cards?
MyLowe’s Rewards Credit score Card: Save $500
2% rewards card: Earn $200 in rewards
3% rewards card: Earn $300 in rewards
That appears simple, however there are a number of different elements to contemplate. For instance, incomes MyLowe’s Cash as a MyLowe’s Rewards member (you don’t want a Lowe’s bank card to change into a member). Any member who spends over $2,000 per 12 months will get Gold Key standing and earns 1.5x factors on eligible purchases. On $10,000, that’s 15,000 factors, or $150 in MyLowe’s Cash.
MyLowe’s Rewards Credit score Card: Save $500 and earn $150 in MyLowe’s Cash
2% rewards card: Earn $200 in rewards and earn $150 in MyLowe’s Cash
3% rewards card: Earn $300 in rewards and earn $150 in MyLowe’s Cash
One thing else to contemplate is that you may earn welcome affords with many rewards bank cards, with some value $500 or extra. And plenty of rewards playing cards have higher perks than a Lowe’s bank card, reminiscent of buy and journey protections. Additionally, sure rewards are value extra relying on the way you redeem them. That is the case with particular journey bank cards, the place you’ll be able to redeem rewards towards journey for greater worth.
So, in case you’re in a position to earn a welcome bonus on a rewards card and the rewards you’re incomes are extra useful than a Lowe’s low cost, you’ll be able to see the way you would possibly get extra worth by placing your purchases on playing cards aside from the MyLowe’s Rewards Credit score Card.
The MyLowe’s Rewards Credit score Card is a closed-loop retailer bank card, which means it may solely be used at Lowe’s shops and on Lowes.com.
One of many best methods to make a Lowe’s bank card cost is to go to the MyLowe’s Rewards Credit score Card account login web page. Right here, you’ll be able to log in to your account to make a cost, or you’ll be able to choose the “Pay As Visitor” choice to make a cost with out registering or logging in to your account.
You may as well name the quantity on the again of your card or name Synchrony Financial institution at 844-406-7427.
To speak to customer support on your MyLowe’s Rewards Credit score Card, name the quantity on the again of your card. For Lowe’s basic customer support line, name 800-44LOWES.
Annual payment
$0
Welcome supply
Restricted-time supply: Earn a $300 bonus after you spend $500 on purchases within the first 3 months from account opening
Introductory Purchases APR
0% Intro APR on Purchases for 15 months
Ongoing Purchases APR
18.49% – 27.99% Variable
Introductory Steadiness Switch APR
0% Intro APR on Steadiness Transfers for 15 months
Ongoing Steadiness Switch APR
18.49% – 27.99% Variable
Rewards price
- Get pleasure from 5% money again on journey bought by Chase Journey℠
- 3% money again on drugstore purchases and eating at eating places (contains takeout and eligible supply service)
- 1.5% on all different purchases
Advantages
- You possibly can select to obtain a press release credit score or direct deposit into most U.S. checking and financial savings accounts
- Chase Credit score Journey helps you monitor your credit score with free entry to your newest rating, alerts, and extra
- Beneficiant intro APR on purchases and steadiness transfers
Why we prefer it: The Chase Freedom Limitless works anyplace Visa playing cards are accepted, providing you with extra flexibility with incomes rewards than solely on Lowe’s purchases. It additionally gives a beneficiant intro APR supply on purchases, which may turn out to be useful you probably have giant purchases to make for upcoming dwelling enchancment tasks.
Learn our full Chase Freedom Limitless evaluation
Annual payment
$0
Welcome supply
Earn a $200 assertion credit score after spending $2,000 inside the first 6 months
Introductory Purchases APR
0% on purchases for 15 months
Ongoing Purchases APR
19.49%-28.49% Variable
Introductory Steadiness Switch APR
0% on steadiness transfers for 15 months
Ongoing Steadiness Switch APR
19.49%-28.49% Variable
Rewards price
- 3% money again at U.S. supermarkets (on as much as $6,000 per 12 months in eligible purchases, then 1%)
- 3% money again on U.S. on-line retail purchases (on as much as $6,000 per 12 months in eligible purchases, then 1%)
- 3% money again at U.S. gasoline stations (on as much as $6,000 per 12 months in eligible purchases, then 1%)
- 1% money again on all different purchases
- Money again is obtained within the type of Reward {Dollars} that may be redeemed as a press release credit score or on Amazon.com at checkout
Advantages
- Beneficiant intro APR on purchases and steadiness transfers
- Stand up to a $7 month-to-month assertion credit score after utilizing your enrolled Blue Money On a regular basis® Card for a subscription buy, together with a bundle subscription buy, at disneyplus.com, hulu.com, or plus.espn.com U.S. web sites (topic to auto-renewal)
- Cut up purchases of $100 or extra into equal month-to-month installments with a hard and fast payment — choose the acquisition in your on-line account or the American Categorical® App to see your plan choices
Why we prefer it: The Amex Blue Money On a regular basis Card has a 0% intro APR supply on purchases, and elevated rewards charges in helpful spending classes. For instance, you’ll be able to earn 3% money again on U.S. on-line retail purchases (as much as $6,000 per 12 months, then 1%), and Lowe’s occurs to be a serious U.S. retailer.
Learn our full Amex Blue Money On a regular basis evaluation
Annual payment
$0
Welcome supply
Earn a $200 on-line money rewards bonus after making a minimum of $1,000 on purchases within the first 90 days of account opening
Introductory APR
0% intro APR on your first 15 billing cycles for purchases, and for any steadiness transfers made inside the first 60 days of opening your account (variable APR of 17.74% – 27.74% after the intro APR ends)
Buy APR
17.74% – 27.74% variable
Rewards price
- 3% money again + 3% first-year money again bonus within the class of your selection*
- 2% money again at grocery shops and wholesale golf equipment
- Limitless 1% money again on all different purchases
- *Earn 6% and a pair of% money again on the primary $2,500 in mixed purchases every quarter within the selection class, and at grocery shops and wholesale golf equipment (limitless 1% after that); after the three% first-year bonus supply ends, you’ll earn 3% and a pair of% money again on these purchases as much as the quarterly most
Advantages
- Financial institution of America Most well-liked Rewards® members can earn as much as 75% more money again on each buy
- Select which class you wish to earn 6% money again in for the primary 12 months: gasoline and EV charging stations; on-line buying, together with cable, web, telephone plans and streaming; eating; journey; drug shops and pharmacies; or dwelling enchancment and furnishings
Why we prefer it: The Financial institution of America Personalized Money Rewards permits you to select a class the place you’ll be able to earn 3% money again (inside the specified limits). Of the accessible choices, you’ll be able to select Residence Enchancment & Furnishings, which incorporates main dwelling enchancment retailers, like Residence Depot and Lowe’s.
Learn our full Financial institution of America Personalized Money Rewards evaluation
The MyLowe’s Rewards Credit score Card affords a one-time 20% low cost on an eligible buy for brand new cardholders. There’s a $100 low cost restrict on this supply.
No, the MyLowe’s Rewards Credit score Card can solely be used at Lowe’s shops and on purchases at Lowes.com.
Playing cards just like the MyLowe’s Rewards Credit score Card give reductions on all eligible Lowe’s purchases, which could possibly be helpful in case you ceaselessly store at Lowe’s. Nonetheless, different bank cards could possibly be extra rewarding, relying in your preferences. For instance, it would make sense to benefit from completely different bank card sign-up bonuses in case you commonly make giant purchases.
Editorial Disclosure: The data on this article has not been reviewed or permitted by any advertiser. All opinions belong solely to the Yahoo Finance and will not be these of some other entity. The main points on monetary merchandise, together with card charges and charges, are correct as of the publish date. All services or products are offered with out guarantee. Test the financial institution’s web site for essentially the most present data. This web site would not embody all presently accessible affords. Credit score rating alone doesn’t assure or suggest approval for any monetary product.
