Is the MyLowe’s Rewards™ Credit Card one of the best credit cards for home improvement? It depends, but it might be if you’re an avid Lowe’s shopper.
It’s huge to get 5% off on qualifying Lowe’s and Lowes.com purchases, but there are some drawbacks to consider, such as not being able to use the card anywhere else and not having a 0% introductory APR offer.
Annual fee: $0
Welcome offer: Get 20% off an eligible purchase (up to a $100 discount) when you open and use a new account.
Intro APR: None
Standard APR: 31.99%
Rewards rate: Get 5% off on qualifying purchases
Benefits:
Free Silver Key status with MyLowe’s Rewards, which includes free standard shipping and bonus points on eligible purchases
Access to exclusive cardholder events
The MyLowe’s Rewards Credit Card has two promotional offers available, subject to credit approval.
There’s no interest charge if qualifying purchases of $299 or more are paid in full within six months of the purchase date. The interest rate applies if the full balance isn’t paid off during the promotional period.
Qualifying purchases of $2,000 or more can receive a promotional financing offer of 84 fixed monthly payments at 9.99% purchase APR.
The MyLowe’s Rewards Credit Card offers 5% off on qualifying purchases. That’s more of an automatic discount than actually earning rewards.
However, cardholders also receive free Silver Key status with MyLowe’s Rewards. This status lets you earn 1.25x points on eligible purchases. Every 500 points you earn is equal to $5 in MyLowe’s Money.
You receive 1.25x points on eligible purchases through your complimentary MyLowe’s Rewards Silver Key status as a MyLowe’s Rewards Credit Card cardholder. Every 500 points earned equals $5 in MyLowe’s Money. That money is automatically added to your Lowes.com account wallet and can be redeemed in store or on Lowes.com.
What does this mean for you?
Let’s say you buy a $400 grill at Lowe’s. If it’s a qualifying purchase, you would earn 500 points that are converted to $5 in MyLowe’s Money and added to your Lowes.com wallet. You can then use that $5 toward your next Lowe’s store or Lowes.com purchase.
Note that points expire after 12 months of no points-earning activity. MyLowe’s Money typically has an expiration date attached to it once it’s issued. If there’s no expiration date, it will expire 30 days after it’s issued.
The MyLowe’s Rewards Credit Card only makes sense for people who frequently shop at Lowe’s or Lowes.com. You can’t use this card anywhere else, and it wouldn’t have much of an impact if you only shop at Lowe’s occasionally.
Let’s consider some math. What would your savings and/or rewards earnings look like if you make $10,000 in qualifying purchases at Lowe’s per year using different types of credit cards?
MyLowe’s Rewards Credit Card: Save $500
2% rewards card: Earn $200 in rewards
3% rewards card: Earn $300 in rewards
That seems straightforward, but there are a few other factors to consider. For example, earning MyLowe’s Money as a MyLowe’s Rewards member (you don’t need a Lowe’s credit card to become a member). Any member who spends over $2,000 per year gets Gold Key status and earns 1.5x points on eligible purchases. On $10,000, that’s 15,000 points, or $150 in MyLowe’s Money.
MyLowe’s Rewards Credit Card: Save $500 and earn $150 in MyLowe’s Money
2% rewards card: Earn $200 in rewards and earn $150 in MyLowe’s Money
3% rewards card: Earn $300 in rewards and earn $150 in MyLowe’s Money
Something else to consider is that you can earn welcome offers with many rewards credit cards, with some worth $500 or more. And many rewards cards have better perks than a Lowe’s credit card, such as purchase and travel protections. Also, certain rewards are worth more depending on how you redeem them. This is the case with specific travel credit cards, where you can redeem rewards toward travel for higher value.
So, if you’re able to earn a welcome bonus on a rewards card and the rewards you’re earning are more valuable than a Lowe’s discount, you can see how you might get more value by putting your purchases on cards other than the MyLowe’s Rewards Credit Card.
The MyLowe’s Rewards Credit Card is a closed-loop store credit card, meaning it can only be used at Lowe’s stores and on Lowes.com.
One of the easiest ways to make a Lowe’s credit card payment is to visit the MyLowe’s Rewards Credit Card account login page. Here, you can log in to your account to make a payment, or you can select the “Pay As Guest” option to make a payment without registering or logging in to your account.
You can also call the number on the back of your card or call Synchrony Bank at 844-406-7427.
To talk to customer service for your MyLowe’s Rewards Credit Card, call the number on the back of your card. For Lowe’s general customer service line, call 800-44LOWES.
Annual fee
$0
Welcome offer
Limited-time offer: Earn a $300 bonus after you spend $500 on purchases in 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 Balance Transfer APR
0% Intro APR on Balance Transfers for 15 months
Ongoing Balance Transfer APR
18.49% – 27.99% Variable
Rewards rate
Enjoy 5% cash back on travel purchased through Chase Travel℠3% cash back on drugstore purchases and dining at restaurants (includes takeout and eligible delivery service)1.5% on all other purchases
Benefits
You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accountsChase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and moreGenerous intro APR on purchases and balance transfers
Why we like it: The Chase Freedom Unlimited works anywhere Visa cards are accepted, giving you more flexibility with earning rewards than only on Lowe’s purchases. It also provides a generous intro APR offer on purchases, which could come in handy if you have large purchases to make for upcoming home improvement projects.
Read our full Chase Freedom Unlimited review
Annual fee
$0
Welcome offer
Earn a $200 statement credit after spending $2,000 within the first 6 months
Introductory Purchases APR
0% on purchases for 15 months
Ongoing Purchases APR
19.49%-28.49% Variable
Introductory Balance Transfer APR
0% on balance transfers for 15 months
Ongoing Balance Transfer APR
19.49%-28.49% Variable
Rewards rate
3% cash back at U.S. supermarkets (on up to $6,000 per year in eligible purchases, then 1%)3% cash back on U.S. online retail purchases (on up to $6,000 per year in eligible purchases, then 1%)3% cash back at U.S. gas stations (on up to $6,000 per year in eligible purchases, then 1%)1% cash back on all other purchasesCash back is received in the form of Reward Dollars that can be redeemed as a statement credit or on Amazon.com at checkout
Benefits
Generous intro APR on purchases and balance transfersGet up to a $7 monthly statement credit after using your enrolled Blue Cash Everyday® Card for a subscription purchase, including a bundle subscription purchase, at disneyplus.com, hulu.com, or plus.espn.com U.S. websites (subject to auto-renewal)Split purchases of $100 or more into equal monthly installments with a fixed fee — select the purchase in your online account or the American Express® App to see your plan options
Why we like it: The Amex Blue Cash Everyday Card has a 0% intro APR offer on purchases, and elevated rewards rates in useful spending categories. For example, you can earn 3% cash back on U.S. online retail purchases (up to $6,000 per year, then 1%), and Lowe’s happens to be a major U.S. retailer.
Read our full Amex Blue Cash Everyday review
Annual fee
$0
Welcome offer
Earn a $200 online cash rewards bonus after making at least $1,000 on purchases in the first 90 days of account opening
Introductory APR
0% intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account (variable APR of 17.74% – 27.74% after the intro APR ends)
Purchase APR
17.74% – 27.74% variable
Rewards rate
3% cash back + 3% first-year cash back bonus in the category of your choice*2% cash back at grocery stores and wholesale clubsUnlimited 1% cash back on all other purchases*Earn 6% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs (unlimited 1% after that); after the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum
Benefits
Bank of America Preferred Rewards® members can earn up to 75% more cash back on every purchaseChoose which category you want to earn 6% cash back in for the first year: gas and EV charging stations; online shopping, including cable, internet, phone plans and streaming; dining; travel; drug stores and pharmacies; or home improvement and furnishings
Why we like it: The Bank of America Customized Cash Rewards lets you choose a category where you can earn 3% cash back (within the specified limits). Of the available options, you can choose Home Improvement & Furnishings, which includes major home improvement retailers, like Home Depot and Lowe’s.
Read our full Bank of America Customized Cash Rewards review
The MyLowe’s Rewards Credit Card offers a one-time 20% discount on an eligible purchase for new cardholders. There’s a $100 discount limit on this offer.
No, the MyLowe’s Rewards Credit Card can only be used at Lowe’s stores and on purchases at Lowes.com.
Cards like the MyLowe’s Rewards Credit Card give discounts on all eligible Lowe’s purchases, which could be useful if you frequently shop at Lowe’s. However, other credit cards could be more rewarding, depending on your preferences. For example, it might make sense to take advantage of different credit card sign-up bonuses if you regularly make large purchases.
Editorial Disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to the Yahoo Finance and are not those of any other entity. The details on financial products, including card rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information. This site doesn’t include all currently available offers. Credit score alone does not guarantee or imply approval for any financial product.
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