MyLowe’s Rewards Credit Card Review 2024 (2024)

The MyLowe’s Rewards Credit Card*, issued by Synchrony Bank, can be a substantial moneysaver in the right situation. For customers who are planning costly home renovation projects and have a nearby Lowe’s, the 5% off every eligible purchase or order could result in significant savings. The card does not have a traditional welcome bonus, but offers 20% off your purchase when you open and use a new account now through 1/31/25. Exclusions apply.

In lieu of the 5% discount, the card offers special financing deals (subject to credit approval):

• No interest if paid off in full within six months for purchases of $299 or more
• 84 fixed monthly payments on purchases of $2,000 or greater at a reduced APR, with no prepayment penalty

Practically speaking, these financing offers are more like installment loans. The special financing offer could be beneficial if managed properly. For no interest financing, minimal monthly payments are required, but they may not necessarily pay off the loan in full during the six months. If the loan is not paid off in full, even if you are short by a small amount, interest is assessed on the total amount from the original purchase date and could result in a very expensive bill.

Note that the 5% discount cannot be combined with any of the special financing offers.

As a store card, the MyLowe’s Rewards Credit Card* is not affiliated with any of the major networks (i.e. Visa, Mastercard) so it can only be used at Lowe’s, which limits its usefulness. Generally, most people would benefit from holding a primary card that is accepted universally for everyday purchases such as gas and groceries. The Lowe’s card has a very specific use and is likely a second or subsequent card in your wallet.

Keep an eye out for special promotions. In the past, Lowe’s has offered cardholders promotional days for 10% off their credit card purchases.

• No annual fee
• Earn 5% off every eligible purchase or order
• 31.99% APR

Earning Rewards

The card earns an automatic 5% off on in store and online purchases at Lowe’s. Note that the 5% off applies to almost all purchases but excludes Weber, Kichler and Miele products, services like rentals and installation fees, and gift cards. Plus you can’t combine it with other discounts.

Redeeming Rewards

You don’t have to do anything to redeem your rewards, as this process happens automatically when you checkout in-person at a store or online at Lowes.com.

Rewards Potential

Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. The 70th percentile of wage-earning households earns $118,438 annually and can realistically put $39,337 in expenses on a credit card.

Since the average American spends $1,786 per year on home improvement products, they’d save 5% or $89.30 with the MyLowe’s Rewards Credit Card.

MyLowe’s Rewards Credit Card* Rewards Potential

• Pay your statement in-store. Can make card payments at your local Lowe’s store.
• Silver Key status. Cardholders immediately receive Silver Key status in Lowe’s loyalty program including elevated rewards, member gifts and free standard shipping.
• Limited-time financing offers. Current financing offers include specific merchandise such as heating systems and appliances.

Interest Rates

• APR: 31.99% APR

Fees

• Annual fee: $0
• Foreign purchase transaction fee: None
• Balance transfer fees: N/A

MyLowe’s Rewards Credit Card* vs. The Home Depot Consumer Credit Card*

The Home Depot Consumer Credit Card* is a store card that can only be used at Home Depot. It provides no ongoing discounts or rewards, but does have one valuable perk: an extended one-year return period. Like the Lowe’s card, the Home Depot card has no annual fee and a fair credit score is recommended.

The Home Depot card has a similar six-month financing plan like the Lowe’s card, which also charges deferred interest if the loan is not paid off within the six month period. Special financing plans are periodically made available to cardholders.

Overall, the Lowe’s Rewards Credit Card’s 5% discount makes it a better choice than the Home Depot card assuming that both stores are located in your area and sell the items you need with comparable pricing.

MyLowe’s Rewards Credit Card* vs. U.S. Bank Shopper Cash Rewards® Visa Signature® Card*

If you like the idea of 5% cash back on purchases at Lowe’s but wish you could also earn rewards when you shop at other stores, the U.S. Bank Shopper Cash Rewards® Visa Signature® Card* has you covered. It offers a more generous 6% cash back each quarter on combined eligible purchases from two retailers of choice ($1,500 limit), 5.5% cash back on prepaid car and hotel reservations booked through the Rewards Travel Center, 3% cash back each quarter in one everyday category of choice ($1,500 limit) and 1.5% cash back on everything else. The top two retailers you may frequent like Lowe’s, Menards, Ace Hardware, Target, Walmart, Kohl’s, and Ikea could earn rewards at the elevated rate.

While the U.S. Bank Shopper Cash Rewards® Visa Signature® Card* does charge a $0 intro annual fee for the first year, then $95 after the first year, unlike the no-annual-fee MyLowe’s Rewards card, it may be worth it if you often shop at two stores that qualify for the elevated cash back rate, especially if you don’t want to keep track of several retail cards and want the chance to earn cash back on other non-home improvement purchases as well.

MyLowe’s Rewards Credit Card* vs. Citi Double Cash® Card

For those looking for a general purpose cash-back rewards card, the Citi Double Cash® Card is an excellent choice. The card is as straightforward as it gets, earning an unlimited 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off. There are no annual fees or reward limits on this card. Rewards come as Citi ThankYou® Points, a flexible currency which can be redeemed for cash back as a check, statement credit or credit to a linked account or transferred to travel partners. Plus, the card offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% - 29.24%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5).

The Citi Double Cash has a clear edge over the MyLowe’s Rewards Credit Card as it earns unlimited rewards at every location and the versatility of ThankYou Points means the rewards can be used any way you’d like. While there may be very specific situations where the MyLowe’s Card might net more savings, overall, you would be better served with a general purpose cash-back card like the Double Cash.

The MyLowe’s Rewards Credit Card* is a specific-use card. Because of its limitations, it should not be the primary card in your wallet. For most people, their primary card should be a credit card for everyday spending accepted in a variety of stores which likely means a Visa, Mastercard, Discover or American Express card that has wide acceptance. The Alliant Cashback Visa® Signature Credit Card* may be a good candidate for that first slot if you have fair credit.

However, if you’re planning to do extensive home renovations or seeking to replace multiple appliances, getting the MyLowe’s Rewards Credit Card* can easily be justified by the 5% discount you’ll receive.

Likewise, if you need financing for a big project and have a fair credit score, the MyLowe’s Rewards Credit Card is a quick way to access needed funding. It may, however, come at a high cost compared to using a home equity line of credit or a personal loan. Alternative financing sources should be weighed against using credit card financing offers in order to obtain the cheapest possible loan.

Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors, including:

• Annual fees
• Welcome bonus offers
• Ongoing earning rates
• Value of individual rewards
• Included travel or merchant credits
• Additional cardholder benefits

Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.

To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.