Remodeling your home involves a significant investment and the need to rely on market financing plans.
In the following article, we want to show you how to apply for the Lowe's Advantage Card, its benefits, and the interest rates you must assume when using it. Below, we list the headings to be developed.
- About Lowe's
- About the Lowe's Advantage Credit Card
- How to apply for a Lowe's Advantage Credit Card?
- Interest rates applied to expenses with the Lowe's Advantage Credit Card
- What are the requirements for applying for the Lowe's Advantage Credit Card?
- Benefits of applying for the Lowe's Advantage Credit Card
- Lowe's contact information
- Conclusion
About Lowe's
Lowe's is a company dedicated to selling products for home improvement and remodeling. It has grown exponentially to achieve a record of more than 1,000 stores within the United States.
In addition to providing its customers with competitive prices, Lowe's has designed various strategies to facilitate the acquisition of materials, knowing that these types of investments require large sums of money.
To achieve this, Lowe’s not only offers its customers its website to apply for financing online but also enables you to obtain it through the issuance of a credit card.
Financing Products Available at Lowe's
Lowe's is a company that has successfully diversified its financial products, recognizing that each customer is unique and, therefore, so are their needs. In their catalog, you can find the following alternatives:
- Lowe's Advantage Card for individual customers.
- Lowe's 4 Pros Business Advantage blue credit card.
- Lowe's 4 Pros Business Advantage yellow credit card.
- Lowe's 4 Pros gray commercial account credit card.
- Lowe's 4 Pros yellow commercial account credit card.
- Lowe's Business Rewards silver credit card.
- Lowe's Business Rewards blue credit card.
- Lowe's silver Discover Card preloaded.
- Lowe's PreLoad Discover Card.
Except the first one, all the other options are aimed at entrepreneurs interested in obtaining financing for remodeling or upgrading commercial spaces.
About the Lowe's Advantage Credit Card
The Lowe's Advantage credit card is a financial tool for individual customers who need financing to purchase building materials or items for home remodeling or improvement.
It is the only financial instrument in Lowe's catalog that benefits these types of users, and its features are designed to provide these customers with exclusive prices and unique payment plans.
This credit card operates similarly to any other card of its kind, but it has the distinction of having a credit line that is renewed monthly upon payment of the debt incurred.
Features that define the Lowe's Advantage Credit Card
In addition to being a department-type card that allows you to make purchases and pay over time, this tool offers discounts and exclusive offers.
Another defining feature is that it offers you a payment plan of up to six months, as long as your expenses exceed $299, or to apply for a fixed rate for 84 months when buying products over $2000.
However, it's worth noting that this card does not have the backing of an international consortium, so you can only use it within Lowe’s stores.
How to apply for a Lowe's Advantage Credit Card?
Like other department store cards, you can apply in person to any Lowe's store. You also have the option to prequalify online by following the guidelines detailed here.
- Go to Lowe's website and click on the "Credits" tab in the main panel.
- You will see the list of credit card options the store network offers. You need to choose Lowe's Advantage.
- A box will appear on the screen asking for the last four digits of your legal identification.
- Enter your phone number as well.
- Finally, click on the "Continue" box.
With this information, Lowe's and the financial institution will analyze your profile to determine whether you have the capacity to take on any type of debt with this credit card.
What payment plan does Lowe’s offer?
Lowe’s offers its customers a promotion where they can return the amount over a maximum of six months, making minimum monthly payments on time and settling the rest of the debt at the end of the period.
With this program, you will be eligible for 0% interest on your purchase. However, if the stipulated period elapses without paying the full debt, you will have to make payments at a higher rate than usual.
They also can subscribe to a special 84-month financing plan where you will have to make fixed monthly payments at a preferential rate.
Interest Rates Applied to Purchases Made with Lowe's Advantage Credit Card
As mentioned earlier, the interest rate applied will depend on the payment plan you choose to repay the amount owed.
- If you choose to pay the amount in minimum payments over six months, the interest rate will be 0%
- If you fail to pay the debt after the specified period, you will incur interest on the entire balance at an approximate rate of 26%.
- If you opt for fixed installment payments, you will benefit from a preferential rate of 7.99%.
- Regular payment on your card incurs a rate of 26.99%.
However, please note that failing to make timely payments could negatively impact your credit history, and you may also be liable for collection fees determined by the issuing entity.
Commissions or Extra Fees for Transactions with Lowe’s Advantage Credit Card
One of the benefits of applying for this credit card is that, as stated in the terms and conditions, there is no requirement to pay an annual fee to keep the credit line active.
There are also no additional fees, considering you can only use it in Lowe’s stores or through the company's digital platform.
What Are the Requirements to Apply for the Lowe's Advantage Credit Card?
To be eligible for this or other credit cards from this company, you must have an active account on Lowe's platform and meet the criteria detailed here.
- Be over 18 years of age.
- Have a valid legal identification, whether a resident or a foreigner.
- Submit your application online on Lowe's website or through the form available in any nationwide store.
- Your credit history must be positive in handling similar products and even score above 670.
- Have a verifiable source of income to support the debt you will acquire with this card.
However, even if you meet Lowe's terms and conditions, the company and the card issuer approve or deny the card allocation.
What discount plans can you benefit from?
In addition to applying to special offers for members of this store network, you can get a 5% daily discount on any purchase when paying with your card.
However, with this plan, you won't be able to enjoy the payment facilities detailed earlier, so you'll have to apply for the conventional interest rate stipulated by the bank.
Online platform offers are also among the benefits you can take advantage of further to enhance the use of financing through your card.
Benefits of Applying for the Lowe's Advantage Credit Card
In addition to providing you with a fund with installment payment options, this credit card has features that make it a good choice compared to similar ones. Some of these are detailed below.
- You can apply for it in person or online.
- You can choose the payment system that best suits your debt capacity.
- Early payment exempts you from interest charges.
- You can choose to apply for preferential rates through fixed payments.
- The requirements are easy to meet, so they do not obstruct the application process.
- You can benefit from discounts of up to 5% daily on your purchases.
- No annual credit line maintenance fee applies.
- Since it is easy to obtain, this credit card is ideal for improving your credit history score as long as you have acceptable financial behavior.
- You can benefit from the store's competitive prices.
However, it is important to highlight that one of the defining elements of this card is the ability to grow within the banking system, allowing you to opt for business use cards.
Disadvantages of the Lowe’s Advantage Credit Card
While there are many advantages to applying for the credit card of this store network, it is important to highlight some elements that may not be as positive for specific users.
- Firstly, it is worth noting that this card limits you to making purchases within Lowes, as it is not backed by other consortiums and cannot be used in different establishments.
- Moreover, the benefits are conditional on a spending limit, meaning you must make purchases exceeding $299 or $2000, depending on the case, to take advantage of them.
- The fees imposed for non-payment are usually high compared to similar cards. Nonetheless, we view this as a measure to prevent customers from getting into debt.
- While it is an excellent tool for building your credit history, you must have a minimum score to apply. Therefore, if you are new to this market, you won't have a chance to benefit from it.
However, it's important to emphasize that these aspects could be outweighed by Lowe’s payment alternatives, including interest waivers.
Contact Information for Lowe’s
To learn about the different financing options offered by this company, visit Lowe’s main headquarters in Mooresville, North Carolina, United States.
If you cannot travel to this city, you can request assistance from the credit staff at any Lowe’s store near you by locating the nearest one to your address on the official website under the “Stores” section.
You can also download the application on any Android phone and start an interactive chat with the customer service team to discuss your concerns.
Phone Details and Lowe’s Website
If you prefer telephone assistance, you can call 1-800-508 2520 for information on the Lowe's Advantage credit card. Service is available from 6 a.m. to 1 a.m., Monday through Saturday.
Another way to contact Lowe’s customer service department is online, via email at investorrelations@lowes.com, where you can make any inquiries.
If you want to learn about the specifications of this or other business cards issued by this company, you can visit Lowe’s website and check every detail under the 'Credit Cards' section.
Conclusion
Remodeling your home or office does not necessarily mean depleting your capital. Nowadays, you have options for property renovation simply by choosing one of these credit cards.
Disclaimer: When applying for this or any Lowe's credit card, it is important to consider the risks, and therefore, we invite you to review the company's terms and conditions.
