From doorways and drills to drywall and decking, each Lowe’s and The House Depot purpose to assist die-hard DIY-ers discover what they want for that subsequent residence enchancment venture. However whereas their inventories and worth factors could also be comparable, there is a huge distinction between the shop bank cards that the retailers provide:
Briefly, the Lowe’s Benefit Card has the clear edge, and it is not shut — regardless of some shared options. Sure, each playing cards have a $0 annual price and provide an prolonged 365-day return interval, in addition to six months of deferred-interest financing for purchases of $299 or extra. They’re additionally each “closed-loop” playing cards that can be utilized solely inside the model.
However the Lowe’s Benefit Card provides one thing The House Depot Client Credit score Card can’t contact: an on a regular basis, uncapped 5% low cost at Lowe’s on eligible purchases.
The playing cards, aspect by aspect
This is how the 2 playing cards stack up on the fundamentals:
Lowe’s Benefit Card
The House Depot Client Credit score Card
Introductory provide
Presents range, however as of this writing: While you’re permitted, you will obtain a one-time coupon good for 20% off your first eligible buy (most financial savings: $100). This provide is nice by way of Jan. 31, 2024.
Presents range, however as of this writing: While you’re permitted, you will obtain a one-time coupon good for $25 off a purchase order of $25 to $299; $50 off a purchase order of $300 to $999; or $100 off purchases of $1,000 or extra. Coupon should be used inside 30 days of card approval. This provide is nice by way of Jan. 24, 2024.
Ongoing rewards
5% low cost at Lowe’s on all eligible purchases, utilized immediately if you pay along with your card at checkout.
Financing choices
6 months of deferred-interest financing on purchases of $299 or extra,
OR 84 fastened month-to-month funds at 9.99% APR on purchases of $2,000 or extra.
(Financing provides can’t be mixed with the 5% on a regular basis low cost).
6 months of deferred-interest financing on purchases of $299 or extra.
🤓Nerdy Tip
As of this writing, the continuing APR for each playing cards may vary as excessive as 27% to 29%, so neither is right for carrying a stability. Additionally observe that for each playing cards, the promotional “no curiosity” provides will not be true 0% APR provides, the place curiosity is waived, however slightly deferred-interest provides, the place curiosity remains to be being calculated within the background from the second of every buy you make. If the promotional interval ends and you’ve got a $0 stability (paid in full), you will not be charged curiosity. Nonetheless, if at the moment you owe any cash (even 50 cents), you will be charged curiosity on the total quantity of the acquisition, retroactive to the day you got it.
Why the Lowe’s Benefit Card wins
Ongoing low cost
House enchancment initiatives might be dear. However with the Lowe’s Benefit Card, cardholders can knock 5% off the price of all eligible supplies and provides bought from Lowe’s. The low cost is utilized immediately on the register if you use your card, so no want to recollect coupons or particular codes.
Simply concentrate on what purchases qualify. You will not get the low cost should you go for particular financing or installment financing. It additionally will not stack with different coupons or low cost packages (similar to army, worker or “low-price assure”), and it does not apply to purchases of reward playing cards, prolonged safety plans, transport, supply and meeting charges, or taxes.
Regardless of these limitations, 5% again can result in vital financial savings on venture bills. The House Depot Client Credit score Card provides no such low cost, making the Lowe’s Benefit Card the clear-cut winner right here.
Easy sign-up bonus
When you like quick gratification, the moment sign-up bonus supplied with the Lowe’s Benefit Card is likely to be for you. Upon approval, you will obtain a coupon good for 20% off your first buy of as much as $500 (most financial savings: $100). The provide is out there by way of Jan. 31, 2024. That 20% low cost could possibly be an enormous boon to your pockets on huge bills like a brand new equipment or flooring. Notice that the sign-up bonus will not stack with the continuing 5% again when utilizing your card at Lowe’s.
The House Depot Client Credit score Card additionally provides an preliminary one-time low cost upon card approval, however the bonus construction is tiered and fewer rewarding relative to how a lot you want to spend to maximise the bonus. You may earn $25 off purchases of $25 to $299, $50 off purchases of $300 to $999, or $100 off purchases of $1,000 or extra.
Related exclusions apply to the introductory provides on each playing cards; the low cost cannot be used on reward playing cards, sure manufacturers, taxes and costs, or companies. Regardless of these exclusions, the simplicity of an instantaneous 20% off provides the sting to the Lowe’s Benefit Card.
Why you may want The House Depot Client Credit score Card
Bigger footprint
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As of the tip of 2022, The House Depot had about 250 extra shops than Lowe’s throughout the USA. Relying in your location, that larger geographic footprint means you may need a greater probability of strolling right into a House Depot. And should you’re wanting completely for a deferred-interest financing provide, which will push you towards The House Depot Client Credit score Card.
Nonetheless, even when there are not any Lowe’s shops close to you, you would be higher off seeing should you qualify for a bank card that provides a real 0% introductory provide. The Wells Fargo Lively Money® Card is one various. You may get a 0% intro APR on Purchases for 15 months and 0% intro APR on Steadiness Transfers 15 months from account opening on qualifying stability transfers, after which the continuing APR of 20.24%, 25.24%, or 29.99% Variable APR. You may additionally earn 2% money rewards on all purchases, and new cardholders can qualify for the next sign-up bonus: Earn a $200 money rewards bonus after spending $500 in purchases within the first 3 months.
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An alternative choice is the Chase Freedom Limitless® card, which provides a 0% intro APR on purchases and Steadiness Transfers for 15 months, after which the continuing APR of 20.49%-29.24% Variable APR. You may earn a minimum of 1.5% money again on each buy made with the cardboard, along with the next sign-up bonus: Earn a further 1.5% money again on all the things you purchase (on as much as $20,000 spent within the first 12 months) – price as much as $300 money again!
Which card do you have to get?
The Lowe’s Benefit Card is the hands-down winner (so long as you will have a Lowe’s close by). The power to earn an instantaneous, uncapped 5% money again on all eligible purchases at Lowe’s makes it probably the most rewarding playing cards accessible for residence enchancment retailer spending. When you frequent House Depot, you would be higher off in search of a card that provides normal money again or a real 0% APR provide, relying in your objectives.
