Lowe’s, one of the leading home improvement retailers in the United States, recognizes the value of providing customers with accessible financing options to boost purchases and build loyalty. With Lowe’s credit cards that provide a smart and efficient method for purchasing, shoppers can seamlessly finance a wide range of products and services related to home renovation, maintenance, and decor purchases. By offering tailored options for personal and business use, Lowe’s has designed card benefits that meet a variety of customer needs.
In this review, we’ll touch upon the ins and outs of different Lowe’s credit cards. We’ll explore their features and highlight Lowe’s credit card benefits to help you make a well-informed decision.
If you shop at Lowes Home Improvement stores or online at Lowes.com you may be interested in getting a Lowes credit card to save money and finance purchases. But what bank actually issues and services the Lowes credit cards? In this article we’ll take a deep dive into the world of Lowes credit cards and identify the financial institution behind them.
An Overview of Lowes Credit Cards
Lowes offers a few different credit card options for consumers
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Lowes Advantage Card – This is a Lowes-branded credit card that can only be used at Lowes stores and Lowes.com. It offers 5% off purchases or special financing offers.
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Lowes Business Account – Similar to the Lowes Advantage Card but designed for business use.
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Lowes Visa Rewards Card – A Visa card that can be used anywhere but offers extra rewards for Lowes purchases.
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Lowes Pay – A “buy now, pay later” financing option that breaks purchases into fixed monthly payments over 3-24 months.
Lowes credit cards are issued directly by the store and are often easier to qualify for than traditional unsecured credit cards, with credit score requirements around 640. They offer perks and discounts for loyal Lowes shoppers.
Synchrony Bank Issues Lowes Credit Cards
The bank that powers all of Lowes’ credit card programs is Synchrony Bank. This major financial institution based in Utah focuses on store-branded credit cards and financing programs.
Synchrony Bank has serviced Lowes credit accounts since 1979 when it was known as GE Capital Retail Bank. In 2004, GE spun off the credit card unit as Synchrony Financial and it became Synchrony Bank in 2015.
So whenever you apply for a Lowes Advantage Card, Lowes Visa, Lowes Business Account, or use Lowes Pay installments, you are entering into a financing relationship with Synchrony Bank. Your monthly statements will come from Synchrony and your account will be managed through their systems.
Why Lowes Chose Synchrony Bank
There are a few key reasons why Lowes partnered with Synchrony Bank as the exclusive issuer of its credit cards and financing programs:
Retail Focus – Synchrony specializes in retail credit and has deep experience managing store-branded cards. This is their sweet spot, whereas other banks treat retail financing as an side business.
Full-Service Offerings – Synchrony provides the full range of services Lowes needs, from credit cards to installment loans to commercial accounts. Lowes can rely on one partner for all its financing needs.
Customer Management – Synchrony handles all the credit underwriting, account management, statements, and customer service for Lowes credit products. This allows Lowes to focus on retail.
Established Relationship – The nearly 50 year partnership between Lowes and Synchrony speaks to the strength of their relationship and Synchrony’s retail expertise.
Alternatives to Synchrony Bank Credit Cards
While Synchrony Bank powers all of Lowes’ credit options today, here are some alternative banks that issue major retail credit cards:
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Citibank – Issues cards for Home Depot, Best Buy, ExxonMobil, and more.
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Capital One – Issues the Walmart credit card and Kohl’s Charge card.
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Wells Fargo – Issues cards for GM, Nike, and other non-retail clients.
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JPMorgan Chase – Large credit card issuer that provides some co-branded retail cards.
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Comenity Bank – Specializes in fashion and jewelry store cards.
For now, Lowes is sticking with Synchrony Bank as its trusted partner for all credit services. But the retail landscape can change quickly, so it’s possible Lowes could switch issuers or add new credit card products in the future.
The Benefits of Using Synchrony for Lowes Purchases
For shoppers, the fact that Synchrony Bank is behind your Lowes credit card doesn’t really matter. As the cardholder, you’ll enjoy the same perks, financing, and rewards either way. But there are some benefits to using a Synchrony-issued card at Lowes:
Easy Instant Approval – Synchrony Bank pioneered instant credit card approval in stores. You can apply, get approved, and use your new Lowes card same-day.
Special Lowes Financing – Synchrony works with Lowes to provide customized financing offers, like no interest for 6-24 months on purchases or fixed monthly payment plans.
Strong Customer Service – Synchrony invests heavily in digital account tools, phone support, and other services to provide a smooth customer experience.
Security Features – Synchrony cards come with zero fraud liability, alerts for suspicious activity, verified transactions and other security protections.
Familiar Statements – Your monthly statement will come from Synchrony Bank, a name you’ll see again and again for other major retail cards.
Summary
MyLowe’s Rewards Card Cons
Of course, no card is flawless, and the Lowe’s card has a few restrictions to consider:
- Discounts do not stack: You’ll have to pick between a 5% discount and special financing; the card doesn’t let you double up on savings.
- Interest on Promotional Purchases: To dodge interest charges, be sure to keep a zero balance during the special financing period.
- In-Store Only: This Lowe’s Synchrony credit card works exclusively at Lowe’s stores, lacking the flexibility and accessibility offered by Visa, Mastercard, or American Express.
- No Introductory 0% APR: The card doesn’t offer a 0% APR as an initial perk.
- High Regular APR: At 31.99%, the standard APR is on the steep side, so if you fail to repay the balance monthly, it could result in high maintenance expenses.
- Limited Welcome Discount: The initial 20% off is capped at $100, which may seem a bit modest for larger purchases.
MyLowe’s Rewards Card Pros
There are plenty of reasons to get behind the wheel of the Lowe’s store credit card. Along with the flexibility to pay for larger purchases over time, MyLowe’s Rewards cardholders also enjoy exclusive discounts and special financing offers throughout the year. Let’s break down the perks this card will put on your plate in more detail:
- 5% Off on All Eligible Purchases: Whether in Lowe’s stores or on Lowes.com, this discount can really stack up over time, especially for those making frequent trips for home improvement items or appliances.
- Special Six-Month Financing: Get a six-month break on payments for purchases of $299 and more, letting you spread out your spending over half-year.
- Fixed Financing for Larger Projects: When it comes to more ambitious renovations, the Lowe’s Synchrony card has your back with 84 fixed monthly payments. The Fixed Financing option entails a reduced 9.99% APR and is valid for checks starting at $2,000.
- 20% Discount for New Accounts: Enjoy a one-time discount of 20% on your first purchase (up to $100) when you open an account, valid until 1/31/2025.
- No Annual Fee: This Lowe’s store credit card does not have an annual fee. Cardholders can dip into all the benefits without fretting over extra costs each year.
- Exclusive Events & Workshops: Lowe’s occasionally hosts exclusive events and workshops just for MyLowe’s Rewards cardholders, offering access to valuable advice and hands-on workshops.
What Bank Does Lowes Credit Card Use? – CreditGuide360.com
FAQ
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Synchrony backs three credit cards available through Lowe’s: the Lowe’s Advantage Card, the Lowe’s Business Account and Lowe’s Accounts Receivable. Lowe’s Companies, Inc.