Lowes Credit Card Review
If you are considering applying for a Lowes credit card, you will definitely want to read this review first.
I actually prefer Lowe’s over Home Depot. From my experience, the customer service is a bit better. At Home Depot, every time I go I have to travel 10 aisles down just to find an associate to help, only to tell me that’s not their department and for me to go back and wait… it’s a huge pain in the behind to shop there.
But just because I like this home improvement store, it doesn’t mean I prefer the Lowes card. Here’s what you need to know about it before you fill out an application.
Back in 2011 they split the program into 2 cards:
Option #1: Lowes Consumer credit card
Now pay attention because many are confused as to how this works!
It gives 5% cash back on Lowes purchases but only if you don’t use the special financing. If you opt for a financing offer (available on single-receipt purchases of $299+) then you won’t get the 5% rebate. So it’s one or the other, not both.
The biggest drawback however is what you will see in the fine print if you look closely…
Yes that’s right, you can’t use it in conjunction with any coupon or those discounts. You can’t get it on purchases which are price matched either.
If you have a big purchase and skip the 5% to get the financing offer, then make sure you understand how it operates…
Read the rules and you will see that in order to pay no interest, you have to pay off the entire amount before the 6 months is up. If not, then the interest is tacked onto your Lowes credit card account from the date that purchase was made. And with the standard interest rate at 24.99% that can be one expensive lesson you don’t want to learn the hard way!
Before Lowes used to offer the occasional special 18 month no interest financing promotion on their old card, however on this card it appears they only give the 6 month deferred interest plan, unfortunately.
Conclusion? Only use the financing if you are 100% confident in your ability to pay it off before the promotion period is up.
Option #2: Lowes Project Card
The second credit card is geared towards those undertaking major home improvement projects. Your initial purchase has to be $1,000+ for it. My guess is that it will therefore probably have increased credit limits (compared to the other version) if you qualify.
Now this one is actually a better deal if you have good credit, but it won’t be the best way to save money on interest (more on that in a minute).
The Lowes credit card application isn’t available online for this version (must apply in store) but their website does provide some information about it and in a nutshell, here’s how it works:
- When in an initial purchase of $1,000+ is made then a “project window” starts, which is a 6 month window where no interest will be accrued – both for the initial purchase as well as any additional purchases made within that 6 month window.
- During this 6 month project window minimum payments still have to be made.
- Once the 6 months is up, interest will begin. When writing this review, the APR tiers were as follows: 7.99%, 9.99%, 11.99%, 13.99% or 17.99% (the one given depends upon the applicant’s credit).
- After the 6 month window is up, the fixed monthly payments will be based on a 4 to 10 year schedule for re-payment.
For those with excellent credit, this actually is a fair deal if the 7.99% or 9.99% APR is given. However even with that, you still will probably save more money with a regular credit card that gives you 0% on purchases. There are some that give 0% for up to 21 months and you can see those offers here.
Verdict?
Both of these cards are issued by GE Capital Retail Bank (formally known as GE Money Bank). They don’t exactly have the best reputation when it comes to customer service, but these new credit cards for Lowes appear to be better than what they offered in the past.
Typically store cards have lower credit score requirements, so if your credit is bad then the Lowes offers may be all that’s available to you. I wouldn’t say they are easy to get, but the qualifications / requirements for approval aren’t super hard, either.
But if you have good to excellent credit you can probably do better with a different card:
Best Rewards Alternative: 6% cash back at Lowes?
The American Express Blue Cash Preferred gives an unlimited 6% cash back at supermarkets. Many forum members who have this credit card use it to buy Lowes gift cards at supermarkets instead so they can save 6%.
This is an excellent strategy not only for saving money at Lowes, but also Home Depot and the countless other places you can buy gift cards for at your supermarket. Go here to learn more about the American Express Blue Cash Preferred.
Best Financing Alternative: Longer 0% on purchases?
So the Lowes project credit card only gives you 6 months at 0% and you can do a lot better than that! Check out the Citi Simplicity and its current 0% offer for purchases.
This review was written or updated Jan 2012
I also have found that Lowe’s is “OUT TO SCREW YOU”. The 5% discount is NOT worth it. When I realized this, I started paying it off as fast as possible. It is almost gone and I will cancel.
If you have a very large purchase: use the card, get the discount, pay off the balance FAST then cancel the card.
Lesson here: Do not have “Store Cards”. J. C. Penny, Sears and all others are “OUT TO SCREW YOU”.
DO NOT GET A LOWE’S CREDIT CARD. YOU WILL BE VERY SORRY IF THEY GOOF IT UP BECAUSE IT GOES ON YOUR RECORD (THEY DON’T BOTHER TO CHECK WITH YOU) AND THEY WILL NOT CLEAR IT. THIS IS WHAT THEY DID TO US AND I HAVE SPENT HOURS AND HOURS WITH LOW-LEVEL CREDIT CLERKS WHO, OF COURSE, CAN’T DO ANYTHING. JUST BEWARE.
p.s. Our family has one of the highest credit ratings possible, that is we did until Lowe’s got it messed up. Mine is still high but my husband’s dropped about 100 points due to THEIR MISTAKE.
We appreciate you as a valued Lowe’s Consumer customer and hope you will continue to shop with us. What a laugh. Charges 25% interest even though I have always paid on time. They state the high interest is due to my payment record.
Crooks & liars.
Have had a Lowes card for years and made out great. We use it regularly for large purchases, take advantage of the 12 and even 18 month 0% specials and have never paid a penny of interest. In addition, the terms say that the financing can not be combined with other offers, but we frequent three different Lowes stores and always receive a 10% military discount in addition to zero interest specials. This has allowed us to save tons and complete over $20,0000 worth of projects! Have never had to deal with customer service, so no advice there. Be smart, check your account, pay on time, and know your credit and you should be fine!
i have had very poor service from Lowes credit card as well as Lowes in Williamsville NY.
A front door with side lights was installed by one of Lowes contractors. installation was fine. Lowes sold a Reliabilt door to us but sent to the worksite a Masonite door that was flawed and did not shut tightly. lowes failed for five months to correct the problem.
The cost of the door was disputed in writing to GE Lowes card, however, they refused to accept the dispute, sent repeated form letters and failed to accept that there was a flaw in the door.
Beware of the Lowes credit card due to poor service and failure to support the cardholder when a dispute exists.
I have a small CC account with Lowes, just 15.00 a month. I was late this month, but sent 30.00. i have received 3 for 4 calls a day from them stating my late payment, just got one today Feb 5th 8:45am guess from where? India which is tomorrow to them. They should have gotten the payment already, but I guess no one told them in India.
Only problem I’ve had with my Lowe’s card (which is through GE Financing) is that about 3 months ago I made a payment online, larger than usual, and it took them nearly a month to pull it out of my bank. My fault but I forgot about it and caused me major problems. Yesterday paid Lowes and 3 other bills all online at the same times. All have come out….but Lowes. Here it is about 30 hours later and besides the immediate email I got, no other action. Has not come out of bank, has not updated on their website.
Lowes’s credit site is the worst online credit card site on the internet. It is very user unfriendly, confusing and at least 10 years out of date. When you call and complain about their site they defend it. I have credit cars from Amer. Exp., Discover, Visa & PenFed all their sites are very user friendly and helpful.
BIG BOX HOME CENTER CUSTOMERS:
1) The last store credit card payment date is sometimes scheduled BEFORE the usual and regular last expected payment due date so that may catch you off guard. If you pay even a day late, you will pay the APR (usually 34%) that would have been owed for the entire time. -That could add thousands to your bill and if that happens, you will have bad credit while you fight them and fight to get it right.
2) If you are in the market to buy carpeting or flooring, GET AN INDEPENDENT 2ND OPINION REGARDING THE TRUE SQ FOOTAGE OF YOUR AREA TO BE INSTALLED! It is not “uncommon” for companies to oops…”accidentally over-measure” about the square footage you need and charge you additional for carpet or flooring that you don’t need.
Consumers would never know they are being overcharged because they have no idea how to calculate sq.footage or do floor measuring! True measurement is calculated with 5% -7% additional (not 10%) for additional materials as a “cushion”. A 10% cushion is only needed for tile or hardwood installed on the diagonal, and even then, a customer not only has the right to return any full boxes of flooring materials (tile & hardwood etc.) but the customer also has the right to get their money back for unused installation fee for those boxes of unused material! If you have any trouble, see the Store Manager and call the District Manager/Home Office if needed. AND get a second opinion/estimate for from an independent floor measuring company and be sure the sq. footage matches the store estimate.
You can call a independent flooring measurer to measure your floors for about $40-60 depending on the number of rooms or a whole house. One such independent measuring company I used is: Accurate Floor Measuring Service 301-437-3823 they service MD, DC, Northern VA. They also will provide to you, a drawing and measurements that you can take to the store for accurate sq. footage quotes.
This is a great card! I applied for a HD card and they gave me a $500 limit; I applied with Lowes and they gave me a $1500 limit. I have paid it off several times and each time I pay it off for more than $1000 at a time they raise my limit. My limit is now $8500 and this is plenty for any of my projects. The good thing about 0% interest is whenever they offer it for 18 months I go get a $900 gift card and use it throughout the year with no interest and pay just $50 a month at 0% and there is no retro interest because it is paid off in time. If you know how to manage your card correctly there will NEVER be interest. Just manage it correctly and there is no issue and if you cannot, you probably are a risk and should pay a little higher rate. Anyway, I think both Lowes and HD are great, but Lowes gave me a better card. I never used my HD card.
Some reviews I’ve read people cards were canceled. I experienced the same thing. I haven’t used the card in about 4 years. The reason, if you’d think about it is, after the economy went south those that don’t use the card on a regular basis where purged to reapply to see if if their status has changed. I for one totally understand as my employment status and income could have changed in those 4 years. The process was made simple, went to the register with a buggy full, card inactive (definitely embarrassing), produced a credit card, instant financing and got a receipt to use as a credit card for further purchases until the card came in the mail. Only use the card on 0% financing at MY! convenience. Have to watch when it ends as the terms are to charge interest retro. If you have good credit and don’t have it paid off move it to a 0% card offer that is in your mailbox EVERYDAY! Understandably this option is not available to everyone. I guess the key to it is use this card, as any card, WISELY!. Peace out!
I currently possess a credit card from Sears, JC Penney, Discover, and American Express. All payments are made on time. I often pay beyond the minimum. I have applied for the Lowe’s card but was turned down. My retirement income is righteous and affords great ease for ANYTHING WE WANT TO DO OR TRAVEL TO ANYWHERE WE WANT TO GO. in fact, we flew to Denver and Houston this year. Our investments are solid. We have purchased 3 doors, windows, refrigerator, stove, washer-dryer, kitchen cabinetry, counter top with new sink, paint, to the tune of over $10,000 (w/ cash). We can’t figure out why we were TURNED DOWN for a Lowe’s card. The paper containing the rejection was vague.
You were turned down because you have bad credit. Lowes doesn’t run their credit card department, they just put their name on it. This card has the same requirements as all other credit cards so use your head. You boast about being retired, but buddy you have no income. Why would a store give you a credit card when you don’t have a job? You pull from a retirement fund so in essence your overall wealth and equity is depreciating every month. Grow up and learn a thing or two about finances before you brag about flying to Denver and thinking this will qualify you for a credit card. PS cash purchases do nothing to increase your credit score or make you any more attractive to credit card companies.
Their credit card is simply a method to make money from someone who doesn’t have it, taking advantage. Obviously, nobody is going to pay 24.99% on purpose. Numerous 0% six months, then 0% 18 months, nothing like the stores that give you three or more years at 0%. Now a gimmick for 3.99% for 48 months if over $3500 purchase. When you initially sign up seldom do they give you a rate this high, hence force the six month pay back, then collect the very high interest rate.
Avoid these cards, and most other department stores if possible; finance via other means or put as much down as you can manage, ensuring payoff before the period expires. Yes they charge the interest from the beginning if not paid in full, ouch.
Most 0% deals are the same. Don’t see what the big deal is. Just pay it off in the time allotted. Done. I did this with both Dell for my computer and Pier 1 for my furniture. I just divided how much I owed by 12 months and paid that amount each month for twelve months via my online banking recurring payment plan. Very easy. The good thing is, once you pay it off on time, it actually “helps” your credit score. Of course, if after dividing the amount you owe by the number of months allotted, you realize that you can’t afford the payments, then a 0% interest deal may not be for you. Or, If you’re the type of person who does not pay your bills on time, then the 0% interest deals are definitely not for you. Besides which, you have to have good credit in order to qualify for most 0% interest deals. They don’t give them out to everyone. Usually, they give these deals to people who have a history of paying all of their bills on time. That’s why they check your credit report.
OMT is probably a Lowes employee, stooping very low here.
I’ve always over paid each month on my amount due. I have never ever been late once!
Last month I received a letter from Lowe’s credit dept claiming that they lowered my credit card limit due to other unpaid creditor’s! My credit cards were used by someone else, but they do not bother to ask about WHY you’ve had credit problems in the first place. This notice to me did make me VERY angry, and after I pay off my balance I will cut up the card and send it back to them! Mary
Also if you don’t watch your card activity they will apply your payments to promos that don’t expire for 6 months while leaving your ones due to expire unpaid. I called Lowes Card Company at least twice to apply payment to an expiring promotion.
Believe me, Home Depot is no better. After two bad instances, I finally cancelled the card. I had a hard time getting Home Depot to take the insurance charges off which I don’t need. I just applied to Lowe’s. It’s scary reading bad accounts, but I’ll try anyway. Like was said, you have to read your papers. .
Gary, I know about that too, i do it with my polaris card, you just have to satisfy the curent amount due, anything over can be put as you want it.
Lowe’s now has a 5% discount, if you use their credit card.
So, does that mean if you pay cash, you pay 5% more?
And, cash back? People, they take your money and later give it back. You are not getting any deal.
I’ve had a Lowe’s CC for 2 years and always take advantage of the promotions. The best way I found for paying off my amounts was changing the billing cycle and emailed them every month after I make my payment online so that payment can first be applied to the recent purchases and then promotional balance. After looking at the bill carefully, I noticed interest was being charged because the payment was partially applied to both balances. Now, my payment pays off the recent purchases so that no interests are charged and my promotional balance still gets paid off. It’s not Lowe’s fault but the credit card company. Other store cards have their issues also but don’t offer the promotions. I wish Macys and victoria’s secret offered that! Also, Lowe’s reports to ALL 3 credit agencies which other stores don’t helping me raise my score. I added my boyfriend and his credit score is also increasing. This helps because we just take turns making monthly payments on materials for our nest. If you just charge even $5 monthly on your Lowe’s cc, it won’t be closed because there’s a revolving credit law that allows CCs to close or lower credit limits if there’s no revolving credit. You just have to be smart about it.
Here is another deal; Do not do any over the phone payments because, when you use your bank or debit card; They do an inquiry or a pre test (they would not tell me what it is); They do this before they process the debit or credit charge to your bank; and this causes a ATM inquiry charge to appear on your bank statement. This was only 75 cents but hey how much does that add to if they all start doing that.? I called them up and said I will not buy anything else until Lowes or GE Money banks stops this practice. And so should everyone that calls in tell them that.
Funny how no one has mentioned this:
If you make any purchase on a Lowes card and you did on the deferred interest rate 0 percent; this is what happens while you make payments. You go and purchase another item; instead of paying then; you decide to ‘pay when the bill comes due and to pay the extra amount you just charged”; that is ok unless, unless you pay the full amount of the what is due plus the extra you just charged; Because if you do not; they take the lesser amount and apply it to your new purchase first and then if there is any left over that goes to your defferred interest payment due. So, In plain englash; you wind up NOT paying it off in time so they can get the interest. Here is how you get around it; I did this just the last part of 2010. You wait a few days after you make the payment and call Lowes and you tell them; “I want the entire payment just made to go toward the deffered interest charge balance.” Then they have to and none goes to the new charges until you have the deffered paid off. You will have to do this everymonth payment or they will pay on the newest charge(s) first.
I have had a Lowes credit card (not project card) for years. I too have used it during the promotional 0 interest rate periods, as I do with all my big ticket items at Lowes or Best Buy, etc. I always know exactly how long I have to pay in full when making the big purchases. I budget accordingly and pay it in full by the promotion end date. I have never had an issue with Lowes or the credit card. I actually received an increase in my credit line when asking for it due to a larger project at my home. Anyone you apply for credit with will check your credit report. I prefer Lowes over Home Depot.
Well i closed my lowes account, have no desire to start over with a 500 line again, i’ll just keep my busness at other places.
This is for OMT, on the back of my home depot statement. Notice, it says “whichever is later” Just to straighten your facts out.
*You must pay your promotional balance in full by the expiration date or the payment due date for the billing cycle in which the promotion expires, whichever is later, to avoid
paying deferred interest charges.
And to Linda B. Burton, the busness has nothing to do with closing anyones account for non use, why wouldn’t they just shut the doors if they dont want your busness.
WB— I dont know of any card that you can pay online by using another credit card /debit card, that would be considered a cash transaction and would be treated as a balance transfer, which could be a special rate or could be same as cash withdrawls, but would have to be done through the payee card side of things. I do use my citi card to pay most of my utilitys, then pay it off every month, and collect on the rewards!
Also, i have no problem with the promo specials an any store /bank credit cards, it really saves me money over the ones that dont give you this opertunity, and its only my fault if i dont get it paid down in time.
JB,
Finally got your ___ response – this does have everything to do with it – I didn’t say they didn’t want your business. I said the companies will close the account and you have to get a new one going if you don’t use it. Read, idiot, read.
The companies will close your accounts??
WHERE ARE you getting your facts from??
neither hd or lowes close no ones accounts, it their crediters that do it.
RUN SPOT RUN
Yes, JB, you can pay any account with a credit or debit card – because I do it. Ha! Oh, JB, I pay all my utilities with my paycheck, it’s called cash buddy.
Lowe’s will close your account if you don’t use it. You, Mr. Man, don’t know what you’re talking about either. Get a life, idiot.
Mines also called “cash” buddy, but i also get rewards for using my card, which add up to a couple hundred a year. Re read the part that it gets paid off every month, as in NO INTEREST ADDED.
Just try to pay your lowes account with your bank credit(not debit) card, let us know it you get a purchase rate or a cash advance rate of interest added. Or better yet, use your home depot card to pay your lowes card, that what it sounds like you are saying.
This seems a stupid thing to do as you are borrowing from one credit card to pay another.
But maybe i misread you, as for sure, you can always pay from your debit card to any credit, no differance than paying cash or from your checking account.
I may stop by again for your reply, but i wont be whipping a dead horse anymore.
well they did it to me too, had a 4000 credit limit and now its at $224, and only becouse i have not used it, becouse all my other cards, including hd have gone up .
Guess the only way to avoid this is to go in and charge a candy bar or something to keep it active, as i was looking in to buy some warner scaff. planks, but now i only have enough credit to buy a couple candy bars ,lol
Yep, first time i check my credit line in almost 2 years there, so i guess if you dont use it, you lose it ,lol
Maybe it is the ge card company, well lowes is losing shoppers becouse of them.
Lowe’s will “lower” your credit limit to $224 but all you need to do is call them if you have not made a purchase in a few years. The $224 is only an amount that signals to any Lowe’s cashier that your account is on temporary hold for non-use and in order to prevent fraud, they will just verify your address and phone info and a few security questions only you would know and open your line of credit back up. GE says it is for consumer protection…it happened to me and I am fine with it.
DO NOT OPEN A CREDIT CARD WITH LOWE’S!! Besides the ridiculously high interest, their credit card services (customer service) are plain awful. I got my bill yesterday and they are still charging for a payment that I made last month, 15 days ahead of the due date, besides that they are also charging for Card Security, which I never ordered. When I called to correct this errors the customer service representatives, I spoke to two, were extremely uncooperative, unhelpful and just plain rude. When I requested to speak to a Quality Assurance Manager I was told that they did not have a quality improvement or quality assurance department, surprise, surprise! So I requested to speak to a Customer Service Manager, was placed on hold for half and hour and then disconnected. I have never, ever , had that type of experience with any credit card or credit agency, they are really awful. I’m canceling my card today and have asked my parents to do the same, they are elderly and I would hate for them to have to deal with such an uncooperative company. I believe their credit line is handled by GE Money Bank.
Yes, Isabel.!! Happened to me also.!! The stealth “Card Security” charge as high as the interest. $1.66 per one hundred dollars. And completely unsolicited.
As a Lowe’s employee for 5 years I can tell you the trouble with credit is true and after being in a position that dealt with selling large projects and pushing credit I can not tell you how many smart shoppers walked away from our business because Lowe’s did not make sense. Customers come in after leaving Home Depot and come to us hoping for a better deal on the credit end of it. When they are given their spending limits quite often customers are apalled or insulted and I have to cover for a company that deals with a financing that doesn’t want to help our customers. I have regularly seen customers offered through us limits on their cards of under $1000 even under 500$ and have already left Depot with offers of limits over 5000. The money needed to do REAL projects and keep them coming back. I became an expert at making excuses for Lowe’s. Needless to say Home Depot is winning, always has been, and now with Lowes cutting 1700 senior managers that money they aren’t lending out is really hurting.
I don’t know what eveyone is complaining about. All of the those 6, 12, or 18 month promotionals are the same. If you don’t pay it off by the promotion period, the interest is accessed back to the purchase date. If you know of a card that only charges interest starting after the promotional period, then I would like to know, because I don’t know of one. I use my Visa that has faithfully provided a 1% rebate every month, no annual fee for the last 10 years. I only use the Lowe’s credit card to get a 6, 12, or 18 month promotion or 10% off for first applying for the card.
Don’t understand all the negative comments. I’ve had the card for a few years.under 10% rate. I receive gift certificattes usable @ Lowes dependant on accumulated points (spending).Have not hadf problems w/ querys on charges and my rate has never been “renegotiated “. . I use this card frequently for items that will not be paid off during the 1st month…I’m as comfortable as possible w/ the interest charges.
I have used a lowes card for many years. Have allways paid bills in a lowes store without any problems on both promotion and non-promontion items, until this month. I reeived a bill with a interest of $9.22, charge. I paid my bills on time and was told that my nonpromotional items would be paid first and the balance of my payment would go toward my promotional items, Well now GE money bank has told me that the $9.22 was interest for the past three months where I have had a nonpromotional purchase and did not call them before hand stating that the payments were to pay off the nonpromotional items first. They tried to tell me that the stores cannot tell me that the payments go toward the nonpromotional items since they know nothing about GE money banks charges. I told them that I know nothing about their charges neither since there’s nothing on the statements advising me of the way my payments are being applied on the account. I was told that they would correct the interest charges, but havn’t received this monthes bills yet.
I had the same experinece as many of the above. GE Money, who handles the Lowes credit card closed my account without notice, and I didn’t find out until I was making a purchase.
I had no late payments, and had been paying instore, on an appliance because GE Money would not take electronic payments.
Now as we are re-doing out kitchen, Home Depot gets our business.
Not sure why folks are complaining. This is a store card through and through. Store cards generally aren’t that good. They generally offer none of the same benefits you get from a major credit card.
I haven’t had any problems from my Lowes card.
Remember at the end of the day, Lowes really has nothing to do with that card. It is actually a GE credit card.
Those Credit Card Companys want People Like me and you To open a Acct. With Them but @ the same time They have a Knife in air BACKS They sweet talk you into opening a Acct. ………..
Lowe’s credit card holder since 2004. I have spent tens of thousands there on my money pit of a home. Had a zero balance and hold the card for big jobs. Card closed because I was late on my 2nd mortgage payment one month.
Unfortunately for Lowe’s, they chose a crappy company, GE Money Bank, to be in bed with. Lowe’s can now thank GE Money Bank for the business they have lost to Home Depot. I am done with Lowe’s.
“Basically, if you don’t like it, PAY CASH.”
That is just what I will be doing at Home Depot.
Had a business acct with Lowe’s since 1986. They issued a business “select” card on this acct in 2/94, large credit line. Never carried any monthly balance,paid complete monthly usage each billing period. In local store today, get to checkout, card declined, told to call # on back of card. After several minutes on phone, finally reach human, tells me the acct has been closed due to inactivity past several months. NO LETTER-NO PHONECALL- 0 communication- 100% humiliation,
GE does not control the Home Depot card. And for all you people threatening to go to HD, keep in mind that their interest rate starts at 25.99% They offer promotions as well, but they work differently. At Lowes if your promo expires, the interest is added to your account, but if you pay off the promo in full within 30 days the interest can be credited back to you. HD has no such grace period, if you miss your promo expiration date, even by 24 hours, you are paying all the interest and they will not even consider giving it back.
If your account is closed, as I stated before, a letter is sent out telling you why. If your credit is decreased, its usually because of something on your credit report. If they offer you a lower limit than you had before it is because the economy has changed since you opened the account and the credit score that got you a 20,000.00 limit before may now only qualify for 10 thou.
Basically, if you don’t like it, PAY CASH.
Wow, glad to see that I am not alone with my Lowes card. I’ve used the 0% offer, no problem. Requested increases for small projects, no problem. Just went to pick up a few things for the holidays. Card declined. They dropped my limit to my balance even though I have never been late on a payment and always pay 10-25% of my balance each time. GE also controls the Home Depot card and it has not been affected like my Lowes card. Guess where I’ll be shopping from now on.
Oh and LOWES did not sell the credit account to GE MONEY…GE MONEY has been financing the Lowes card since the mid 70s.
If your credit card is closed a letter is sent out telling you why. It may not have anything to do with the LOWES account, but your credit score as a whole. All credit cards monitor your credit, so if something changes and you no longer qualify or you only qualify for a lower limit then action is taken.
About the deferred interest…it’s just that. DEFERRED. These sales are not advertised as 0% interest for 12 months, they are 12 months DEFERRED interest. So of course, if the balance isn’t paid when the promotion expires the interest is added on, basically like the sale was not on a promo to begin with, it’s the same amount of interest you would have paid for that 12 months if the sale was not on a promotion.
If you get to the register and your card is declined most of the time it is due to the account being past due or you never called to activate your card. Of course customers are not notified beforehand when their account is going to be closed. That might cause someone with a 5thousand dollar limit to run up the balance before the closure takes effect.
As far as all the jobs being outsourced to India…that is not true. Lowes Credit has call centers for customer service all over the USA. Some departments may be transferred to an out of country call center, but can you blame them? The tax rates for keeping business here are outrageous.
Nothing every other credit card does. So stop crying. I had an American Express with a savings account. Hardly ever used the card and they lowered my limit even though I have $$ in there savings account. Perked, yes. But it doesn’t matter since I don’t need or use the credit.
wow, I was really feeling sad til I found all these comments…I went to lowe’s this morning and tried to use my card….account was closed…Totally shocked!!! I have had this card for years. Never late with a payment, always kept a small balance but made some large purchases over the years…Called while I was in the store to find out why, they said something was reported from the credit bureau…what??? I have great credit..went on the free credit report site.. yep..all good…this is disturbing…I loved Lowe’s…but..Home depot from now on!!!
I have had a Lowes card for several years with a $2800 credit limit. I have paid the card in full twice. Now I just got a letter stating my credit was being lowered to $1700. That is about the balance as of right now. This is crazy—no more Lowes for me.
Oh, and for you who pay off a card and they close it – GUESS WHAT, IDIOT, THEY CLOSE IT IF YOU DON’T USE IT – THAT’S HOW BUSINESSES KEEP GOING. WHERE’VE YOU BEEN.
This is the part i guess i misread, i didn’t know that lowes ,home depot, sears ,ect would call their credit suppliers to close someones credit becouse they have not used it for some time, I thought business keeps going becouse of great customer service, but i guess you are the smart one here.
Not being able to pay with debit or credit card???? – That’s bull – I do it all the time. Sorry you folks are having all this trouble, but I dare you to publish this e-mail. I knew all that stuff above and still applied for the card. Yeah, people, you GOT TO PAY IT OFF IN 6 MONTHS – THAT’S THE WHOLE PURPOSE OF NO INTEREST – PAY UP – C’MON YOU DEADBEATS PAY UP! What’s wrong with you idiots is that you just want to pay whenever the mood hits you.
Any time you apply for a credit card (NOT JUST LOWE”S), there’s a credit check. I’m 54 years old and know all about all credit cards – been there done that – these aren’t new facts. Oh, by the way, all credit cards are sold to companies and outsourcing to India. people, get with the times.
Hey, e-mail me when you find one (1) – just one company that DOESN’T do any of the above mentioned, already know and quite common practices. Good luck!!
To make matters worse, they sold their credit card business to GE Money! All customer service is outsourced to India and it is very difficult to understand a thing they say. We need to bring these jobs back to the USA!!
Had this card for years–not once late on a payment. Paid the card off, and as soon as I did, they closed my account. I’ll never patronize Lowe’s again!!!!!!!!!!111
I have no problem with the Lowes credit card interest rate or the fact that the interest is deferred because about 90% of the store cards out there are the same way, my problem is with the you didn’t use your account so we closed it at our discretion. On top of that there was not a letter, a warning, or anything, they just change your account. I am sure that is the fine print somewhere but is that really a good way to treat your customers? I had a card with a 20k credit line that I opened 5 years ago and made purchases over the years but haven’t bought anything in the last two years because I only use the card for the no interest options sinceI am all about using someone else’s money for free. Last night we go into Lowe’s to purchase three new doors and end up with a 12k purchase. I pull out the card and the employee helping us instantly ask “how long has it been since you used the card because they will lower the limit or close it if you don’t use it.” I told him that the account was only 5 years old and the last purchase was two years ago. He immediately walked us to the manager how then had to research our account. He found that the account had not been closed but the credit limit had been reduced to $224 so he requested a credit limit increase. I have borderline excellent/very good credit and our income now is about 50k MORE per year than it was 5 years ago when I opened the Lowes card so I fully expected the account to be returned to the previous status. However it was not, the limit was raised but only to 10k, half the previous amount and not enough to even cover my purchase. The employee asked the manager if he were to call in would they give a second increase and the manager told him no and that for them to change the limit from $224 to $10,000 was very usual that typically they wouldn’t increase it more than $3,000-$4,000. I contemplated walking out on the sale at that time but given the fact that the price at Lowes for all three doors and installation beat the next best price by 65% I really didn’t want to do that over a silly credit card that Lowe’s really has no power over. At the end of the day I put the 10k on the card at 12 months no interest and paid for the rest out of pocket. Again I am not happy about this and I hope Lowe’s gets wind of this thread and does something about it! I had almost gone in a couple of weeks ago to pick up a new grill when they were running an 18 month deal but decided I would order online instead, I can’t even begin to think how ticked off I would have been standing at the cash register with my $600 grill to have the cashier tell me that I didn’t have available credit. Wake up Lowe’s, get your credit provider in line and communicate with your customer before you lose even more of them to Home Depot because I will remember then when my next project(replacing 24 windows in our house). Guess if I want to do it at Lowe’s I will have to do it over time to take advantage of the financing offers…or just go somewhere else………
I worked for Lowe’s for over a year and at the time you applyed for a credit card you were told and also was given literature on the credit card, I would say most of you need to read and listen and if you are going to charge it clearly states the balance has to be paid off by a certian time!! WAKE UP
So basically you want to agree to terms, and when money is due, after you have had 6 months to a year to pay it off, you scream foul? Maybe you should have saved up for the purchase. Then again, I’m sure you are one of those, “I want it now”, people. You kill me. You have to blame somebody, just as long as it’s not you.
thanks for the info….ill go to home depot!!
Does anyone know anything about the Lowe’s American Express Card? An employee advised us to get one this week and save 20% on our purchase. We didn’t make a purchase, but we are thinking about it.
I’m with LTM, there are no surprises when you fill out the application for credit at Lowe’s. It is all spelled out. My wife and I have done the “no interest thing” twice and both times have been very successful. You have to make sure you pay in full a couple of weeks ahead of the deadline to make sure the payment will get credited in time. The first time we made a purchase of appliances for the house we had just bought. That was 6 months same as cash. The second time we charged $3600.00 in material for a garage we are building and just paid that off 3 months ago. That was 12 months same as cash. We look at it as free money. Where else do you get someone to loan you $3600.00 for a year with no interest? In the mean time all year I was building the garage with the materials in my driveway ready for me when I needed them.
I have been reading these reviews and am surprised by some of what I am seeing. Just to set some things straight…
On Lowes Visa Accounts all of the APRs have gone up since the credit crunch. I was notified of it and given the opportunity to opt out 90 days before it went into effect. It is all there if you read your statements. In BOLD print, it says “Please see the enclosed change in terms.” It’s very hard to miss.
On the Lowes Consumer Card, there is no grace period for payments. Just like on my other cards. If it’s late, you get a late fee. Plain and simple. Also, the due date change that went into effect several months ago was due to the credit card act that flew through Congress. They determined how many days there have to be in a billing cycle. Lowes credit card HAS to comply with the law. Again, I was notified that my date would be changing 90 days before it happened.If you READ YOUR STATEMENTS you can’t miss this stuff. It’s not anyone else’s fault that you are complacent with your credit.
Also, if you were just approved for a mortgage or a brand new car…it affects your credit score and availability. So that could actually cause you to NOT be approved for something small like a Lowes card. There is only so much available credit you are entitled to. If you use it all up on a home loan…well I’m sure you get it.
Basically I am tired of everyone blaming their credit card woes on others. It’s your fault.
Hey thanks for the heads up! Disaster averted.
Actually the 0% no payments for purchases on $299 is a trap. I use that program all the time but and pay off 100% of the non-promo items HOWEVER they still charge interest because they claim that under the new credit card laws they have to apply 1/34th of your payment to the promo amounts. I asked them how the heck I would know that and they said that if I did not want to pay any money towards promo amounts I must CALL THEM EVERY MONTH prior to making a payment. Thus, you end up attracting interest on the non-promo items that you have submitted full payment for !!
So be very careful how you utilize the 0% no payments promos.
My mother passed away over ten years ago and had an outstanding balance of $171 on her card. Nothing moves fast when you are trying to settle up an estate, and it took some time before I got all of her bills paid, but I didpay them. The balance has always shown up on my credit report an unpaid. but it was paid, I have talked to them many times but they leave the item on my credit report.
just like Karen up there, I owed $635 paid $500 got next statment for $135 but my cedit was lowered to $500. called customer service but they could not tell me why as citibank controls that and there is no one to talk to. i have to write the bank about my account. i am mad and am thinking of doing my shopping at the other place. OH did i mention that i am talking about
THE HOME DEPOT. after reading the above, NOW what are my chorces !!!!
I was thinking about getting a Lowe’s card to do some remodeling but I am glad I read this. Oh and I have never had a lowes card and I get coupons all the time for $10, $25 & even $50 off my next purchase depending on what I spend. I am pretty sure anyone on their mailing list can get those. I signed up for the little magazine/flyer they send out and that’s when I started getting them.
Same thing just happened to me as happened to Jim up there. I don’t even know what the reason is that it is closed – I haven’t gotten the letter yet and no one can tell me, just that my credit score went down. I ordered my credit report but will just shop Home Depot from now on.
We used to use lowes cc for all home appliances, carpet, fencing and took full advantage of the 0% interest rate and was never late, and always paid off before even due. Once we didn’t use the card for 5 months they closed our account stating because of past due which isn’t true. I agree we won’t shop lowes again.
We have the Lowe’s project card, and no the interest is not charged retroactuvely UNLESS YOU ARE LATE … having never been late and knowing how to properly use our 6,000 line of credit we have used our project card to buy appliances and for home repairs throughout our home. We plan on starting another project window on march 1st to replace subflooring and carpet in 1/2 our house. 0% interest is a reward in my opinion… and since we got the card we have received several coupons for $10 off or $25 off our next purchase.
Lowes is the worst credit card EVER,
NEVER EVER GET ONE OF THESE
WARNING
do not ever get a Lowes Card
I have shopped at lowes for years and had a lowes CC with $2,500 credit line. I went to lowes last week to buy a storm door and was told my lowes cc was closed. I used my lowes cc previously to buy a refridgerator and dishwasher and had paid it off early. While at the store I called Lowes CC and was told they had closed my lowes account to protect my credit score. I said ok i need it re-opened im at lowes and want to buy a door. I went thru all the process to open my account and was only given $400. This would not cover the storm door and installation, so i just walked out of lowes drove about 1/2 mile to Home Depot. Filled out their CC and was given $10,000…YES $10,000 in Credit. Lowes Lost my business FOREVER!
LOWES DROPPED MY ACCOUNT TO $500 LIMIT AND I HAVE A 0 BALANCE BECAUSE I PAY OFF MY DEBTS AS SOON AS I CAN, BUT IF I NEED TO MAKE A BIGGER PURCHASE $500 WON’T COVER IT. THE REASON? BECAUSE OF A LOAN I CO-SIGNED THAT WAS NOT PAID ON TIME TWICE BY MY SON…WHAT THE???? IN HIS ECONOMY I WOULD THINK THAT THEY WOULD WANT TO KEEP GOOD CUSTOMERS AROUND-I WILL GO ELSWHERE JUST BECAUSE THIS IS INSULTING.
If Lowe’s gives you a 6 or 12 month zero interest and no payment, how can they legally close your account if you haven’t failed to meet the requirements of the agreement? I would like to purchase 6 windows (4 doubles, 2 singles)at a cost of approximately $2,000 and take advantage of this credit method. However, I don’t want to hurt my credit rating or some other “surprise!”
Maybe I should purchase the windows at Home Depot! Please provide me with the Company’s reponse to this matter.
I was a “Perfered Costumer” at lowes for 24 years and used the 0% APR offers several times. If you use it right, it’s not a bad deal. But it can bite you in the rear if you let it. The problem I think everyone should know, is Lowes can break one of in you. I held a account with Lowes for 24 years, never late with a payment, always kept the account up to date. And have charged large amounts at a time and paid them down quickly so I would not have to pay all the intrest they charge you. I found out that they can and will close your account whenever they want to. My credit score had dropped a little and when I tried to talk to someone about it, there was no real good reason why they closed it since I have never missed a payment, was current, and only had a balance of $118.00. Go figure. So Lowes lost a good paying customer and alot of money.
Agreed — not a great card BUT really good if you know that you can and will pay off the entire balance by the end of the six or 12 months 0% APR promotion. My husband and I used the Lowe’s credit card for a $1700 carpet installation — they gave us a year 0% APR — we paid a little every month and by the end of the year, it was paid off. This allows my husband and I the freedom to purchase what we want without having to put down one big lump payment. You shouldn’t use this card if you’re not sure you’ll have the money by the end of the promotion. We’re about to do a kitchen renovation and will again use the 12 month 0% APR to pay it off slowly — can’t beat that!
Just tried to make a payment on my Lowes Credit Card, which I wouldn’t have if I’d read this article first, and wouldn’t you know there’s more reasons to by-pass this General Electric product here too.
Unless your bill is late, you can’t pay with a debit or credit card online, only by direct withdrawal from your bank. However, if you are late, then you can use a credit card, debit card, or just about anything else you like, ONLINE! If you talk to a representative, you can pay your bill for a nominal fee of either $10 or $15 {the person I spoke with seemed a bit unsure which applied}.
They really do their best to get you coming and going at Lowes Credit, don’t they?
WB
Wish I’d read your blog post before buying 1,000 sq. feet of Pergo on my new Lowe’s card! I found your article quite insightful and accurate and wanted to add one additional observation on the Lowe’s card. Lowe’s offered me 12 months of 0% interest on the new card, which I jumped on. However, there’s one MAJOR catch I discovered after the fact. If I don’t pay off the entire balance by the end of the promotional period, not only do I start paying the ridiculous 23% interest rate, but also they are going to charge me the DEFERRED interest as well. That’s right, if this balance isn’t down to $0 by the end of Sept. 2010, I’m going to get hit with around $1,000 in back interest charges plus 23% each month thereafter. I’m comfortable I can avoid this little caveat, but the lesson here is: Do not open a Lowe’s card if you are uncertain about paying off the entire balance by the end of the grace period.