Warning re: Lowes Project Card application for 0% financing

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
5 posts
dd1979
 
Posts: 1
Joined: Wed Jun 05, 2013 1:56 pm
Location: east coast

Warning re: Lowes Project Card application for 0% financing

Postby dd1979 » Wed Jun 05, 2013 4:51 pm

Watch out because unfortunately Lowes employees don’t always know what they’re talking about when the pitch you the project Card!

I had thought it gave 0% for 6 months on $299 and higher purchase but low and behold that is not how it works.

What REALLY happens is that you need to specifically apply for the Lowes project card. Their normal application is for a different card that gives 0% DEFERRED interest for 6 months and then after that the interest is charged retroactively for the whole time!!!!!

To get the project card your first purchase needs to be $1000+ and that is the one that DOES GIVE 6 months interest free WITHOUT retroactive interest.

I think Lowes is not doing a very good job explaining the different options to people and what and how you need to do to get them. I would never have wanted the other card with retroactive interest if I had known the project card gives 6 months without interest.

Why you would choose the other for high dollar home improvement projects is beyond me. They should make you aware of the pros/cons of both!!!!


BirthdayBoy
Gold Member
Gold Member
 
Posts: 35
Joined: Mon May 27, 2013 4:16 pm
Location: Monterey, CA

Postby BirthdayBoy » Wed Jun 05, 2013 7:09 pm

Oooh, thank you so much! I was planning on looking into this sometime next year... Just got back from pricing out some ceiling fans at Lowes even....
Ficos:
Ex- 705 AMEX pull (5/13), Tu: 753, Eq:685

Cards:
First Premier Pimpcard 0.7k (01/10), Capital Bank (secured) 1.0k (02/11), Amex Delta 2.0k (5/13), Chase Freedom 1.5k (5/13), Discover It 5.0k (5/13), Capital One Cash Rewards 2.5k (5/13), DCU Platinum Visa 7k (12/13), Barclaycard Arrival World Mastercard 5.0k (01/14)

CCG
Centurion Member
Centurion Member
 
Posts: 151
Joined: Thu Apr 17, 2008 6:52 pm
Location: Austin, TX

Postby CCG » Wed Jun 05, 2013 9:19 pm

Sorry to hear about your experience. Unfortunately employees aren't always a reliable source for explaining how their store credit card works.

Even though they may intend the best, it's not unusual for a store employee (at any store, not necessarily Lowe's) to be misinformed or not understand deferred interest offers and the nuts and bolts of credit cards. Always read and verify the terms and conditions yourself.

If your credit is decent and you want to finance for longer than 6 months, then you may want to try going for something better than the Lowes Project Card. A good 0% offer from a major credit card will be longer than that and it won't use deferred interest. Here is one such sponsored offer that I like a lot right now: [chaseslate].[/chaseslate]

BirthdayBoy
Gold Member
Gold Member
 
Posts: 35
Joined: Mon May 27, 2013 4:16 pm
Location: Monterey, CA

Postby BirthdayBoy » Wed Jun 05, 2013 9:29 pm

Yeah, good call. If I can get a high enough limit on a 0% offer from a good card, I'd do that before a Lowe's Project card any day. The limit is certainly the deciding factor for me though.
Ficos:

Ex- 705 AMEX pull (5/13), Tu: 753, Eq:685



Cards:

First Premier Pimpcard 0.7k (01/10), Capital Bank (secured) 1.0k (02/11), Amex Delta 2.0k (5/13), Chase Freedom 1.5k (5/13), Discover It 5.0k (5/13), Capital One Cash Rewards 2.5k (5/13), DCU Platinum Visa 7k (12/13), Barclaycard Arrival World Mastercard 5.0k (01/14)

rockyrock
Centurion Member
Centurion Member
 
Posts: 803
Joined: Thu Mar 21, 2013 6:06 am
Location: Ventura, CA

Postby rockyrock » Thu Jun 06, 2013 2:25 am

CreditCardGuru wrote:Unfortunately employees aren't always a reliable source for explaining how their store credit card works.


Not to mention there is a lot of pressure on them to get people to apply for these cards. I worked at a big box retailer for years and there was tons of pressure almost to the level of harassment for us to push the branded card.

At the checkout it was scripted for us to say: "Will this be on your XX card?" and if they said no we had to give them the pitch. If we failed to do this we were counseled in writing.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC



Return to “Finance Charges & APR Compare”

Who is online

Users browsing this forum: No registered users and 0 guests