Watch out for Lowes

Where you can talk about store credit cards, like gas station cards, department store cards, etc.
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Watch out for Lowes

Postby MemberSince99 » Thu Apr 16, 2015 8:05 pm

They will sneak hit you with interest.

Part of it is me - I signed up for paperless, and so your online statement opens in this tiny pop-up. A caveat - the promotional stuff is on the first page - the non promotional stuff is below but you might never notice it until you scroll and look carefully.

I had bought stuff and returned most of it, but paid well more than the minimum due, HOWEVER they applied my entire payment to promotional items rather than non-promotional, so that left a tiny amount they hit me for interest on.

So I should have read the whole damn thing, granted, but that was pretty convenient how they applied my payment as it should have been put to non-promotional first then promotional, but obviously they wanted to earn a bit extra.

You have to watch out for that so me posting is hopefully your lesson to be careful of this little trick.

And it's a lesson to me that screw their promotions, I'm going to pay this thing off and close it out. They won the interest battle but lost the war but hey I admit, I was taking advantage of their promotions.

BE AWARE they can and will do this. You might think you are safe but you really aren't. Lesson - don't mix promotion and non-promotion items or they are free to play this little game with you, regardless of how much you pay them (I paid them 1100 last month and they put the whole thing on promotion items and left the 41 dollar non-promotion item unpaid...on purpose I have no doubt).

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Postby rhipsher » Thu Apr 16, 2015 9:14 pm

They won't do anything that doesn't benefit them. That's just par for the course.

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Postby CarefulBuilder14 » Thu Apr 16, 2015 9:31 pm

From the card terms:
Payment Allocation. We will apply the required total minimum payment to balances on your account using any method we choose. Any payment you make in excess of the required total minimum payment will be applied to higher APR balances before lower APR balances. Applicable law may require or permit us to apply excess payments in a different manner in certain situations, such as when your account has a certain type of special promotion.

I assume they get away with applying the entire payment to the promotional items because they are technically at the same APR as the non-promotional items - the interest is just waived if you pay it off and avoid their tricks?
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Postby JamesMS » Thu Apr 16, 2015 10:14 pm

Sounds about right. Any way to make some extra cash of everyone. Got to love credit cards.
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Postby MemberSince99 » Fri Apr 17, 2015 7:32 am

Yep you guys are exactly right. They are free to apply payments as they see fit, and clearly they will do so in the way that makes them the most money.

Again, the key is to NOT use the card for non-promotional items while you have promotional balances. That way they can't use the Jedi accounting trick of applying the full payment amount to the things that don't earn interest vs the things that do.

Nice little trick really but lesson learned and hopefully now some more of you guys are aware as well and can avoid this.

I didn't pay much interest I mean how much can you pay on 41 dollars, it's the principle of it. (no pun intended). But yeah it's time I just paid it off and am done with them even though the promotion period is until July.

But folks seriously do not put non promotional items on a card you have a promotion on or you give them a greeen light to charge you interest. The only true way out is just to pay the balance now.

I thought about closing the card after, but in the light of day I probably won't, but it goes to the sock drawer and I'll probably just use Home Depot from here on out.
BUT I did get the Amazon prime card too, and that just tells me that I should NOT do promotions on that either - just take the 5% and pay it off. I won't get suckered in there.

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Postby popamode72 » Fri Apr 17, 2015 9:11 am

Keep it as your prybar card and buy a pack of gum with it every few months. That's what I'd do.
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Postby MemberSince99 » Mon Apr 20, 2015 12:46 pm

One thing I did notice when I paid my bill is in your online account you have a setting which controls how the payment gets applied.

I may not have noticed that before as I haven't been through every screen but I wanted to look, and sure enough it is there.

By default, they apply it as they did, no doubt so they can hit you with interest. So that's something to be aware of that you want to go in and change that to apply to interest items FIRST then promotional items. That should hopefully save someone on here getting nicked for interest.

The thought occurred to me that they SHOULD default it this way, but obviously they want the default set to benefit them and not the customer, so from THEIR standpoint that default makes sense, but from the customer's standpoint it makes none at all.

Just an FYI to hopefully help someone.

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Postby cardcustomerservice » Mon Apr 20, 2015 2:14 pm

Working in customer service (not for Synchrony who has the Lowes card) I can tell you ours is setup *opposite* to that. We automatically direct payments first to the regular revolving balance so you don't accumulate interest, then to the promotions in order they expire. But within two months of a promo expiring, we will automatically put anything above the minimum towards that expiring promotion, Then, within one month of it expiring, we'll automatically put 100% of the payment, even the minimum, to that promo, to help ensure it won't expire and bill the deferred interest. That to me makes sense. I agree with you, it should not go to the promos first unless they are about to expire.

However, you'd be amazed at the amount of customers that accuse my company of acting illegally/unethically and trying to cheat them into paying interest for having it setup the *opposite* of what you are frustrated with in this thread. Some customers just have several promotions, then run up a regular non promotional balance and just never pay nearly enough to cover that plus their expiring promotions.

At least for my company, we offer the customer the choice to direct it any way they want for anything *above* the minimum payment due but they have to contact us to let us know that. Even with the unfortunate way that you mentioned they automatically do it on your Lowe's card, I can tell you it's a very convenient option to have that selection ability online! I wish my company offered a feature like that.

That is surprising to hear about Synchrony though, because I've had nothing but good experiences with them with my Home Appliance/etc. card through them. They've always offered ridiculously long promo periods and I've always been happy with how the promotions were managed. The company I have a card through them with actually is now only offering a new kind of promotions-- equal payment required ones where they just divide the total purchase amount and require that each month as a minimum.

**Anyways, with all that said, I definitely agree with you all on the fact that the best way to ensure you don't get hit with interest at all (due to fishy bank policies or even customer error or confusion) is to not combine promotional offers with regular purchases. The most terrible and complicated situations that our customers get into are usually when they have too many promotions to even count with both hands, with half of them expired and some regular purchases too and then some active ones with interest looming in the future. It can be a mess, especially when they wait until several months later to contact us and try to ask about payments being shifted around at that point. So make sure if you ever do need an adjustment to how payments are applied or anything, just call in as soon as you possibly can, and it's normally pretty easy to take care of, at least at my company.
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Re: Watch out for Lowes

Postby jcarte29 » Mon Apr 27, 2015 9:53 am

I figured that out pretty quickly and resolved to SD my lowes card while paying on a promotion (I always pay them off wellllll in advance, and in over a year with the card have yet to pay a dime in interest).

On a side note: I logged in today and the first thing it asked me (instead of taking me to account home page) was to verify my income. I thought maybe it was leading me towards giving me an automatic CLI (it's already at 10k) but once I entered it the home screen pulled up with same CL and details.

Not that I need another increase on this card in particular...but if they want to give me another one I'm all for it lol.
CITI Diamond Preferred $10,500 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
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