The Home Depot vs Lowe’s Credit Card

The Home Depot vs Lowe’s Credit Card

November 17, 2020         Written By Bill Hardekopf

If you have major home improvements on the horizon, you may be considering a credit card from a home improvement retailer. The biggest names in the game are Lowe’s and The Home Depot, and they both offer multiple credit card options to qualifying customers.

The Home Depot
The Home Depot offers four credit options for customers.

The first is The Home Depot Consumer Credit Card that offers a number of special financing offers on purchases. Currently, shoppers can enjoy no-interest financing on purchases of over $299 if paid in full within six months. Interest will be charged to the account from the purchase date if the purchase balance (including premiums for optional credit insurance) is not paid in full within six months.

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The Project Loan account is for major home improvements. Qualifying shoppers can qualify for a loan of up to $55,000 and only pay $20 per month for every $1,000 borrowed. There is no down payment required and no annual fee on the card. This loan product has four tiers with Term and APR subject to qualifying credit approval.

The Home Depot offers two commercial cards. For both cards, business owners have a year to make returns and can enjoy no interest for 60 days and fuel savings. Cardholders will receive a Fuel Rewards card that can be used at participating gas stations.

Lowe’s
Lowe’s offers a credit card to individuals and to businesses. The Lowe’s Advantage card offers individuals 5% off purchases every day, six months of special financing on qualified purchases, or 84 fixed monthly payments with reduced APR on qualified purchases. The card has no annual fee.

The home improvement retailer offers three options for business owners. All three offer 5% off every day purchases as well as discounted deliveries. Both the Lowe’s Business Account and the Lowe’s Accounts Receivable cards can only be used in Lowe’s stores. However, the Lowe’s Business Reward card from American Express can be used anywhere American Express cards are accepted.

With the Lowe’s Business Reward Card from American Express, card members earn 3X points on select business purchases; 2X points at Lowe’s; and one point per dollar on all other purchases. Points can be redeemed for either Lowe’s or American Express gift cards. Cardholders can either pay their balance in full each month or make payments, but they will be charged interest on outstanding balances.

Which is better?
If you want a credit card that you can use outside of the home improvement store, the Lowe’s Business Reward Card from American Express is your only option, as the other cards are only accepted at Lowe’s or The Home Depot.

Both companies offer special financing for six months on certain purchases. But be aware that these cards have higher interest rates than a number of other consumer credit cards. If you are going to be carrying a balance for a period of time, you may want to see if you can qualify for a card with a better rate before applying for one of these cards.

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The information contained within this article was accurate as of November 17, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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bill-hardekopf

About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.