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Lowes, like many stores, offers its own branded credit card. Like other store cards, the Lowes card is only valid in Lowes locations, and the benefits and discounts it offers are exclusive to the well-known home improvement store.
The good news is that those discounts and perks abound. There is no annual fee, you can receive special financing on qualifying purchases (more on that below), and you can save up to $100 on your first in-store purchase after becoming a cardmember.
However, as is the case with many store cards, the Lowes store card has a standard annual percentage rate (APR) that is rather high. Furthermore, you will only save money on interest with this special financing offer if you pay off your card within the promotional period. If you don’t pay off the entire amount, interest is applied back to the date of purchase, so you may end up with large bills. Additionally, you lose the flexibility that other rewards cards that aren’t associated with a specific store brand offer.
Though many do-it-yourselfers feel the Lowes credit card is worthwhile to use, you should carefully consider whether the Lowes card is right for you. Here are seven things you should know from this Lowes Advantage Card review to help you decide for yourself. In this article.
For frequent Lowe’s customers, a store credit card with numerous benefits is available: the Lowe’s Advantage Card. It is an excellent resource for saving money on regular products because it provides incentives, discounts, and even personalized offers. You may be wondering, though, what credit score is required for the Lowe’s Advantage Card before you apply.
Well the minimum credit score required for the Lowe’s Advantage Card is 640 which falls into the fair credit range. This means that even if your credit isn’t perfect, you still have a good chance of getting approved.
However, it’s important to remember that your credit score is just one factor that the issuer will consider when reviewing your application. They’ll also look at your income, debt-to-income ratio, employment history, and payment history. So, even if you have a credit score of 640 or above, there’s no guarantee that you’ll be approved.
Here’s a quick rundown of the Lowe’s Advantage Card credit score requirement:
- Minimum credit score: 640 (fair credit)
- Other factors considered: Income, debt-to-income ratio, employment history, payment history
- Approval not guaranteed: Even with a credit score of 640 or above, you may not be approved
Here are some additional things to keep in mind:
- If you have a credit score below 640, you may still be able to get approved for the Lowe’s Advantage Card if you have a strong cosigner.
- You can check your credit score for free on WalletHub.
- It’s a good idea to improve your credit score before applying for any credit card, including the Lowe’s Advantage Card. You can do this by paying your bills on time, keeping your credit utilization low, and avoiding opening new credit accounts.
Here are some frequently asked questions about the Lowe’s Advantage Card credit score requirement:
- What if my credit score is below 640? You can still try to get approved for the Lowe’s Advantage Card with a cosigner.
- How can I improve my credit score? You can improve your credit score by paying your bills on time, keeping your credit utilization low, and avoiding opening new credit accounts.
- Where can I check my credit score for free? You can check your credit score for free on WalletHub.
Managing the Lowe’s Advantage Credit Card
Like most credit cards, the simplest way to manage your Lowes credit card is with your online account. You can access your account at lowes.syf.com. If this is a new Lowes credit card account, youll need to register your account with your account number and ZIP code, then create a user ID and set a password. You can then use your credit card login to access your credit card bill and make your credit card payments through your online account.
Payments can also be mailed to Lowes; simply make out the check to “Lowes/SYNCB” and mail it to Lowes, P. O. Box 530914, Atlanta, GA, 30353-0914.
You can also download the MySynchrony mobile app to manage your account from your phone.
If you have questions, you can call the consumer credit card phone number at 1-888-840-7651.
Deferred interest on financing options can result in owing a lot
Deferred interest offers carry a risk because, should you not pay off the entire balance on the card by the specified deadline, you will be responsible for paying back interest.
For instance, if you borrow $1,500 on your Lowes card and are eligible for a 200 percent interest loan for six months, but you don’t pay the loan back in full, you will be required to pay back interest at the end of the six-month period. 99% on the $1,500 dating back to the purchase date. This means you’d owe interest on $1,500 at 26. 99% dating back six months, which would be around $200 in back-interest costs.