Large retailers often offer credit cards in hopes that you will make large purchases at their stores using their card. Many of these cards are advertised as easy approval encouraging you to apply for these cards and make your shopping easier. They offer special financing packages as well as discounted or no interest for a certain amount of months.
Lowe’s Advantage Card is a credit card that the major retailer, Lowe’s offers. Lowe’s is a large hardware and home goods store. It is a chain store with many locations across the United States, which means the chances of marketing their credit card and getting people to apply for it are high because they have a large pool of consumers to market to. In addition, due to the nature of the goods they sell, it is easy for customers to go into planning to make large purchases. It supplies major goods and building materials if you are involved in a project that requires some of these materials it can get costly. They encourage you to apply for and then use your Lowe’s Advantage Credit Card to make these purchases.
What is This Card?
This is a credit card you can apply for at the Lowe’s store or on their website. It is helpful if you shop there frequently and plan to make large purchases there. Perhaps you are involved in a costly project that requires materials Lowe’s sells and you do not, or cannot pay for all of those materials, this credit card would assist you with that. Right now, they are offering a special of no interest if your balance is paid in full within the first six months. This offer only applies to your first purchase of $299 or more. Due to this, it is more efficient to apply for this card only if you are considering making a large purchase. In addition, whatever you charge must be paid off, in full, within the first six months. If you do not pay the payments in full then interest will be assessed on purchases from the purchase date. The interest fee is $2.00 and over.
Alternate Promotional Offer from Lowe’s
Their other promotion is five percent off of each purchase. However, this cannot be combined with the special financing of no interest for six months promotion. You can only use one of the promotions. To help you decide which promotion to choose it is best to think about and plan in advance what you will use this card for. If you are using it to finance one large purchase that you will pay off over time, then the no interest for six months may be a better option as it gives you the time to pay off your purchase without interest accruing. If you frequently shop at Lowe’s for smaller purchases it may be a better option to choose the five percent off of each purchase option. This may save you more money in the long run as you will save every time you use your card and purchase something at Lowe’s.
Which Option will Fit your Situation
In addition, there is a high APR on this card. This is why thinking about what you will be purchasing with this card is extremely important. If your purchases are planned, you can better gauge how your financial situation will fall into place and work synchronously with your payments.
If you are going to use the card to make a large purchase then the deferred interest option is better because you will pay less money overall when paying off your balance in six months. One of the reasons why this card is popular is because it offers two promotional offers. There are not very many cards that offer rewards for each purchase. Most advertise a deferred interest option. Lowe’s card gives the consumer the power to choose what promotion best fits for their life. Being able to apply which promotion you want gives you the power to use your card and feel like you are still saving money.
Maximize Your Spending
Many people have different needs and want when shopping for credit cards. To avoid the most debt and maximize your spending power having more promotions to choose from is better. That is what makes this card successful. As mentioned, the main downfall of this card is the high APR rate. As long as you make sure to have a payment plan worked out for the first six months after you calculate your projected spending on the card, it will be easier to use this card more efficiently. You will also sustain your creditworthiness by having a payment plan that calculates how much you need to pay in order to pay your balance off and then paying that amount each month on time. But, remember, when you are signing up for this card, or a card from any retailer, ask yourself if you will purchase things frequently from that store. If there is a promotion or several promotions, figure out which one is best for your spending habits.