Dreaming of a kitchen reno or a backyard oasis? Home improvement projects can be expensive. But before you break the piggy bank, consider the power of credit cards. Many home improvement stores offer store-specific credit cards with rewards programs and financing options that can help you save money and stretch your project budget further. The two big players that I’ll be covering are Lowe’s Advantage Card and the Home Depot Consumer Credit Card.
Lowe’s Advantage Card
The Lowe’s Advantage Card offers a straightforward rewards system. You’ll earn 5% off most in-store purchases every day, that’s like getting a built-in discount on everything from lumber to light fixtures. On top of that, they frequently run special promotions offering bonus points on certain categories or additional discounts for cardholders. The Lowe’s Advantage Card also boasts attractive financing options. Many purchases of $299 or more qualify for 0% APR for 6 months, giving you some breathing room to pay off your project without accruing interest.
Home Depot Consumer Credit Card
The Home Depot Consumer Credit Card takes a different approach to rewards. Instead of offering a flat discount, you’ll earn reward points on your purchases which can be redeemed for future in-store purchases. While the specifics of the program can change, you can typically expect to earn 1 point per dollar spent. However, where the Home Depot Credit Card shines is its financing options. Similar to Lowe’s, they offer 0% APR for 6 months on qualifying purchases of $299 or more. Additionally, they have special financing options for larger projects, with extended terms and potentially lower interest rates.
Note: To avoid paying interest, the remaining amount must be paid off in full within six months. Should you fail to do so, interest will be charged from the very beginning
Consider Your Needs
The best credit card for you depends on your shopping habits and project goals.
DIY Enthusiast vs. Occasional Updater: If you’re a frequent flyer at Lowe’s, the Lowe’s Advantage Card’s everyday 5% discount can be a game-changer. However, occasional shoppers might benefit more from the Home Depot’s rewards points program, allowing them to accumulate points for bigger-ticket purchases down the line.
Project Budget & Financing Options: Both cards offer financing options, but Home Depot might have an edge for larger projects with potentially lower interest rates on extended terms.
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Beyond the Rewards
- What credit score do you need for a Home Depot or Lowe’s credit card?
Both Lowe’s and Home Depot typically target applicants with fair to good credit, which generally means a credit score of 640 or higher. However, qualification requirements can vary, so it’s always best to check the issuers’ websites for the most up-to-date information.
- Can you use a Home Depot credit card at Lowes?
No, unfortunately, store credit cards like the Home Depot Consumer Credit Card are exclusive to their respective stores. You cannot use them at Lowe’s or any other retailer.
- Which is cheaper, Lowe’s or Home Depot?
It’s difficult to say definitively which store is cheaper overall. Prices can vary depending on specific products and ongoing promotions. However, with the Lowe’s Advantage Card’s 5% discount, you’re essentially getting a guaranteed discount on most purchases, making Lowe’s potentially cheaper, especially for frequent shoppers.
- Is it worth getting a Lowe’s credit card?
If you shop at Lowe’s regularly and prioritize immediate savings, the Lowe’s Advantage Card can be a valuable tool. The ongoing 5% discount and special financing options can help you save money on your projects.
- Is it worth getting a Home Depot credit card?
The Home Depot Consumer Credit Card might be a good fit if you make occasional large purchases at Home Depot and plan to take advantage of their extended financing offers. However, the lack of an everyday discount might make it less attractive for frequent shoppers.
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The Final Swipe
Both the Lowe’s Advantage Card and the Home Depot Consumer Credit Card have their merits. Carefully consider your spending habits, project needs, and creditworthiness before making a decision. Remember, there are financing options outside of store credit cards, so explore your options and choose the one that best suits your situation. Happy shopping (and swiping)!
