topic Re: Lowes Card Questions in Credit Cards

Lowes Card Questions

Openwater — Wed, 22 Apr 2020 15:58:54 GMT

Hey everyone.

Ive been looking at the Lowes card and sorting through they're special finance stuff. I've been trying to find out how it works and the information is very limited. So if anyone can explain to me their 2 special finance offers and how they work.

1st one is 6 months special financing on purchases over $299.

So my questions are does this happen automatically?

Do you mention it at the register?

If you purchase online how do you take adavantage of this offer?

Do you apply this on your account online when you make a purchase over $299?

If you make a multiple purchases over $299, can you add them all together to join this offer?

2nd is pretty much the same but of their 84 month fixed monthly payments of over $2,000.

Here the website says "subject to credit approval" So they pull another credit check even if you have the card? Or is this a new application?

When you have the card you have this option at anytime you purchase over $2,000?

Just like the other offer, how do you apply it? (at register, online when making purchases, or online account management)

Can you combine things to get the offer? ie. $1,000 purchase yesterday $1,000 today.

Sorry for the bombardment of questions, but I'm trying to educate myself prior to getting this card and the information is pretty limited. Finally, just for confirmation it's backed by Synchrony and is a TU pull, correct?

Re: Lowes Card Questions

M_Smart007 — Wed, 22 Apr 2020 16:08:57 GMT

I think any purchase over $299 are automaticaly added to "special financing:

Say $299 today,

$299 next week ... $299 in two weeks should all be lumped together.

Lowe's Advantage Credit Card

Applying for the Lowe's Advantage Credit Card is quick and easy. You can choose 5% off eligible purchases or orders when you charge to your Lowe's account using your Advantage Card or take advantage of six months special financing on qualifying purchases of $299 or more. And when you use your Advantage Card for purchases of $2,000 or more, you can choose 84 fixed monthly payments at reduced APR financing.

Also:

https://www.lowes.com/l/Credit/10-off-new-account-promo-tandc.html

Edited to add: May be a little more to it?

EVERYDAY CREDIT FINANCING PROMOTION DETAILS: Special Financing and discount offers can't be combined. If your purchase or order is over the minimum purchase required, you will be asked to select the offer you would like. We reserve the right to discontinue or alter the terms of these offers any time.

Re: Lowes Card Questions

Anonymous — Wed, 22 Apr 2020 16:08:08 GMT

Not sure exactly how it works but its possible you get to choose your option (5% off or special financing), if the amount qualifies for the financing ($299+), at the register. I'm not positive, but if you have a smaller amount (<$299), the 5% automatically is applied.

As soon as the economy opens up, I have a couple larger Lowe's purchases I need to make for home installation and might be able to find that out for sure. It won't help you now, but it makes sense in that it has to happen at the register, because that's the only way to get the 5% off. You would have to decline the 5% in order to get the special financing, and that choice to decline would be at the register.

Re: Lowes Card Questions

M_Smart007 — Wed, 22 Apr 2020 16:11:45 GMT

And 10% if you fit the new card guidelines...

Re: Lowes Card Questions

Anonymous — Wed, 22 Apr 2020 19:18:00 GMT

I made a $700ish purchase of a stove and microwave last summer. I was in the store and they asked if I wanted to financing offer or the 5% off.

Re: Lowes Card Questions

Anonymous — Wed, 22 Apr 2020 19:43:14 GMT

@Anonymous wrote:
I made a $700ish purchase of a stove and microwave last summer. I was in the store and they asked if I wanted to financing offer or the 5% off.

That's what I figured would happen.

Re: Lowes Card Questions

Shooting-For-800 — Wed, 22 Apr 2020 19:59:51 GMT

You have option of 6 months or 5% off.

The also run promos for 12, 18, 24 months with 0%.

The entire balance MUST be paid during the promo or you will get billed for interest SINCE DAY ONE.

The 60, 72, 84 month promos are for large purchases at fixed rates (like 5.99-7.99%).

They should not require a credit check.

Basically an option similar to HELOC for kitchen remodel, etc.

Re: Lowes Card Questions

WTL1 — Wed, 22 Apr 2020 21:27:26 GMT

This is exactly how it works. Very nice not paying the interest. Each invoice/receipt shows up as a separate line item on your monthly statement, with the deferred interest details listed for each purchase. Typically, the due date is assigned by statement date, not the exact date 6 months from purchase. So, if you make multiple purchases during a month/statement period, they all list the same due day in the statement period 6 months distant.

@Shooting-For-800 wrote:
You have option of 6 months or 5% off.
The also run promos for 12, 18, 24 months with 0%.
The entire balance MUST be paid during the promo or you will get billed for interest SINCE DAY ONE.

The 60, 72, 84 month promos are for large purchases at fixed rates (like 5.99-7.99%).
They should not require a credit check.
Basically an option similar to HELOC for kitchen remodel, etc.

Re: Lowes Card Questions

Anonymous — Thu, 23 Apr 2020 06:15:27 GMT

You will be asked at the time of purchase and my last 2 purchases that where just over $300 both had 2 options. 5% off or deferred interest for 12 months. I thought I would only get 6 months deferred interest but the only choice was 12 months, which I took.

Re: Lowes Card Questions

Loquat — Thu, 23 Apr 2020 11:02:42 GMT

@Anonymous is right. You pick at the register. Nothing is done automatically. They just finished a 24 month financing promo about a week ago and they seem to run them at least once every quarter if not more often.

I hands down love Lowe’s. As I’ve said before, I’d be willing to part with a many of other cards that I have before I give up my Lowe’s card.

Re: Lowes Card Questions

Openwater — Thu, 23 Apr 2020 14:51:55 GMT

@WTL1 wrote:
This is exactly how it works. Very nice not paying the interest. Each invoice/receipt shows up as a separate line item on your monthly statement, with the deferred interest details listed for each purchase. Typically, the due date is assigned by statement date, not the exact date 6 months from purchase. So, if you make multiple purchases during a month/statement period, they all list the same due day in the statement period 6 months distant.

@Shooting-For-800 wrote:
You have option of 6 months or 5% off.
The also run promos for 12, 18, 24 months with 0%.
The entire balance MUST be paid during the promo or you will get billed for interest SINCE DAY ONE.

The 60, 72, 84 month promos are for large purchases at fixed rates (like 5.99-7.99%).
They should not require a credit check.
Basically an option similar to HELOC for kitchen remodel, etc.

Thanks all for the help. I have a better picture of this card.

@WTL1 So example:

Purchase 1: $500 / defered 6 months = $83/month

Purchase 2: $400 / defered 6 months = $66/month

Purchase 3 $100 regular, min payment $25

$83+66+25=174

At statement cut, monthly due $174

Then, if I make a purchase of $3,000 I will get the option at the register for the 84 month finance. Then that would be another line item, which would then be added to the lines I listed above. Say it's $40 / month.

That is added to the $174 + $40 ... New monthly $214....

With each line item that is a special finance listing a due date.

Sound right?

Re: Lowes Card Questions

SFLSpotter9210 — Thu, 23 Apr 2020 17:17:13 GMT

Fortunately we get 10% off every purchase due to wife being a DAV. I'm seriously thinking of applying for Lowe's. What's your thoughts? I already appd and received the HD card but, in hindsight I should have appd for Lowe's.

Re: Lowes Card Questions

WTL1 — Thu, 23 Apr 2020 17:42:14 GMT

Actually, that isn't right. They charge a minimum payment that is very small, but less than 10%. You can pay the minimum each month, then make a balloon payment just before the clock runs out on your deferred interest. That's typically what I do. Just be sure to not screw around, and make the payment in plenty of time!

Re: Lowes Card Questions

Openwater — Sat, 25 Apr 2020 20:19:54 GMT

@WTL1 Cool thanks for the info. I think I'll pick this card up during my next big purchase.

@SFLSpotter9210 It seems like a pretty solid card from what i've read. I'm looking into getting it, just wanted a little background since it works in 3 different ways pretty much. Regular card, 6 month deferment card, and 84 month finance card. Pretty useful for projects IMO.