topic Re: Lowes 18 month no interest in Credit Cards

Lowes 18 month no interest

longclimbback — Wed, 22 Jan 2014 19:02:59 GMT

Charged a $1800 lawn mower 0% for 18 months. Also charged another $1000 in misc. on regular terms. I paid a $1000 to cover the misc. and they took it off the interest free part. So how do you get your interest free for 18 months if the payments you make come off of that part first? Do you not use the card for 18 months and just keep the interest free as the only charge. Thanks.

Re: Lowes 18 month no interest

Anonymous — Wed, 22 Jan 2014 19:16:27 GMT

They seperate out your interest free charges as "promotional purchases." You will be able to see this by clicking on the Promotional Summary link under the Statements tab. When you make a payment, they apply it to the regular purchases first, and then towards the promotional purchases. So, if you pay the full amount on your regular purchases, anything over that will be applied to your promotional purchases. You can change this and have them apply first towards your promotional and then towards your regular; to do this, click on the Payments tab and then select "Manage How Payments are Applied." You will see your options and you can select the one that will work best for your payment plan.

Re: Lowes 18 month no interest

gdale6 — Wed, 22 Jan 2014 19:16:40 GMT

The way payments are allocated is disclosed in your new account rules & regs that come with each account. Some banks allocate the minimum to the lowest APR and any extra to higher APR, others do what happened here. You may not be able to charge anything else to the card while you are in a special 0% promotional deal. You need to read the rules & regs that came with the card.

Re: Lowes 18 month no interest

IWOL — Wed, 22 Jan 2014 19:18:09 GMT

Im not 100% sure but my understanding that when you have a special finnacing promo as well as a regular purchase balance they are supposed to apply any payments to the higher interest charges first. Im not sure if that is CC policy or if they are required by law to do that.

You may want to take a look through the terms and conditions for your lowes card.

I have some of these situations on several cards and from what I have seen they always apply payments to the higher interest portions of the balance first. I would give GE a call and ask them about this.

Also, you should have been able to get the entire purchase at $2800 at 0%. Usually its on any single receipt purchase of $599 or more no matter how many items are purcahsed on the receipt. Maybe you chose the 5% discount on the $1000 charge instead.

Re: Lowes 18 month no interest

Anonymous — Wed, 22 Jan 2014 19:18:45 GMT

@gdale6 wrote:
The way payments are allocated is disclosed in your new account rules & regs that come with each account. Some banks allocate the minimum to the lowest APR and any extra to higher APR, others do what happened here. You may not be able to charge anything else to the card while you are in a special 0% promotional deal. You need to read the rules & regs that came with the card.

With Lowe's, you can. I've done so with my DH's account. It's all managed as outlined in my post above.

Re: Lowes 18 month no interest

kayvee_ — Fri, 24 Jan 2014 05:15:02 GMT

@longclimbback wrote:
Do you not use the card for 18 months and just keep the interest free as the only charge. Thanks.

That is what I am doing.