Loweâs and Home Depot are two of the biggest home improvement juggernauts. Like many big box stores, they both offer an array of co-branded credit cards.
These cards give you rewards or pay lower interest rates when you buy at either store. This makes them appealing options if you frequent either Lowe’s or Home Depot. Should you have both stores nearby, selecting the right card could ultimately save your business a decent amount of money.
Ready to find out the best Loweâs or Home Depot options for your business? Read through to find out!
Best Standard Credit Card: Loweâs Business Rewards Card From American Express
Lowe’s Business Rewards Card from American Express
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Annual Fee: $0
Purchase APR: 17.99% – 26.99%, Variable |
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For businesses that shop frequently at either Loweâs or Home Depot, but need a card that can be used elsewhere as well, thereâs only one choice: Loweâs Business Rewards Card From American Express. Thatâs because all of Home Depotâs cards can only be used in-store, and the rest of Loweâs offerings can only be used in-store, too.
This Amex card features three points per dollar spent at restaurants and U.S.-based office supply stores, and on wireless telephone services purchased straight from U.S. service providers. Youâll then collect two points per dollar spent on Loweâs purchases and one point per dollar on everything else. On top of those rewards, youâll also get 5% off when buying at Loweâsâeffectively giving you 7% back when buying from the home improvement store.
Once you get your rewards, youâll be able to redeem them for Loweâs or American Express gift cards. Besides the base rewards scheme, this card lets you snag 5,000 bonus points after you spend $100 in your first 30 days.
Youâll also get access to standard credit card features. These include employee cards, an extended warranty of up to two years, purchase protection against theft and damage, and travel insurance. Additional bonuses include no annual fee, although there is a foreign transaction fee of 2.7%.
Best Store Card: Loweâs Advantage Card
Loweâs Advantage Card
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Annual Fee: $0
Purchase APR: 26.99%, Variable |
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When it comes to a basic in-store card, Loweâs takes the cake again. The Advantage Card nets you 5% off eligible Loweâs purchases as its base rewards feature. This discount cannot be used in combination with coupons, price-matching, or various other discounts, including military and employee ones.
You can also opt out of the 5% discount and into two different special financing options. The first financing method scores you six months 0% APR on purchases above $299.
Loweâs second option (called âproject financingâ) enables special financing on purchases above $2,000. Hereâs its payment table:
- 36 fixed monthly payments at 3.99% APR
- 60 fixed monthly payments at 5.99% APR
- 84 fixed monthly payments at 7.99% APR
If either financing option is selected, the 5% discount will be voided. With this in mind, the financing routes should only be used when necessary. Note that despite these special financing rates, the Advantage Cardâs standard APR sits rather high.
Also, this is not marketed as a business-specific card; however, using a personal card for business can still be an excellent option.
Best Rewards Program: Loweâs
Keeping with the theme, Loweâs has the best overall rewards program. The reason for this is simple: every Loweâs card featuresâat the bare minimumâ5% off every purchase made with Loweâs. Home Depot, meanwhile, either offers a convoluted gas discount with their Commercial Account Credit Card and Commercial Revolving Charge Card or no rewards at all.
Besides that 5% off, Loweâs includes additional rewards with their American Express co-branded business card. This means that the Business Rewards Card can ultimately collect up to 7% cash back if you’re using it at Loweâs. This rate is very impressive and is ultimately one of the best cash back rates across all credit cards.
Home Depotâs lone rewards program (bundled with the Commercial Account and Commercial Revolving cards) features a $0.10 per gallon savings when you fuel up at Shell and other select gas stations for every $100 purchased at Home Depot. Because youâre able to buy up to 20 gallons of gas with the savings in effect, you essentially get 2% cash back earmarked for gas.
Best For A Large Purchase: Home Depot Project Loan Card
Home Depot Project Loan Card
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Annual Fee: $0
Purchase APR: 7.99%, Fixed |
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While Loweâs leads the way in most categories, Home Depot still has one trick up its sleeve. That trick comes in the form of their Project Loan Card.
Aimed at those working on large projects, this card is technically a loan. Youâll be able to receive a loan between $2,500 and $55,000. It offers a fixed APR of 7.99%. Youâll have 84 months to pay off the loan and can pay in-full early without penalty.
Once approved for the Project Loan Card, youâll have a six-month window to buy products or installation services. There are no annual fees included with this card. However, because it is ultimately a loan, you wonât score any rewards like you might with a regular credit card.
Best APR: Loweâs Advantage Card
Loweâs Advantage Card
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Annual Fee: $0
Purchase APR: 26.99%, Variable |
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For the best APR, we come back to the Loweâs Advantage Card. While its standard APR is higher than most cards, the special financing attached with this card sets it apart.
As mentioned earlier, youâre able to forgo the cardâs 5% discount on Loweâs purchases and instead choose one of two financing options. The initial option grants you six months 0% APR on purchases above $299.
For the second option, you can nab special financing on purchases at Loweâs that are above $2,000. Its rates and time frames are as follows:
- 36 fixed monthly payments at 3.99% APR
- 60 fixed monthly payments at 5.99% APR
- 84 fixed monthly payments at 7.99% APR
Other cards may offer better standard interest rates. Howeverâbecause of its pair of optionsâthe Loweâs Advantage Card makes a great tool for those making a large hardware purchase and needing to carry a balance.
Final Thoughts
All told, Lowe’s generally offers the better cards. Between higher reward rates and more appealing APRs, Lowe’s cards are simply more appetizing. However, Home Depot still has an excellent option if you need a larger loan for a project.
Didnât find a card youâre looking for? Get a bigger picture on all of Loweâs credit cards. Or take a peek at Home Depotâs offerings.
The post Loweâs Credit Cards VS Home Depot Credit Cards – Which Is Right For Your Business? appeared first on Merchant Maverick.
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