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How Does LendingTree Get Paid?
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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Home Depot Credit Card vs. Lowe’s Credit Card

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

🥇 Our top pick:
Lowe's Advantage Card

The Lowe's Advantage Card wins vs. the Home Depot Consumer Credit Card in our analysis. Both offer useful financing options, but the Lowe's Advantage Card has an everyday discount the other card lacks.

Making home renovations can be a smart way to improve your living space and add value to your property, and Home Depot and Lowe’s are two names most homeowners likely know. Both are major players in the home improvement space, and they both offer store credit cards that can make your life a little easier the next time you need to finance a renovation project. But which one offers the best credit card for your wallet?

We’ll compare the Home Depot Consumer Credit Card vs. the Lowe's Advantage Card in terms of discounts, financing options, regular purchase APRs and more, so you can choose the best card for your needs.

Compare the credit cards: the Home Depot Consumer Credit Card vs. the Lowe's Advantage Card

The Home Depot Consumer Credit CardThe Lowe's Advantage Card
Regular discountNone.Save 5% off your eligible purchase, or get 6 months special financing with purchases of $299 or more, or get 84 fixed monthly payments with a minimum purchase of $2,000 at 7.99% APR. Terms apply.
Six-month financing6 months special financing on purchases of $299 or more. No interest if paid in full within 6 months.6 months special financing on purchases of $299 or more. No interest if paid in full within 6 months.
Longer financingUp to 24 months during special promotions.84 fixed monthly payments at a reduced APR on purchases of $2,000 or more.
Regular purchase APR17.99% - 26.99% variable26.99% variable
Annual fee$0$0

Terms and conditions apply to the above financing offers.

It’s important to understand that these “no interest” offers come with a catch: They involve what’s known as “deferred interest.” The way deferred interest works is that if you don’t pay in full within the promotional period, you’ll be charged interest on the full purchase amount from the date you made the purchase. It has the potential to result in an expensive charge, especially with the APRs on these cards. Plus, the minimum monthly payment might not be enough to pay in full before the financing period ends.

The Home Depot Consumer Credit Card details

Pros and cons

ProsCons
  • Financing for purchases of $299 or more (terms apply)
  • Longer-term financing on special promotions (terms apply)
  • New cardmember discount
  • 17.99% - 26.99% variable APR
  • Financing may involve deferred interest
  • No everyday discount option

Card analysis

New cardmember discount

The Home Depot Consumer Credit Card offers new cardmembers a chance to save after opening the card: Save up to $100 on qualifying purchases for new cardholders. Get $25 off on purchases of $25-$299, $50 off purchases of $300-$999 or $100 off purchases of $1,000 or more.

No everyday discount

While the Lowe's Advantage Card offers 5% off purchases (when you’re not opting for a financing period), the Home Depot Consumer Credit Card has no such discount. This reduces the card’s utility, unless you frequently find yourself making purchases large enough to qualify for the six-month financing plan.

APR range

Let’s be clear — any purchase that isn’t on a financing plan, you’ll want to pay off in full before your billing cycle ends. Paying in full typically allows you to avoid interest charges due to what’s called a credit card grace period. However, if for some reason you have to carry a balance, this card’s 17.99% - 26.99% variable APR range offers a chance for a lower rate than the Lowe's Advantage Card, which is set at 26.99% variable.

The Lowe's Advantage Card details

Pros and cons

ProsCons
  • Discount you can apply when you don't opt for financing
  • Financing for purchases of $299 or more (terms apply)
  • Longer financing on purchases of $2,000 or more (terms apply)
  • New cardmember discount
  • Financing may involve deferred interest
  • High 26.99% variable APR

Card analysis

New cardmember discount

The Lowe's Advantage Card offers new cardmembers a chance to save after opening the card: Get a one-time discount of 20% off your purchase, up to a $100 discount, when you open and use a new Lowe’s Advantage Card

Everyday discount

The everyday discount is what tips the scales in favor of the Lowe's Advantage Card in our analysis. Save 5% off your eligible purchase, or get 6 months special financing with purchases of $299 or more, or get 84 fixed monthly payments with a minimum purchase of $2,000 at 7.99% APR. Terms apply.

If you’re a frequent shopper at Lowe’s — or even if you just stop by once in a while — saving 5% off your purchases is an attractive deal (though you can’t combine this discount with a financing period).

High APR

We always recommend paying your card off in full to avoid interest charges. But if you are forced to roll over a balance that isn’t on a financing plan, you should know this card has a high 26.99% variable APR.

Which credit card is best for you?

If you’re choosing between the Home Depot Consumer Credit Card and the Lowe's Advantage Card to finance a home improvement project, we recommend the latter card for most consumers, as it offers an everyday discount the other card lacks (though this discount can’t be combined with a financing offer).

Both stores have extensive footprints. Home Depot has 2,300 stores in the United States, Canada and Mexico, and claims to be the world’s largest home improvement retailer. Lowe’s has more than 1,700 stores in the U.S. and more than 450 stores in Canada (which includes independent affiliated dealer stores).

Still, it’s worth bearing in mind that the best credit card for your needs might be neither of the above. Instead, consider a general-purpose card with a 0% intro APR or a sign-up bonus — that way, you won’t have to worry about incurring deferred interest, and you might even be able to somewhat offset the cost of a big-ticket purchase.

Alternate credit cards for home improvement projects

Rather than going with a card that offers deferred interest financing, consider one with a 0% introductory APR. When a 0% intro APR ends, if you’re still carrying a balance, you’ll incur interest on that balance — but only on what you still owe, not on the full purchase amount from the date of purchase.

Some cards with 0% intro APR periods on purchases are listed below.

Wells Fargo Reflect® Card

| Disclosures
Wells Fargo Reflect® Card
Wells Fargo Reflect® Card
on Wells Fargo's secure site
0% intro APR up to 21 months from account opening
16.74% - 28.74% variable APR
$0
None
  • 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension for 3 months with on-time minimum payments during the intro period. 16.74% to 28.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5.
  • $0 Annual Fee
  • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
  • Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
  • Select “Apply Now” to learn more about the product features, terms and conditions
660 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Pros and cons

ProsCons
  • Almost two years of 0% intro APR
  • Doesn't involve deferred interest
  • No sign-up bonus

Card analysis

Long 0% intro APR period

The Wells Fargo Reflect® Card offers almost two years of no interest. Cardholders enjoy a 0% intro APR up to 21 months from account opening on purchases, after which a 16.74% - 28.74% variable APR applies.

If you’re planning a large home improvement project and want to spread payments on the materials out over time, you’d be hard-pressed to find a better card than this one.

No sign-up bonus

You won’t get a sign-up bonus with this card. If that’s an important factor, consider one of the two cards below instead — just be aware that they have shorter 0% intro APR periods than the Wells Fargo Reflect® Card.

Chase Freedom Flex℠

| Disclosures
Chase Freedom Flex℠
Chase Freedom Flex℠
on Chase's secure site
0% Intro APR on Purchases for 15 months
17.99% - 26.74% Variable
$0
5% cash back on up to $1,500 in combined purchases in bonus
  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
  • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.99% - 26.74%.
  • No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Flex℠ card
  • Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
680 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Pros and cons

ProsCons
  • Easy-to-earn sign-up bonus
  • More than a year of 0% intro APR
  • Doesn't involve deferred interest
  • Relatively short intro APR period

Card analysis

Easy-to-earn sign-up bonus

Some credit cards require spending of $1,000 or more to earn the card’s sign-up bonus, but the Chase Freedom Flex℠ makes it significantly easier. You can earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening! So if you know you’re going to have to spend at least that much on your home renovations, it might be a good time to apply for the Chase Freedom Flex℠.

Plus, the Chase Freedom Flex℠ has ongoing value, thanks to a robust rewards program. Cardholders earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.

Shorter 0% intro APR period

There is a 0% Intro APR on Purchases for 15 months, after which a 17.99% - 26.74% Variable APR applies. This is solid, but nowhere near as long as what the Wells Fargo Reflect® Card offers.

If you want the best of both worlds, consider the BankAmericard® credit card, detailed below.

Chase 5/24 rule

Before applying for this card, you’ll want to check your 5/24 status. In short, the unwritten Chase 5/24 rule means Chase won’t approve you for any credit cards if you’ve opened five or more credit cards — from any issuer — in the past 24 months.

BankAmericard® credit card

| Disclosures
BankAmericard® credit card
BankAmericard® credit card
on Bank Of America's secure site
0% Intro APR for 21 billing cycles for purchases
15.74% - 25.74% Variable APR
$0
Non-rewards card
  • New longer intro period! 0% Introductory APR for 21 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 15.74% - 25.74% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
  • No annual fee.
  • No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
  • Access your FICO® Score for free within Online Banking or your Mobile Banking app.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
680 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Pros and cons

ProsCons
  • Valuable sign-up bonus
  • A year-and-a-half of 0% intro APR
  • Doesn't involve deferred interest
  • Higher spend target for sign-up bonus

Card analysis

Solid 0% intro APR period

The BankAmericard® credit card offers a 0% Intro APR for 21 billing cycles for purchases. After, a 15.74% - 25.74% Variable APR applies. With a year-and-a-half of no interest, that’s plenty of time to pay off your renovation materials.

Sign-up bonus

You can earn a N/A Take advantage of this bonus to offset a big-ticket purchase while also enjoying the lengthy 0% intro APR.

The information related to the The Home Depot Consumer Credit Card and Lowe's Advantage Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

 

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