Home Depot Credit Card vs. Lowe’s Credit Card
🥇 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 Card | The Lowe's Advantage Card | |
|---|---|---|
| Regular discount | None. | 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 9.99% APR. Terms apply. |
| Six-month financing | 6 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 financing | Up to 24 months during special promotions. | 84 fixed monthly payments at a reduced APR on purchases of $2,000 or more. |
| Regular purchase APR | 17.99%-29.99% variable | 31.99% 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
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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%-29.99% variable APR range offers a chance for a lower rate than the Lowe's Advantage Card, which is set at 31.99% variable.
The Lowe's Advantage Card details
Pros and cons
| Pros | Cons |
|---|---|
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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 9.99% 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 31.99% 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
Pros and cons
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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 21 months from account opening on purchases, after which a 18.24%, 24.74%, or 29.99% 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℠
Pros and cons
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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 the 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 20.49% - 29.24% 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
Pros and cons
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Card analysis
Solid 0% intro APR period
The BankAmericard® credit card offers a 0% Intro APR for 18 billing cycles for purchases. After, a 16.24% - 26.24% 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.