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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.
Whether big or small, home renovations can be a solid investment, giving you the potential to add value to your property and the benefit of enjoying a new and improved living space. Funding a home improvement project can be tough, which is why you might consider financing some of the expenses with a credit card.
Both Lowe’s and Home Depot offer a store card that have some unique financing options and perks, such as discounts on select purchases.
We take a look at The Home Depot Consumer Credit Card and the Lowe's Advantage Card to see if either of these options are a good choice for you.
The Home Depot Consumer Credit Card vs. Lowe's Advantage Card
|The Home Depot Consumer Credit Card||Lowe's Advantage Card||Winner|
|Regular Purchase APR||17.99% - 26.99% variable||26.99% variable||The Home Depot Consumer Credit Card — if you qualify for the lowest APR.|
|Everyday 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.*||Tie|
|Project Financing||Up to 24 months during special promotions.* (Note that Home Depot offers the with a fixed monthly rate and 84 months to pay off purchases.)||Special fixed-rate interest offers for 36, 60 or 84 months on purchases of $2,000 or more.*||Lowe's Advantage Card – it offers financing options longer than 24 months.|
|Fine print||“Interest will be charged to your account from the purchase date if the purchase balance (including premiums for optional credit insurance) is not paid in full within the promotional period.”**||“If you don’t pay in full within 6 months, “interest will be assessed on the promotional purchase from the purchase date.”**||Tie|
|New card member discount||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. Valid 7/30/20-1/27/21.* (extended to 7/28/2021)||Limited time only! One-time 20% off your Lowe’s Advantage Card purchase up to $100 discount when you open and use a new Lowe’s Advantage Card and make a purchase between 7/9/20 and 1/31/21.* (extended to 1/31/2022)||The Home Depot Consumer Credit Card|
|Everyday discount||No everyday discount, but rotating limited time offers for a variety of products and services.*||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.*||Lowe's Advantage Card since The Home Depot Consumer Credit Card doesn’t offer an ongoing discount.|
*Terms and conditions apply.
**AKA deferred interest, this means that if you fail to pay off your balance in full before the end of the promo period, you’ll be hit with an interest charge equal to all the interest you would’ve been charged during the promo period.
The Overall Winner: Lowe's Advantage Card
The Lowe's Advantage Card comes out ahead of The Home Depot Consumer Credit Card, since it has a consistent everyday discount and longer financing options.
If you’re looking to save on small, frequent purchases, this card is a good choice. 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.
The Home Depot Consumer Credit Card lacks this discount, though it does offer occasional discounts on select purchases.
While you may be tempted by The Home Depot Consumer Credit Card’s lower 17.99% - 26.99% variable APR compared to the Lowe's Advantage Card’s 26.99% variable APR, this should be an insignificant difference, since you should always try to pay on time and in full to avoid interest charges altogether.
While we found the Lowe's Advantage Card as the winner, the card you choose ultimately depends on more than credit card features — store preference and location will also likely factor into your decision.
Which is best for you?
In a side-by-side comparison, the Lowe's Advantage Card beats The Home Depot Consumer Credit Card, but that doesn’t make it the best card for everyone — there are other things you should take into consideration before deciding.
The main factor likely may have nothing to do with the card’s features as you’ll want to consider if there is a Lowe’s or Home Depot conveniently located where you live.
Home Depot has over 2,200 locations while Lowe’s has over 1,700 — so, if there is no Lowe’s near you, it doesn’t make sense to apply for that card unless you are ordering online. If both home improvement stores are close by, then the differences between the two cards are something to consider.
Choosing between the Lowe's Advantage Card and The Home Depot Consumer Credit Card will depend on your individual situation, but both cards do offer good financing options for loyal customers.
It is important to note that these are store cards, which mean you can only use them at the issuing store; you’re unable to use your The Home Depot Consumer Credit Card at Lowe’s and vice versa. If you want the flexibility to use your card anywhere, check out some of the alternative home improvement options we recommend below.
Better credit cards for home improvement expenses
Even though they might catch your eye at the checkout counter, the Lowe's Advantage Card or The Home Depot Consumer Credit Card might not be your best choice for financing home improvements.
Not only will these products pigeon-hole you into purchasing all of your products at one store, but when you crunch the numbers, applying for a credit card with an introductory APR period instead could save you a lot of money. Two such cards worth considering are the Citi Simplicity® Card and the Capital One Quicksilver Cash Rewards Credit Card.
Intro APR: Citi Simplicity® Card
An alternative to the Lowe's Advantage Card or The Home Depot Consumer Credit Card could be the Citi Simplicity® Card , which comes with a $0 annual fee.
Currently this card offers an intro APR of 0% for 12 months on purchases, so it would give you more time to pay off a large purchase from a home improvement store interest-free. The ongoing APR is 14.74% - 24.74% (variable), potentially lower than what you’d pay if you carried a balance on store credit cards.
The other huge benefit when using the Citi Simplicity® Card instead of a Home Depot or Lowe’s credit card is that you can shop at any retailer and still take advantage of the intro APR on purchases.
There’s also an intro APR of 0% for 21 months on balance transfers, after which a 14.74% - 24.74% (variable) APR applies. There’s a balance transfer fee applies with this offer 5% of each balance transfer; $5 minimum.
Intro APR and cash back: Capital One® Quicksilver® Card
The Capital One® Quicksilver® Card is a good $0-annual-fee credit card for consumers who would like to earn cash back on their home improvement purchases and enjoy the comfort of having a long period of interest free financing.
Cardholders earn 1.5% cash back on every purchase, every day. You’ll also have a 0% intro on purchases for 15 months, after which a 14.99% - 24.99% (variable) APR will apply.
If you take advantage of this card’s intro APR, you won’t have to worry about paying the full price of your home remodel right away and will receive a longer interest-free period, compared to the Lowe's Advantage Card and The Home Depot Consumer Credit Card.
The Lowe's Advantage Card and The Home Depot Consumer Credit Card offer great continuous financing options for loyal customers, and they can be a helpful tool if you frequently make purchases at their stores.
However, there’s a good chance you’ll be better off with one of the other credit cards mentioned above. The Lowe's Advantage Card and The Home Depot Consumer Credit Card may restrict you to getting a discount or getting low interest just within their stores, while the alternatives we’ve mentioned can be used on all your purchases and may allow you to earn rewards and take advantage of an intro APR period at the same time.
The information related to the Home Depot Consumer Credit Card and the Lowe's Advantage Card has been independently collected by LendingTree and has not been reviewed or provided by the issuers of these cards prior to publication.