Are you considering filling out the Lowe’s business credit card application but want to get more information before making the big decision?
Well, we’ve got you covered.
If you find yourself doing a lot of your business spending at Lowe’s, then applying for this card might be the right move for you. That being said, there might be a better, broader card offer out there for your business.
We’ve reviewed the Lowe’s Business Rewards from American Express so that you can have all the crucial information to decide whether it’s the right card for your small business. Plus, we evaluate how the Lowe’s business credit card compares to other similar business credit cards on the market.
Here’s all you need to know about the Lowe’s business credit card before you sign the dotted line.
Too long; didn’t read? We’ve still got you covered.
Though the details will really be what makes or breaks a business credit card, we’ll give you a quick, general idea of how the Lowe’s business credit card stacks up to its competitors.
The long and short of it?
Before you fill out your Lowe’s business credit card application, you need to be certain that your business can really use the Lowe’s-specific perks it can offer:
If your business spending is more multifaceted than just Lowe’s purchases, you might want to consider one of its alternatives that offers more flexible rewards. If this is the case, we suggest looking into the American Express Blue Business Plus and the Chase Ink Business Preferred.
Depending on your credit score at the time you fill out the Lowe’s business credit card application, your APR for any balance you carry will set in at a variable that will depend on your creditworthiness.
If you want to take out a cash advance with your Lowe’s business credit card, you’ll pay a set APR that will be much higher than your regular APR, no matter your credit score. Finally, no matter how creditworthy you are, you’ll also pay a penalty APR for late or rejected payments.
Be sure to keep in mind that all of these rates will shift according to the market based on what credit card issuers like to call the “prime rate.” They base all of their APRs off of this number that shifts with the market, so be sure to check in on the current rates if you decide to apply for this (or any) credit card.
The main thing that the Amex Lowe’s business credit card can offer that others can’t? Well, that’s easy—its Lowe’s-specific perks.
You’ll get a 5% discount on any Lowe’s purchase you make with this card. Be sure to note that you won’t be able to use this card discount in conjunction with any other Lowe’s offers or discounts. Nonetheless, if you make a lot of big purchases at Lowe’s, the card’s discount on its own could be a huge game-changer.
Additionally, you’ll be able to earn rewards with your Amex Lowe’s business credit card anywhere you shop—even if it’s not Lowe’s. You’ll get 2 Lowe’s Business Rewards points for every dollar you spend with your card at restaurants, office supply stores, and monthly wireless telephone services in the U.S.
The next rewards category is simpler—for every dollar you spend with your card at Lowe’s or on Lowes.com, you’ll receive 2 Lowe’s Business Rewards points. Finally, you’ll earn 1 Lowe’s Business Rewards point for every other dollar you spend outside of these categories. After you compile a minimum of 2,500 Lowe’s Business Rewards Points, you’ll be able to redeem them as a variety of gift and rewards cards like Lowe’s and American Express gift cards and gas rewards cards.
When you’re deciding on a business credit card, there are many different fees that you’ll need to consider before taking the plunge. And the Amex Lowe’s business credit card is no exception.
To start, one of the most important fees you’ll need to consider is an annual membership fee. Here’s some good news—the Amex Lowe’s business credit card doesn’t come with one.
But that’s not the only fee you’ll need to look into when considering this card. Be sure to note that you’ll be charged either $5 or 3%, depending on which is larger, for any cash advances you take out with your Lowe’s business credit card. You’ll also be charged 2.7% for any spending you do abroad with this card. So, if you do a lot of your business spending abroad, you could rack up some hefty fees with this card.
Before signing the dotted line, be sure to look into how hospitable (or inhospitable) these fees would be for your business spending habits.
You might be considering the Lowe’s Business Rewards Card from American Express because you’re in it for the Lowe’s-specific perks that it provides.
If the majority of your business spending is also Lowe’s-specific, then this makes perfect sense. The card’s Lowe’s discount and Lowe’s redeemable rewards will work well for your business. However, if your business spending is a bit more multifaceted than just Lowe’s expenditures, you might want to explore other business cards options with more flexible rewards.
Before you fill out the Lowe’s business credit card application, see if any of its more flexible competitors are a better fit for your business.
Like the Lowe’s Business Rewards Card, the Blue Business Plus is an Amex business credit card that offers rewards points for every dollar you spend. Additionally, because the Blue Business Plus is also an Amex business credit card, it will come with the same fees that Lowe’s Business Rewards card comes with—including no annual fee and a 2.7% foreign transaction fee.
But that’s where the similarities end.
You’ll be able to earn rewards much more broadly with your spending on the Blue Business Plus. In fact, you’ll earn 2x rewards for any purchase you make for up to $50,000 annually. Beyond that, you’ll earn 1x for every dollar you spend on your card with no limit to how much you can earn.
Even better? These rewards can be redeemed as almost anything. Whether it’s a charge on your card or a travel expense or an Amazon purchase, your points can cover it.
When you consider the APR’s the Blue Business Plus comes with, the deal gets even sweeter. For your first 12 months as a Blue Business Plus cardholder, you’ll have a 0% APR period on purchases as long as you make your minimum monthly payments on time. After that 12-month intro period, your APR will depend on your creditworthiness and on the market, so be sure to see the issuer’s terms and conditions for the latest APR information.
The variable APR range for the Blue Business Plus is wider than the Lowe’s Business Rewards card’s. So, after the intro period, your APR might be higher on the Blue Business Plus than it would be on the Lowe’s Business Rewards card. That being said, if you’re particularly creditworthy, the Blue Business Plus gives you the chance to have an extremely low APR—see rates and fees from the issuer for the latest ongoing APR rates after the intro period.
Another solid, more flexible alternative to the Lowe’s Business Rewards Card, the Chase Ink Business Preferred card, will also give you versatile rewards. And lots of them, too.
From the get-go, the Ink Business Preferred will reward you for investing in your business. You’ll get 80,000 bonus points if you spend $5,000 within your first three months as a cardholder. For sustained rewards, you’ll earn 3x rewards for every dollar you spend on travel; shipping; social media and search engine advertising; and internet, cable, and phone services.
However, this rate will only apply to the first $150,000 you spend annually within these categories. Beyond that, you’ll earn 1x rewards for every other dollar you spend with your Ink Business Preferred card, with no limit to how much you can earn with this rate. These rewards points can be redeemed as a variety of things—like cash back and gift cards— but if you redeem them through Chase Ultimate Rewards, your welcome bonus will be worth $1,000 of travel.
There is one downside, though. You’ll have to pay an annual fee of $95 to gain access to the Ink Business Preferred’s perks. That being said, you won’t have to pay a foreign transaction fee, so if you’re spending a lot abroad, you could quickly make up for the annual fee.
There you have it—all you need to know before you dive into the Lowe’s business credit card application. From rates to rewards to fees, you have all the ins and outs of the American Express Lowe’s Business Rewards card right at your fingertips.
Does it measure up to its competitors? Well, that’s for you to decide.
Be sure to note that the Lowe’s business credit card should probably only win out if you’re doing a solid majority of your business spending at Lowe’s. The discounts and rewards are just too specific to be beneficial in any other scenario. Otherwise, the Blue Business Plus or the Ink Business Preferred have more flexible and generous rewards to offer you and your business.
If you’re thinking that these are sweeter deals for your business spending, what are you waiting for?
Learn more and apply for the Blue Business Plus or the Ink Business Preferred today!
Brayden is a credit card expert and the former vice president, new markets at Fundera. He’s passionate about helping businesses take advantage of the best credit card offers on the market, from the longest 0% intro APR periods to the richest cash back and travel rewards bonuses.