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Store credit cards or
rewards credit cards?

There is no doubt that online shopping has made it easier for people to make purchases. Many retailers now offer convenient services like online grocery delivery, free shipping, pickup options, or other benefits. Some services may be available to store card members for free, so you may want to apply for a local department store credit card. However, while it may be tempting to sign up for a store card, we wouldn't recommend applying for it without getting to know and understanding how the card works and if it's right for you. Below, as an example, we took the Lowe's store card and a regular credit card to show you how the two are compared to each other.

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The Lowe's store card might not be the best option if you are after rewards

Lowe's basic credit card - MyLowe’s Rewards Credit Card - is easier to get than any other Lowe's credit card or rewards credit card. However, you won't save much on other purchases since the card can't be used outside Lowe's locations. Still, those who tend to make big purchases at Lowe's may like the card's flexible financing options, rewards program, and extra perks. Here you can see why you may want to skip a store credit card and get a regular rewards credit card instead.

REWARDS CREDIT CARD

our choice

Discover it® Cash Back

APPLY NOW

on Discover's secure website

Excellent/Good Credit

STORE CREDIT CARD

MyLowe’s Rewards Credit Card

Offer is not available

Excellent/Good/Fair Credit

REASON 1: SIGN-UP BONUS

The sign-up bonus on the Lowe's store credit card is given in the form of a 20% discount (up to $100 discount). It applies to the first purchase only when you open and use a new Lowe's card to make that purchase. Nice, but can be better. If you check out welcome bonuses of rewards credit cards, you can easily find a credit card with a sign-up bonus of $100 and even higher. For example, the Discover it® Cash Back card comes with an unlimited Cashback Match for all new cardmembers (only from Discover). There are no spending requirements, you simply use the card, earn cash back, and then, at the end of your first year, get your cash back matched. If you earn $100 cash back, you'll get another $100, if you earn $200 cash back, Discover will turn in into $400. No limits ever!

REWARDS BONUS

INTRO OFFER: Unlimited Cashback Match for all new cardmembers – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.

Limited time only: Get 20% off your purchase when you open and use a new account. Up to $100 discount. Exclusions and more restrictions apply. Valid through 1/31/25.⁹

REASON 2: REWARDS ON PURCHASES

The Lowe's store card allows you to get a 5% off eligible Lowe's purchases or you can trade this discount for special financing. Plus, you can earn 1.25x points toward MyLowe's Money™, which are redeemable at Lowe's only. Not the best option, especially when you can get rewards and a promotional rate at the same time with a regular credit card. Regular rewards cards can offer you various rewards options. You can choose to earn fixed cash back on all purchases or find a credit card that earns elevated rewards in select categories, like it does the Discover it® Cash Back card. The card offers up to 5% cash back in changing categories (up to the quarterly maximum when you activate). Plus, rewards credit cards will always allow you to earn the basic 1% or 1 point on all purchases, including Lowe's purchases.

REWARDS

Earn up to 5% cash back at Gas Stations & Electric Vehicle Charging Stations, Home Improvement Stores, and Public Transit, now to -June 30, 2024, when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.^µ

Earn 1.25x points toward MyLowe’s Money™ with Silver Key status only⁹

REASON 3: REDEMPTION OPTIONS

The Lowe's credit card allows you to earn points toward MyLowe's Money, which are just for shopping at Lowe's. That means you cannot use MyLowe's Money for statement credits or gift cards, or cash.

Regular rewards credit cards give more flexibility here. You can redeem rewards for statement credits, gift cards, pay with rewards, transfer to partners or even turn rewards into cash. Plus, you may be sure that your cash back or points will never expire as long as your account is active and in a good standing.

REWARDS REDEMPTION

Redeem your rewards for cash at any time.

1,000 points = $5 MyLowe's Money⁹

REWARDS EXPIRATION

Rewards never expire.^µ

All accumulated points will expire 12 months after last points-earning activity.⁹

REASON 4: INTEREST RATES

It's not a secret that department store cards come with higher interest rates than regular credit cards. Plus, store cards rarely offer 0% intro APRs. The Lowe's store card will offer you special financing, but only on eligible purchases and if you meet the minimum purchase requirement. Plus, when you choose special financing, you do not get the 5% discount with the Lowe's credit card.

Rewards credit cards, on the contrary, offer lower ongoing rates than store cards. Plus, regular credit cards can offer a 0% intro APR on purchases and rewards. That means you can avoid interest payments, while you're making minimum payments on time, and earn rewards on all purchases. Just keep in mind that promotional rate will eventually end and the go-to APR will apply to all new and unpaid balances.

INTRO APR ON PURCHASES

0% Intro APR (15 months)

0% for 6 months (if paid in full on purchases of $299 or more)⁹

ONGOING APR

17.24% - 28.24% Variable APR

*See Terms

31.99%⁹

ANNUAL FEE

$0⁹

REASON 5: LIMITED USABILITY

The MyLowe’s Rewards Credit Card is designed exclusively for Lowe's shoppers and can be used at Lowe's and Lowes.com only. Regular store cards can be either Visa, Mastercard, Discover, or American Express credit cards meaning the cards can be used anywhere, not only at a specific retailer or place.

CREDIT CARD USAGE

Use Anywhere Discover Cards Accepted

Use the card at Lowe's and Lowes.com⁹

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Discover it® Cash Back

Rating 5.0

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on Discover's secure website

Excellent/Good Credit

Experienced consumers may like the Discover it® Cash Back card with its increased cash back on select purchases that change each quarter throughout the year. The card has no annual fee and can work well as a primary credit card or as an additional credit card to maximize rewards in changing categories. The sign-up bonus offer for all new members and zero introductory interest rate make the card an even more worthy deal the first year.

Rewards Bonus

Rewards

Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.

Best cards for shopping
for bad or no credit

Experian® Personal Loans Match

Compare

Rating 4.8

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Any Credit

our choice

Maximum Loan Amount

$100,000

Minimum Loan Amount

$1,000

Minimum Income Required

See terms

Minimum Age of a Borrower

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Compare Low Interest Personal Loans Up To $100,000. Get An Online Quote In Minutes!
Get Matched To Personal Loan Offers Based On Your FICO® Score Even If You Have Bad Credit.

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Loans up to $100,000

Chime Visa^® Debit Card

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Compare

Rating 4.2

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Any Credit

our choice

Activation Fee

Maintenance Fee

Credit Check

Overdraft Available

Yes

Direct Deposit

Free

No Monthly Fees.
Get fee-free overdraft up to $200* with SpotMe®.
Set up Direct Deposit and get your paycheck up to 2 days earlier^{^} than some of your co-workers!
Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
^*SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your physical Chime Visa® Debit Card or secured Chime Credit Builder Visa® Credit Card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime's sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
^{^}Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

Activation Fee: No

Monthly Maintenance Fee: No

Overdraft available

Overdraft Fee:
Fee-free Overdraft up to $200* with SpotMe

No Credit Check

Chime Secured Credit Builder Visa^® Credit Card

Apply for Chime Secured Credit Builder Visa<sup>®</sup> Credit Card - Credit-Land.com

Compare

Rating 4.1

APPLY NOW

Fair/Bad/No Credit

our choice

Card Type

Secured

Regular APR

Annual Fee

Guaranteed Approval

Instant Response

Yes

To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.
Chime^® Checking Account and $200 qualifying direct deposit required to apply.
No annual fees or interest.³
No credit check to apply.
No minimum security deposit required.¹
Whether it’s gas or groceries, all purchases can count towards building credit with on-time payment.
Reports to all 3 major credit bureaus.
View and track your FICO® Score² right in the Chime app. FICO is the credit score used by 90% of lenders.
The secured Chime Credit Builder Visa^® Credit Card is issued by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your card for its issuing bank.
¹Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.
²Credit score calculated based on FICO® Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn More
³Out-of-network ATM withdrawal and OTC advance fees may apply. View the Bancorp agreement or Stride agreemen for details; see back of card for issuer.

Annual Fee: $0

Instant Response

Foreign Transaction Fee: 0%

Reporting to the Major Consumer Reporting Agencies

questions ABOUT
REWARDS CREDIT CARDS

What card can help me earn rewards at different supermarkets and online stores like Amazon, etc.? I don't want a credit card that lets you earn rewards only at one certain store. Please advise.

For your needs, we would recommend you general rewards credit cards. They typically come with a 0% intro APR on purchases, allow earning worthwhile rewards for all purchases and give flexible redemption options. For...

What kind of credit do I need to apply for the Lowe's credit card?

Excellent credit is not necessary, but this card will not be given to those with bad credit either. If you have bad credit and try to apply for a card or a line of credit of any kind that you are not qualified for this...

Does the Lowe's credit card offer rewards?

Yes, the MyLowe's Rewards Credit Card offers rewards specifically tailored for Lowe's customers. Credit cardholders unlock free Silver Key status with MyLowe's Rewards loyalty program and get the opportunity to earn...

See all questions

Store credit cards or
rewards credit cards?