The Lowe’s Project card is an additional form of financing for Lowe’s goods. You can fill out an application online, but you can only print it to bring to the store. You go in to a Lowe’s and discuss a certain type of project and determine some amounts and time frames. What this option basically offers is no payments or interest for six months. However, it gets tricky when the interest rates are applied. The problem is the amount of interest charged works on a tiered system and if you do not have excellent credit you could end up paying more than you expected. You are not going to know what tier you land in which means you will not know your interest rate until you have already processed the application. Applicants are tiered on a level of 1 through 5 and interest rates vary between 9.99% and 18.99%. Not to mention the terms and conditions of this Lowe’s Project card reserve the right to hike up your interest at anytime if your credit profile begins to deteriorate. The point is the parameters of this card are not cut and dry. There are several variables that could cause an unexpected interest rate.
So, we don’t recommend you to apply for this card. The better alternative to store credit cards is general credit cards. These cards allow you earn rewards in all stores including Lowe’s and can also have 0% intro APR period and no annual fee. A good example of regular credit card is Discover it.
BALANCE TRANSFER CREDIT CARDS:
Intro APR on Balance Transfer: 0% 12 months on Balance Transfers
Ongoing APR on Balance Transfer: 15.74% - 25.74% (Variable)
Balance Transfer Fee: 3% of each balance transfer; $5 minimum.
Intro APR on Balance Transfer: 0% (first 12 billing cycles following each balance transfer that posts to your account within 45 days of account opening)
Ongoing APR on Balance Transfer: 18.24%, 22.24% or 25.24% variable based on your creditworthiness
Balance Transfer Fee: Either $5 or 3% of the amount of each transfer, whichever is greater
Intro APR on Balance Transfer: 0% Intro APR for 12 months
Ongoing APR on Balance Transfer: Variable APR of 15.24%, 19.24% or 25.24%
Balance Transfer Fee: Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check