You have heard it time and time again, department store credit cards are bad, they have high interest rates and don’t affect your credit enough in a positive manner; but the Lowe’s Project Card is different.
The Lowe’s Project Card is a department or retail credit card that offers low interest rates, an excellent 0% APR program and a perfect option for people who do a lot of renovating either personally or as a business. Compare this with other credit card offers!
In order to use the Lowe’s Project Card, you have to open what Lowe’s calls a project window. Once you have done that, you have the perfect solution for financing your next renovation project.
Lowe’s Project Card Overview
The Lowe’s Project Card is offered by GEMB. This card offers an unprecedented 0% APR for every new project window opened. During this time, interest does not accrue at all. You make monthly payments and if the project isn’t paid off in 6 months then the interest starts to apply.
In order to open a project window, you have to spend $1,000 at Lowe’s. Once your project window is open, you cannot open another one for 6 months. You can, after the six months are up, start a new project window at 0% APR while making payments on an existing project.
The interest rates for the Lowe’s Project Card are interesting. Rates start at 7.99% for your first project window. If you pay it off before opening another project window, then your new interest rate will still be 7.99%.
If, however, you open a second project window while still paying on your first project window, then your second project will have an interest rate of 9.99% after the 6 months are up. The highest interest rate is 17.99% and that is if you have 4 or more project windows open at a single time.
Lowe’s Project Card Benefits
- 0% APR for each new project
- High card limits
- Low interest rates, especially for a department store card
Lowe’s Project Card Considerations
- Only use at Lowe’s
- Must spend $1,000 to use
- No discounts or special programs when using this card
If you need a credit card that you can use at Lowe’s and anywhere else as well, then compare this with other credit card offers now!