Best Credit Cards in November 2024Articles
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
|
Advertising Disclosure
LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Advertising Disclosure

LendingTree is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products. We are compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order).

Home Depot Credit Card vs. Lowe’s Credit Card

Updated on:
Content was accurate at the time of publication.
Why use LendingTree? We are committed to providing accurate content that helps you make informed money decisions. The content on this page has not been reviewed, approved or otherwise endorsed by any credit card issuer. We do maintain partnerships with some issuers, and our site may be compensated through those partnerships. Read our

Editorial Guidelines

At LendingTree, we are committed to providing accurate and actionable content that helps you make informed decisions about your money. Our team of writers and editors follows these key guidelines:
  • We thoroughly fact-check and review all content for accuracy. We aim to make corrections on any errors as soon as we are aware of them.
  • Our partners do not commission or endorse our content.
  • Our partners do not pay us to feature any specific product in our content, but we do feature some products and offers from companies that provide compensation to LendingTree. This may impact how and where offers appear on the site (such as the order).
  • We review and interview both external and internal reputable sources for our content and disclose sourcing in our content.
.
🥇 Our top pick: MyLowe’s Rewards Credit Card

The MyLowe’s Rewards Credit Card wins vs. the Home Depot Consumer Credit Card in our analysis. Both offer useful financing options, but the MyLowe’s Rewards Credit Card has an everyday discount the other card lacks.

Making home renovations can be a smart way to improve your living space and add value to your property, and Home Depot and Lowe’s are two names most homeowners likely know. Both are major players in the home improvement space, and they both offer store credit cards that can make your life a little easier the next time you need to finance a renovation project. But which one offers the best credit card for your wallet?

We’ll compare the Home Depot Consumer Credit Card vs. the MyLowe’s Rewards Credit Card in terms of discounts, financing options, regular purchase APRs and more, so you can choose the best card for your needs.

Compare the credit cards: the Home Depot Consumer Credit Card vs. the MyLowe’s Rewards Credit Card

The Home Depot Consumer Credit CardThe MyLowe’s Rewards Credit Card
Regular discountNone.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 9.99% APR. Terms apply.
Six-month financing6 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.
Longer financingUp to 24 months during special promotions.84 fixed monthly payments at a reduced APR on purchases of $2,000 or more.
Regular purchase APR29.99% variable31.99% variable
Annual fee$0$0

Terms and conditions apply to the above financing offers.

It’s important to understand that these “no interest” offers come with a catch: They involve what’s known as “deferred interest.” The way deferred interest works is that if you don’t pay in full within the promotional period, you’ll be charged interest on the full purchase amount from the date you made the purchase. It has the potential to result in an expensive charge, especially with the APRs on these cards. Plus, the minimum monthly payment might not be enough to pay in full before the financing period ends.

The Home Depot Consumer Credit Card details

Pros and cons

ProsCons

  • Financing for purchases of $299 or more (terms apply)

  • Longer-term financing on special promotions (terms apply)

  • New cardmember discount

  • 29.99% variable APR


  • Financing may involve deferred interest

  • No everyday discount option

Card analysis

New cardmember discount

The Home Depot Consumer Credit Card offers new cardmembers a chance to save after opening the card: 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.

No everyday discount

While the MyLowe’s Rewards Credit Card offers 5% off purchases (when you’re not opting for a financing period), the Home Depot Consumer Credit Card has no such discount. This reduces the card’s utility, unless you frequently find yourself making purchases large enough to qualify for the six-month financing plan.

APR range

Let’s be clear — any purchase that isn’t on a financing plan, you’ll want to pay off in full before your billing cycle ends. Paying in full typically allows you to avoid interest charges due to what’s called a credit card grace period. However, if for some reason you have to carry a balance, this card’s 29.99% variable APR range offers a chance for a lower rate than the MyLowe’s Rewards Credit Card, which is set at 31.99% variable.

The MyLowe’s Rewards Credit Card details

Pros and cons

ProsCons

  • Discount you can apply when you don't opt for financing

  • Financing for purchases of $299 or more (terms apply)

  • Longer financing on purchases of $2,000 or more (terms apply)

  • New cardmember discount


  • Financing may involve deferred interest

  • High 31.99% variable APR

Card analysis

New cardmember discount

The MyLowe’s Rewards Credit Card offers new cardmembers a chance to save after opening the card: Get a one-time discount of 20% off your purchase, up to a $100 discount, when you open and use a new MyLowe’s Rewards Credit Card

Everyday discount

The everyday discount is what tips the scales in favor of the MyLowe’s Rewards Credit Card in our analysis. 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 9.99% APR. Terms apply.

If you’re a frequent shopper at Lowe’s — or even if you just stop by once in a while — saving 5% off your purchases is an attractive deal (though you can’t combine this discount with a financing period).

High APR

We always recommend paying your card off in full to avoid interest charges. But if you are forced to roll over a balance that isn’t on a financing plan, you should know this card has a high 31.99% variable APR.

Which credit card is best for you?

If you’re choosing between the Home Depot Consumer Credit Card and the MyLowe’s Rewards Credit Card to finance a home improvement project, we recommend the latter card for most consumers, as it offers an everyday discount the other card lacks (though this discount can’t be combined with a financing offer).

Both stores have extensive footprints. Home Depot has 2,300 stores in the United States, Canada and Mexico, and claims to be the world’s largest home improvement retailer. Lowe’s has more than 1,700 stores in the U.S. and more than 450 stores in Canada (which includes independent affiliated dealer stores).

Still, it’s worth bearing in mind that the best credit card for your needs might be neither of the above. Instead, consider a general-purpose card with a 0% intro APR or a sign-up bonus — that way, you won’t have to worry about incurring deferred interest, and you might even be able to somewhat offset the cost of a big-ticket purchase.

Alternate credit cards for home improvement projects

Rather than going with a card that offers deferred interest financing, consider one with a 0% introductory APR. When a 0% intro APR ends, if you’re still carrying a balance, you’ll incur interest on that balance — but only on what you still owe, not on the full purchase amount from the date of purchase.

Some cards with 0% intro APR periods on purchases are listed below.

Wells Fargo Reflect® Card

| Disclosures
Wells Fargo Reflect® Card*
Wells Fargo Reflect® Card
0% intro APR for 21 months from account opening
17.74%, 24.24%, or 29.49% Variable APR
$0
None
  • Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
  • 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.74%, 24.24%, or 29.49% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
  • $0 Annual Fee.
  • Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
  • Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.
660 720 850
Good / Excellent
*The information related to the Wells Fargo Reflect® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Pros and cons

ProsCons

  • Almost two years of 0% intro APR

  • Doesn't involve deferred interest


  • No sign-up bonus

Card analysis

Long 0% intro APR period

The Wells Fargo Reflect® Card offers almost two years of no interest. Cardholders enjoy a 0% intro APR for 21 months from account opening on purchases, after which a 17.74%, 24.24%, or 29.49% Variable APR applies.

If you’re planning a large home improvement project and want to spread payments on the materials out over time, you’d be hard-pressed to find a better card than this one.

No sign-up bonus

You won’t get a sign-up bonus with this card. If that’s an important factor, consider one of the two cards below instead — just be aware that they have shorter 0% intro APR periods than the Wells Fargo Reflect® Card.

Chase Freedom Flex℠

| Disclosures
Chase Freedom Flex℠*
Chase Freedom Flex℠
0% intro APR on purchases for 15 months
19.99% - 28.74% variable
$0
5% cash back on up to $1,500 in combined purchases in bonus
  • Earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening.
  • 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
  • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.
  • No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.99% - 28.74%.
  • No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Flex℠ card
  • Keep tabs on your credit health - Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
660 720 850
Good / Excellent
*The information related to the Chase Freedom Flex℠ has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Pros and cons

ProsCons

  • Easy-to-earn sign-up bonus

  • More than a year of 0% intro APR

  • Doesn't involve deferred interest


  • Relatively short intro APR period

Card analysis

Easy-to-earn sign-up bonus

Some credit cards require spending of $1,000 or more to earn the card’s sign-up bonus, but the Chase Freedom Flex℠ makes it significantly easier. You can earn a $200 bonus after you spend $500 on purchases in the first 3 months from account opening. So if you know you’re going to have to spend at least that much on your home renovations, it might be a good time to apply for the Chase Freedom Flex℠.

Plus, the Chase Freedom Flex℠ has ongoing value, thanks to a robust rewards program. Cardholders earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter. Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.

Shorter 0% intro APR period

There is a 0% intro APR on purchases for 15 months, after which a 19.99% - 28.74% variable APR applies. This is solid, but nowhere near as long as what the Wells Fargo Reflect® Card offers.

If you want the best of both worlds, consider the BankAmericard® credit card, detailed below.

Chase 5/24 rule

Before applying for this card, you’ll want to check your 5/24 status. In short, the unwritten Chase 5/24 rule means Chase won’t approve you for any credit cards if you’ve opened five or more credit cards — from any issuer — in the past 24 months.

BankAmericard® credit card

| Disclosures
BankAmericard® credit card*
BankAmericard® credit card
0% Intro APR for 18 billing cycles for purchases
15.74% - 25.74% Variable APR
$0
N/A
  • 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, a 15.74% - 25.74% Variable APR will apply. A 3% fee applies to all balance transfers.
  • No annual fee.
  • No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply.
  • Access your FICO® Score for free within Online Banking or your Mobile Banking app.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
660 720 850
Good / Excellent
*The information related to the BankAmericard® credit card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Pros and cons

ProsCons

  • Valuable sign-up bonus

  • A year-and-a-half of 0% intro APR

  • Doesn't involve deferred interest


  • Higher spend target for sign-up bonus

Card analysis

Solid 0% intro APR period

The BankAmericard® credit card offers a 0% Intro APR for 18 billing cycles for purchases. After, a 15.74% - 25.74% Variable APR applies. With a year-and-a-half of no interest, that’s plenty of time to pay off your renovation materials.

Sign-up bonus

You can earn a N/A Take advantage of this bonus to offset a big-ticket purchase while also enjoying the lengthy 0% intro APR.

The information related to the The Home Depot Consumer Credit Card and MyLowe’s Rewards Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

The information related to the MyLowe’s Rewards Credit Card, The Home Depot Consumer Credit Card, Wells Fargo Reflect® Card, Chase Freedom Flex℠ and BankAmericard® credit card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.