If you are in the midst of planning a renovation project, it is highly likely that you have visited a Lowe’s store at some point during the process. There is a valid reason for this. Lowe’s American”s Express offers a comprehensive range of products to cater to your needs, be it a full-fledged home renovation or a simple addition of a ceiling fan. It serves as an ideal destination for individuals seeking to undertake home improvement projects, while also functioning as a crucial support system for numerous small enterprises. For business owners, the Lowe’s Business American Express Card can be a valuable asset, offering access to a range of business tools, retain savings, and a no-annual fee policy. This article delves into Lowes American Express business rewards card review and its offer. Read on!
Overview
The Lowe’s American Express card can be described as a store card that has been given a financial makeover. The card operates on the American Express network, providing the convenience of acceptance at all American Express merchants. However, the rewards earned through the card are typically redeemable exclusively at Lowe’s. You can only repay the card using gift cards for Lowe’s or American Express. Although American Express accepts Lowe gift cards widely, redeeming rewards through this method may not be as seamless as American Express accepting cash back in the form of a check, savings, or statement credit to your card.
In addition, for individuals who frequently make purchases at Lowe’s, the Lowe’s American Express credit card presents a comprehensive approach to economize on their home improvement expenses. Hence, with the combination of a 5% discount on every purchase and the opportunity to earn 2 points per dollar on eligible Lowe’s purchases, you can accumulate savings at a faster rate compared to other options.
Lowes American Express Rewards Business Card
The Lowes American Express rewards business card includes the following:
#1. The U.S. Bank Business Platinum Card
Lowes tailors the American Express Rewards Business Card to meet the needs of businesses seeking a long-term interest-free financing alternative, while also exempting them from an annual fee. The product provides a promotional APR of 0% on both transactions and transfers of funds for the initial 18 billing cycles. However, it lacks a rewards program for purchases.
#2. The Blue Business® Plus Credit Card by American Express
This Lowes American Express Rewards Business Card does not provide retailers with discounts. However, it can provide substantial savings for businesses with an annual charge of less than $50,000. This credit card does not have an annual fee and offers a rewards program of 2 Participation Points per dollar spent on common business expenses such as office supplies and client meals, up to a maximum of $50,000 in purchases per year. After this limit, the rewards rate drops to 1 point per dollar spent on all purchases.
Additionally, it is accompanied by an introductory APR offer that could prove beneficial if you are contemplating a significant purchase. Take advantage of a 0% introductory Annual Percentage Rate (APR) on purchases for a period of 12 months starting from the date of account opening. After the introductory period, the APR will vary between 18.24% and 26.24%.
#3. The Ink Business Cash® Credit Card
This Lowes American Express Rewards Business Card may be more suitable for individuals who have higher expenditures in categories related to standard office expenses, rather than exclusively on remodeling retailers. This credit card offers a cash-back program with no yearly cost. Cardholders can earn 5% of their money back on the first $25,000 spent on all purchases of office supplies and on internet, cables, and telephone services each account anniversary year. Additionally, they can earn a cash reward of 2% back on the first $25,000 spent on merged purchases at gasoline pumps and eateries each account anniversary yearly.
#4. The Capital One Spark Cash Plus
Managing a business can require a significant amount of time and effort. The Capital One Spark Cash Plus may serve as a comprehensive solution for individuals who prefer not to monitor various spending categories, as it offers increased earnings potential.
The credit card offers a cash back reward of 2% on all purchases without any limit and 5% cash back on hotel and rental car reservations made through Capital One Travel. The product/service in question is subject to an annual fee of $150. If your annual spending is below $4,750, this card may not be worth the annual fee after the first year.
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Who Should Get the Lowe’s American Business Rewards Card From American Express?
The Lowe’s American Business Rewards Card is a suitable option for businesses seeking to optimize their company expenses in particular categories such as office supplies or purchases from Lowe’s. This credit card is an ideal choice for both homeowners embarking on renovation projects and contractors alike. In addition, the Lowe’s Business Rewards Card, offered by American Express, provides a convenient way for businesses to save on their Lowe’s purchases. Cardholders can enjoy an automatic 5% discount on all eligible transactions made at Lowe’s. If your business frequently makes substantial purchases at the store, this discount has the potential to accumulate significantly. The discount cannot be alongside other promotions or discounts and excludes certain items. It is also advisable to carefully peruse the fine print and exercise prudence while making purchases.
The Lowe’s Business Rewards card is an ideal choice for small business owners who are comfortable with redeeming their earned points for gift cards. It is worth noting that the only redemption option available with this card is gift cards. Unfortunately, there are no alternatives such as statement credits or the ability to apply points towards travel expenses. While there is no set credit score requirement for the Lowe’s Business Rewards Card, the approval of your application and the credit limit you receive will depend on your personal and business credit history.
Lowes Business Rewards Card
The rewards structure for the Lowe’s Business Rewards card is as follows:
#1. Rewards Potential
This analysis takes into account annual expenses and consumption averages across diverse categories. For instance, small business owners or independent proprietors who buy at home improvement retailers and want an exclusive credit card would charge an average of $26,410. Thus, 26,410 points would be held if half of the charges were made at Lowe’s. We anticipate that meals and portable service will cost $5,744, totaling 11,488 points. Also, all other expenses would get 7,461 points, totaling 45,359 points per year.
#2. Redeeming Rewards
The Lowe’s Business Rewards card offers the option to redeem rewards for either statement credit or Lowe’s gift cards. Moreso, the redemption process commences at a minimum of 2,500 points.
#3. 0% Introductory Rate
The credit card provides a conservative introductory annual percentage rate (APR) period, allowing for a 0% interest rate on new purchases for a duration of 60 days. To take advantage of the promotional offer, a minimum monthly payment is mandatory. Once the 60-day promotional period concludes, regular rates will be applicable. While the bonus is undoubtedly appealing, if your main priority is securing a card with an introductory APR period, there are several superior alternatives to consider.
Lowes American Express Features
The features of Lowes American Express features include the following:
#1. A Review of the Past Year
American Express provides a year-end overview of all card charges to make online account management easier.
#2. Global Assist® Hotline
A 24-hour global support hotline is available to travelers more than 100 miles from home. This toll-free hotline provides medical, legal, passport, emergency cash wire, and missing luggage assistance.
#3. Cards for Employees
You have the ability to establish up to 99 employee cards under your account, as well as set spending restrictions for each card, allowing you to simply track the expenses incurred by your company.
#4. Insurance Against Loss and Damage for Rented Cars
The service includes loss and damage coverage for car rentals, with a maximum of $50,000 per rental agreement. This protection is only valid for the first thirty consecutive days of a rental agreement for a vehicle. You must deduct the total amount of the rental money from the card you provided to qualify. The insurance policy does not cover intentional damage, manufacture defects, typical deterioration, loss of or damage to tires, and any other automobiles
#5. Protection Upon Purchase
The purchase protection policy covers losses of up to $1,000 per occurrence and $50,000 annually for any items that are reported as lost or stolen within the first ninety days from the date of purchase. The coverage does not include items such as living things, consumables, reservations, automobiles, fittings, and previously owned goods.
#6. Protection From Extended Warranty Obligations
This extends the original manufacturer’s five-year warranty by one year. This is capped at a maximum of $10,000 per secured transaction and a lifetime maximum of $50,000 per account.
Is American Express accepted at Walmart?
Walmart accepts a wide range of credit cards, leaving no room for unexpected limitations or restrictions. Walmart is pleased to accept a variety of payment methods, including Visa, MasterCard, and American Express credit cards. In addition to the standard payment options, the retailer offers a diverse range of alternative payment methods.
Can I Use Amex Points at Lowes?
The credit card in question operates on the widely recognized American Express network, which means that you can utilize it at any establishment that accepts American Express as a form of payment. However, it is important to note that any rewards that you may accumulate through the use of this card are typically intended to be redeemed specifically at Lowe’s, a popular home improvement retailer. The card’s redemptions are exclusively limited to gift cards that can be used at either Lowe’s or American Express. This means that any other type of redemption option is not available for this particular card.
Therefore, if you are looking to redeem your rewards for something other than a gift card from either of these two retailers, you will need to explore other options. However, if you are a frequent shopper at Lowe’s or prefer to use American Express gift cards for your purchases, then this card may be an excellent choice for you.
Is Lowes a Hard Credit Card to Get?
It is said that the Lowe’s Advantage Credit Card is one of the store cards that is harder to obtain, as it usually favors applicants with “fair” credit or higher. Although you can submit an application for the Lowe’s card online, it is advisable to apply in person at the store to benefit from the exclusive signup promotion.
What Credit Score Is Needed to Get a Lowes Card?
To be eligible for the Lowe’s Store Card, you must have a minimum credit score of 640. This implies that individuals with a credit score that is at least average have a chance of being granted approval for this particular card.
What Is Lowes’s Maximum Credit Limit?
The Lowe’s Advantage Card is a fantastic option for those looking to make home improvements or purchase new appliances. One of the great benefits of this card is that the credit limit can vary depending on your creditworthiness. So, if you have a strong credit history, you may be eligible for a higher credit limit of $5,000 or even more. On the other hand, if your credit score is lower, your credit limit may start at $300. Regardless of your credit limit, the Lowe’s Advantage Card offers a variety of perks and rewards that can help you save money on your home improvement projects.
In Essence
Customers who frequently purchase home improvement supplies at Lowe’s might consider applying for the Lowe’s Business Rewards Card from American Express. This card is ideal for business owners, contractors, and those who flip houses. Although it does not impose any annual fees and offers cash-back benefits that can help you make the most of your company’s expenditure, it does not come with a 0% introductory APR promotion for either balance transfers or purchases.
References
- financebuzz.com
- fitsmallbusiness.com
- forbes.com
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