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Lowe’s Jacked up their Credit Card Interest Rate

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Lowe’s has increased their credit card APR to 31.99%.

A reader (thank you, David!) tipped me off in late-February that Lowe’s was about to increase their credit card interest rate, but I wasn’t able to confirm it.

I checked again today, and the new rate is now listed on their website.

For new cardmembers:

As of 3/7/24, Purchase APR is 31.99% and Penalty APR is 36.99%.

I checked the interest rates for Lowe’s competitors, and was a bit surprised to find that Home Depot and Harbor Freight aren’t far behind.

At the time of this posting, Home Depot and Harbor Freight’s consumer credit cards both have an APR of 29.99%.

Lowe’s front-end associates often complain on social media about being pushed to offer credit card applications.

For example, in a Reddit post titled “Seriously, why are we required to push credit applications?”, and associate wrote:

I was covering a cashier that called out and got pulled aside and talked to by management because I didn’t ask an elderly couple purchasing $20 worth of cleaning supplies if they wanted to apply for a credit card.

With many Americans carrying a monthly credit card balance, and Lowe’s now charging an interest rate of nearly 32%, it seems pretty clear why Lowe’s cashiers are pushed to offer credit card apps at checkout.