I often shop at Lowes Home Improvement store and I was thinking of getting their card to help finance my bathroom renovation. Any thoughts?

Answered on April 18, 2016
Updated on April 18, 2016
The content is accurate at the time of publication and is subject to change.
Amy Miller Amy Miller
Just so you know their card offers three options when you are applying. You must decide whether you want the 5% discount, twelve months special financing or 24-months special financing. To be clear the 5% discount is a one-time discount on your initial purchases. There is also a 12-month or 24-month special financing options. They are very different. The 12-month option applies to purchases over $299. This option is only interest free if you make all the payments within the 12 months. If you don't you will be charged deferred interest. This means that you will pay 24.99% for the entire amount back to the day you purchased it. The same is for 24-month option which is on purchases over $2,000. In general we recommend to allpy for a general cash back credit card to be more free in your shopping plans.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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When you carry a balance on a credit card, your minimum monthly payment will depend on the amount you owe, interest rate and fees. As a rule, you have to pay 1%-2% of your card balance plus new interest and late payment fees (if applicable). If you have any past due amounts, they will be added to the minimum payment as well. So, the more you owe on your credit card, the higher your minimum payment will be. However, you can avoid interest if you pay off the card balance in full each month. Also, there are credit cards with 0% intro APRs that do not charge interest during introductory period.
BB&T cards come with 0% intro APR on purchases, that is a great feature. But you don't mention if you are planning to earn rewards on your purchases, as only BB&T Spectrum credit card comes with cash back rewards. You may choose from cash back credit offers with 0% intro APR.
Credit cards from famous brands often come with high rates and fees. If you want to get credit card for your Uber rides, consider 0% and low intererst credit cards to avoid getting stuck with high interest rates or rewards credit cards. Depending on your lifestyle and preferences you may choose to earn miles, points or cash back on your purchases.

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