Lowes project card

corona13 · 11-06-2006, 02:58 PM

Not sure where else to post this, but the Lowes Project Card is great!

If you are starting to build a new HT, you may want to look into this.

Basically, you get an instant credit decision and a credit card issued for a 6 month window of purchases. The fist purchase must be for $1,000, this should be no issue if you are building an addition or a HT in a basement. The 6 months accrue with ZERO interest charges and no payments are due. The zero interest accrual for the 6 months is very unique...most offers like this have the no interest period, but all interest will accrue for 6 months and you owe the full interest amount if a balance exists, not the case with this card. Pay in full balance in 6 months, and you owe no interest!

Also, the window stays open for additional purchases with no minimum amount for 6 months. Other cards give you the zero interest for one time purchases only. This card is so great becasue you can do all your construction and work now and pay over 6 months instead of all up front, when you need more supplies, you can still purchase on the zero interest offer.

I just got one and bought all my electrical needs, insulation and some additional lumber I needed. Very fun 2 hours...walking through lowes and buying 1 month worth of work...I felt like a kid running through toys R us. Also, $100 gift card with a 299 or more purchase of insulation!!

This is great to motivate you to stay on a schedule as well and keep a nice budget (monthly statement with itimized purchases for the project only)...

Lowes definitely did their homework on this offer...I've been wanting something like this since I started the framing on my project.

TonyD · 11-07-2006, 02:16 AM

Quote:

Pay in full balance in 6 months, and you owe no interest!

thats the way nearly all these delayed payments work.
as long as you pay the full amount owed by the time the delay payment is over you dont owe any interest fees.

but if you go past the time frame you owe all the interst up to that point.

sounds ike a good plan but your post sounds too much like a commercial

corona13 · 11-07-2006, 08:30 AM

Quote:

Originally Posted by TonyD

thats the way nearly all these delayed payments work.
as long as you pay the full amount owed by the time the delay payment is over you dont owe any interest fees.

but if you go past the time frame you owe all the interst up to that point.

sounds ike a good plan but your post sounds too much like a commercial

yes, you caught me. I actually work for Lowes. I am in the process of interviewing for Bose as we speak.

You are incorrect. You DO NOT owe the interest up to that point if there is a balance remaining.

You obviously did not read my post very well.

Most cards DO NOT work like this one. You go to lowes and rack up $1,000 in purchases and 2 weeks later you realize you need $50 worth of stuff, you can still put it on this card under the original promotion deal. In actuality, TonyD, most cards DO NOT allow this. In fact, I challenge you to find more that do. Also, most cards ACCRUE interest charges during the free period. (you already made that point, but your point does not apply in this case) This one DOES NOT. Another feature that this card has. At 6months and 1 day, your balance will be 1 DAY OF INTEREST ON THE REMAINING BALANCE. "MOST cards," as your post stated, will charge you 6 MONTHS and 1 day interest on the INITIAL BALANCE. This is a significant feature as a $1,000 purchase would yield an interest charge of at least $75 during that six months.

So, I apologize for getting exciting and sounding like a commercial, but you are incorrect. "Most cards" do not work like this. Which is why I posted it. The point of this forum is to make people aware of all things related to the HT DIY experience that most may be unaware of. You actually assumed it acted like "most" no payment, no interest promotions, which tells me you are not aware of how it works. NO ACCRUAL AND you can purchase an item for $0.75 2 weeks later under the same terms as the original purchase. This card is an excellent way to have a 6 month window to purchase items. NO OTHER CARD offers the same features. In fact, I called Home Depot, and they do not have one....yet.

Also, if it was "the way nearly all these delayed payments work," why the heck would Lowes invest the thousands of dollars necessary to launch a new card when they already have consumer credit cards with no interest offers????

TonyD · 11-07-2006, 08:54 AM

Quote:

At 6months and 1 day, your balance will be 1 DAY OF INTEREST ON THE REMAINING BALANCE.

you didnt have that in the origional post

that is why i responded to the quote
"Pay in full balance in 6 months, and you owe no interest!"
that i used in my previous post.

sounds like you have to pay in full before 6 months

corona13 · 11-07-2006, 09:07 AM

"The 6 months accrue with ZERO interest charges and no payments are due."

that is in my original post. Sorry, I should not use a word like accrue.

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