Last year, I did the 0% APR financing promotion at Lowes and did several purchases, thinking that if I paid $100 each month, I would eventually pay off the amount with no finance charges. I was dead wrong. So this is how Lowes 0% APR works. Each month, they applied 90% of my payments to the most recent promotion, and 10% to the earlier ones. This way, when the earlier promotions expired, they charged me with bigger finance fee because the balance on the older promotion is higher. I called their 1800's # and explained the situation to them. They turned around and told me that I should have known better that I should have called them re how to apply the payments. When I asked if they can waive the $100 finance charges if I paid the balance amount in full, they told me that the promotions already expired 2 months ago and they can't do anything.
Funny thing is I also have the same situation with Home Depot card, but with them it's a $1000 finance charge. When I called Home Depot and asked them if they would waive the $1000 interest fee. They told me if I paid balance amount in full, they would waive the fee. Again, this was 2 months after the promotion have been expired. I paid the full balance on the phone and a week later, not only did the $1000 finance was waived, but also the extra month of $89 was also waived as well.
I closed my account with Lowes and vowed never to user their credit card service again. Lowes was willing to loose a customer on a $100 fee, but Home Depot was willing to retain a customer by loosing a $1000 fee. I now know who is a better company.
Product or Service Mentioned: Lowes Credit Card.