South River, New Jersey
Not resolved

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.

Do You Have Something To Say ?
Write a review


You will be automatically registered on our site. Username and password will be sent to you via email.
Post Comment

This is why most people shouldn't have credit cards.


You need to read credit applications when you apply for a card. They explain how your payments are credited.

They didn't scam you, you just didn't take time to read their terms. You also need to understand Lowes doesn't issue credit, it's the credit card company who's policies you aren't clear about.


You do know Lowe's and Home Depot have nothing to do with the credit card after the application right? Both cards are managed by banks.

GE Capital manages the Lowe's card and CitiBank manages the Depot card. Your gripe has nothing to do with the stores themselves.