Lowes Ge Money Bank Credit Card / lowes credit card

Review updated:

What a scam the Lowes No Payment/No Interest credit card is! It sounds great to the consumer in this time of need to purchase items for their home improvement at no interest for 6 months to a year but what they do is charge you all the interest at 23% from day 1 if the entire amount is not paid in full! Even if you have been making monthly payments.

I received a statement 1 month with a $500 finance charge!

Shady business. Shame on these credit card companies for doing this to people in this hard economic times.

I will NEVER shop at Lowes ever again. Thousands and thousands of dollars I spent there, never again!

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  • Mr
      Sep 10, 2010

    Thank you for the comment. The reason I am upset is because I was making monthly payments above and beyond the minumum, never once late and they went back to day 1 and charged me interest from full amount. It is my fault for not understanding that part but it's ashame that these credit card companies are doing this. They should charge interests on the balance after the 12 months in my opinion.

    -1 Votes
  • Fm
      Feb 02, 2012

    I got a Lowe's credit card back in March of 2011 and purchased a washer and dryer. I had been faithfully making payments, plus paying extra to get it paid off before the 12 months/same as cash deal was up. Then, a few months later, I purchased a few other things for 12 months same as cash. Then, a few months ago, I purchased laminate flooring for 18 months same as cash. When I make my payments and EXTRA, this money is being distributed amongst ALL balances, not the one that's due by March 20, 2011!! At this rate, no, the balance due March 20, 2011 will never be paid off. This way they can go back and charge interest from day one, and still get their money. When I make extra payments, I want this put towards the balance coming due FIRST! Otherwise, why am I bothering?? I plan to call them today and go rounds with them. I know they will have some excuse and aren't going to budge. BEWARE!!! Lowe's credit card deals are a scam!!

    0 Votes
  • Fo
      Nov 19, 2012

    Also, whatever you do never-ever use your Lowes credit card to carry no-interest promo purchase AND make regular 5% Lowes Card discount purchases. It’s OK to do one or the other but never carry both together. The reason is because when you make a monthly payment, even if it’s above the minimum amount due, even if the payment is enough to cover the 5% discounted purchases in full for that billing period plus the amount to cover any minimum amount due for the no-interest promo purchases, the amount paid for that billing period will be proportionately divided among all of your outstanding credit purchases. This will leave a balance due on the regular 5%-discount purchases which incurs an interest charge which easily offsets any 5% discount saving.

    The same goes for returns. If you make a return of an item purchased on your Lowes credit card, and let’s say the item was purchased taking the 5% discounted regular-purchase deal, the return credit will be proportionately divided among your outstanding balances on both interest free-promo purchase and regular purchases. For this reason, your regular purchases balance will be higher that you would expect which will undoubtedly incur unexpected interest charges. In the last two to three years since I’ve had my Lowes credit card featuring the 5% discount deal, I have incurred more interest charges and been on the phone with GE Capital customer service than I have with all the other credit-cards that I’ve carry for over the last 30+years combined. Except for long term no interest promo deals, I always pay every credit-card in-full monthly since I have carried a credit card. With the Lowes Card, I would think that I was paying enough to not incur any interest charges, but for the above highly obscured reasons, I found that I was wrong. I even one had the GE Capital customer-service rep tell me that she wished that the payment credit terms were spelled out clearly as it would make her job easier. GE Capital not only needs to spell out the terms clearly on their website and on the printed statement, but also needs to allow the customer to direct which portion of your payment gos to pay down which purchases.

    I did finally solve this problem today. I paid the total amount in full, even though I carried a number of interest-free promos with lot of time left, but it’s just is not worth the hassle of dealing with Lowes and GE Capital’s deceptive practices. From now on I’ll use my Discover Card do most of home improvement shopping at Home Depot and Ace, and Lowes can keep their so-call deals.

    0 Votes
  • Ma
      Dec 20, 2012

    I have the same problem with lowes. they charged me $1400 interest on a 4000 purchase in 6 months. I paid them $3000 and still owe them $3000, by the time I pays them off I will have been cheated out of $5000. This can't be legal. I think I'll just stop paying on the card and let them keep calliong me for the rest of my life. I will never buy another item from Lowes as long as I live. Mass law suit is in order . Please somebody get one going. These people are our enemies, they are the ones responsible for our economy.

    0 Votes
  • Na
      Dec 29, 2013

    The Lowes credit service is using deceptive practices! Im contacting the better business bureau regarding the fact that they negate to give you a monthly summery on all your purchases . By doing that it leaves the consumer in the dark about what they purchased and also an account of the dollar amounts . By grouping the non interest account with the regular purchase amounts you cant figure out what your individual balances are. Every other credit card company gives you a monthly purchase account. Your unable to screen if your cards been tampered with if you cant see the activity. They are scamming many elderly people and women. Woman are the largest consumer group using Lowes. They need to be accountable to these practices! Please join to sue the company! [protected]

    0 Votes
  • Di
      Oct 01, 2014

    Just got hit with 1400.00 in interest charges on a promo for a fridge that ran me over 3000.00. I paid all my payments plus extra and they put it towards purchases made after the fact instead of principal. Absolutely disgusting practice. Bad enough my house flooded from Sandy, now we have to deal with this disaster!

    0 Votes

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