Should I Sign Up For A Lowes Credit Card?

I’m not one that’s much for signing up for individual store credit cards.  They often hurt your credit score, plus it’s one more thing to keep track of.  If you’re a creature of habit that knows what bills you pay every month, you might forget all about making a payment if you don’t use the card regularly.  This could be devastating to your credit score.

Despite these risks, I’m thinking about getting a Lowe’s credit card.  Right now, my Citi Dividends credit card has a 5% cash back on all home improvement store purchases.  But that’s only good for three months at a time, and is set to run out June 30th.

Now, Lowes’ has recently announced that for all purchases made on a Lowe’s card, you get a 5% discount on your purchase.

That sounds like a pretty sweet deal to me considering that I do quite a bit of shopping at Lowe’s anyways.  If I got this, I’d just put my Lowe’s purchases on the Lowe’s card, go home, and schedule the payment right away. No interest.  No fees. Just 5% off purchases I make there.

In order to really benefit, as a consumer, I would have to make sure that I don’t buy anything that I wouldn’t buy otherwise.  If I buy $100 worth of stuff that I wouldn’t have otherwise bought, just so I can save $5, it really doesn’t work out.  But, if I was planning on buying that $100 stuff no matter what, then the $5 off works out for me just fine.

I also still have to remember to shop around.  I think many times these stores count on you to automatically go to their store since you’re getting the 5% off.  Let this service as notice to Lowes that I will still be shopping around.  If another store has something I want for 10s% lower than you do, well let’s just say that my Lowes card won’t be getting any extra swipes.

This seems to be a better deal than many store credit card offers, where you get a percentage off your first purchase, then….nothing.  Granted, they could put the kibosh on the 5% offer at any point, but then I could just the kibosh on using the card.

I haven’t signed up for this card yet, but I was wondering what you think?  Have any of you signed up or plan to sign up?

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