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?