American Express Lowe’s Card Review

The Lowe’s Business Rewards Card from American Express is a well-rounded option for any business – but contractors, construction companies and mom-and-pop home flippers might have the most to gain from this card. Along with earning attractive point bonuses on select spending categories, cardholders will get double points on Lowe’s purchases and at least one point on other purchases.

In addition to the point bonus incentive, Lowe’s shoppers can qualify for automatic discounts on products and services. The Amex affiliation even means you’ll enjoy some travel perks and the standard purchase protections, which is great if your business makes a lot of big purchases. Best of all? The whole package doesn’t demand an annual fee.

Down to business with the Lowe’s Business Rewards Card from American Express 

  • APR: This card charges a standard variable APR that ranges from 17.24-26.24%. An introductory offer of 0% financing is available in the first six months of ownership.  
  • Annual Fee:  None  
  • Reward Rates:  You’ll earn three points for each dollar spent at restaurants and supply stores and on mobile phone services. Two points per dollar apply to in-store or online Lowe’s purchases, and you’ll nab one point per dollar everywhere else.
  • Intro Offer: A $100 credit will be issued on your statement within two to three months of being approved for the card.

Perks and features of the Lowe’s Business Rewards Card from American Express 

  • Roadside assistance hotline:You can travel by automobile with peace of mind knowing that the Lowe’s card offers a 24-hour hotline for roadside assistance. On any given day, you can dispatch help for towing services, jump-starting a dead battery, lockouts and fuel delivery.  
  • Lowest hotel rate guarantee: If you book a hotel room through Amex Travel and find a lower rate for a comparable room before you check-in, Amex will refund you the difference between the rate you paid and the advertised lower one.  
  • American Express Business App You can keep track of purchases anywhere at any time through the Amex mobile business app. At tax time or throughout the year, you can view qualified business expenses and receipts are stored for up to seven years.   
  • Return protection: For 90 days, you have coverage up to $300 per item and $1,000 per cardmember for lost or damaged items purchased with the card.      
  • American Express presale opportunities: You can get a jump on premium seating for concert and sporting events before tickets go on sale to the general public. Special offers get you VIP access or promotional discounts for a variety of events.   

Is the Lowe’s Business Rewards Card from American Express right for my business?     

The Lowe’s Business Rewards Card from American Express gives contracting businesses a nice advantage by offering rewards and hassle-free discounts on purchases made with the retailer. If you’re a loyal Lowe’s customer, you can leverage these benefits by regularly buying lumber, plumbing fixtures or tools.

If you own a contracting business, you can deploy a strategy that will help cut costs and boost profits. Purchasing building supplies at the retailer earns you a 5% discount on most goods and services. Thus, if you spend $100,000 annually on qualified Lowe’s purchases, you’ll earn 200,000 points and save yourself $10,000 at the same time. And if you use the Lowe’s Business Rewards Card on cellular phone services, office supplies and dining, you’ll get three points per dollar, which you can then redeem points for gas cards once you reach certain cumulative levels.

Businesses that aren’t engaged in the construction or home improvement trade won’t find much value with the Lowe’s card. Granted, any company could manage some volume of spending on products or services from the store, but if you spend a lot on travel, gas or internet services, you can find many cards that offer much larger point bonuses in those categories. Also, if you need to carry a balance, APRs on both ends of the spectrum run high, which would considerably cut into your bottom line. Other cards can provide you with lower APRs and bigger intro offers that give you 12 months to finance larger purchases, as opposed to six months with the Lowe’s card.   

A viable alternative to the Lowe’s Business Rewards Card from American Express is the Chase Ink Business Preferred Credit Card. From the start, you’ll earn an 80,000-point bonus after spending a reasonable $5,000 on anything in the first three months of card ownership. That bonus alone amounts to $1,000 in travel rewards if booked through the Chase Ultimate Rewards platform. These points are 10X the value of the Lowe’s card intro offer, and the spending requirement is well within the range of most small businesses, either contractor or otherwise.

The bottom line

The Lowe’s Business Rewards Card from American Express hits the sweet spot for a very specific type of industry. Businesses in the building trades will help boost profits by earning automatic discounts and accumulating points by spending in certain bonus categories. Big spenders at the retailer could amass some substantial savings through the instant 5% discount, and fee-averse cardholders will enjoy the absence of an annual fee.

Companies outside the construction industry, by contrast, would probably not have the level of spending that would make owning the card worthwhile. This is especially true for businesses that take frequent trips and desire the giant rewards they can glean from travel-oriented cards. Furthermore, if you’re looking to bring over balances from other cards at 0% for a year, you won’t find that ability with the Lowe’s card, either.