How Your Lowes Credit Card Payment Affects Your Finances

Homeownership comes with significant responsibility. It requires frequent maintenance and work, and even the occasional upgrade. Some homeowners, specifically those who buy an existing home or those who have lived in their home for many years, face the challenges of upgrading and renovating their homes. This comes at a price, and that price is monetary as well as emotional. It’s stressful to make changes to your home, and it’s stressful to go through a renovation whether you live there or you’re not quite living there at the moment.

Having a Lowes credit card can certainly make the process feel simpler and less overwhelming since you don’t have to worry about how you will pay for your purchases. Fortunately, Lowes is the home improvement solution for most homeowners. There is something you need to consider, however, when you decide to remodel your home and use your Lowe’s card to do it. You need to know how each of your Lowes credit card payments will affect you financially. Most people don’t think about it, but we like to recommend that you do this before you start your new project so that you can ensure it’s an affordable project.

Minimum Payments

This is the amount Lowes requires you pay each month. It’s the very least they will take, and you must make a payment in at least this amount. How will this kind of payment affect your finances? Making the minimum payment will make all your purchases more expensive if you do not pay the balance of your card in full each month. The amount of your interest rate is the additional percentage you will pay each year on any purchase. That’s a lot of money.

Full Payments

If you pay your bill in full each month, you won’t have to worry about how this will affect your finances. If you can afford to pay it in full and still meet your other expenses throughout the month, there is nothing to worry about. This will not have a negative effect on your credit, and it will keep your credit report looking good.

Late Payments

You do not have to worry about Lowes calling the credit bureaus if your payment is a day late, but you will have to worry about paying a $35 late fee and your interest rate will increase. This is a company that does not report late payments until more than 30 days have passed.

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