Just today, I was told by two couples that they will never use the Lowe's card again. Sure, they already had the card, but made it VERY clear that the card will never, ever be used again.
Lowe's and Synchrony, a marriage made in he-l.
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I find customers are disgusted with Lowe’s overall.
As a former Lowe’s employee that worked in Banking prior to Lowe’s (and after), Lowe’s credit card rate is ridiculous. I get 11.9 percent on my capital one cash back credit card. My Costco Citibank card is 19.9
The retailer and card company negotiate the margin above the prime lending rate for their partnership. The only way I’d consider using a Lowe’s card is if they had a big percentage off on the purchase. Then before interest I’d use one of my 12 month 0 interest balance transfers from a different card company to pay off the Lowe’s card.
Lowe’s does not control what the interest rate on the Lowe’s credit card is. Lowes credit card is underwritten and controlled by Synchrony Financial, an independent company, that moves its interest rates based on what the federal reserve does.
The financial illiteracy here is unbelievable. Lowes doesn’t set the interest rate of credit cards or anything else—it’s all pegged to the federal reserve.
But it's not Lowe's doing that.
It's the bank and the fed.
It's all credit cards. Lowe's isn't the only one.
Lowe's: Never stop improving our bottom line while destroying yours.
The interest rate is so predatory, it’s disgusting, but that is the outcome when you approve everyone. You have to cover your loses.
There's only one cure for that........don't be a fool and get one.
Sin Crony was not quite as bad back when they were GE Money Bank.
Unfortunately, there are no laws protecting consumers against high interest rates of credit cards, just bank loans.