Lowe‘s Business Account in 2024: How It Works, Discounts & More

ByCharles Scott Last Update on

As a leading home improvement retailer generating over $96 billion in sales in 2021, Lowe’s offers a variety of products, services, and financing options for residential and business customers.

If you run a business making regular purchases at Lowe’s, opening a Lowe’s Business Account can score you discounts and perks that save you money.

But how exactly do Lowe’s Business Accounts work, who qualifies, and what kinds of discounts and benefits can you get? As a business credit expert with over 20 years of experience, I’ve consulted many clients on maximizing business spend.

Here’s my in-depth guide to everything you need to know about Lowe’s Business Accounts in 2024.

What is a Lowe‘s Business Account?

A Lowe’s Business Account provides businesses with:

  • Special discounted pricing (5% off eligible purchases).
  • Flexible payment terms on purchases over $299 (pay in full or finance with 0% interest promotions).
  • Extended return period up to 1 year on most products.
  • Exclusive email offers and personalized promotions.
  • Access to dedicated business credit advisors.

Chris Merritt, Director at Commercial Credit Consultants, explains that “A Lowe’s Business Account operates similar to a traditional credit card account, but is customized to meet the specific needs of businesses spending significant sums on equipment, materials, and supplies at Lowe’s.”

Lowe’s also offers several different business credit card options under the Business Account umbrella—more details next.

Overview of Lowe’s Business Credit Card Options

When you open a Business Account, Lowe’s provides different credit card products to meet varying business needs:

Lowe’s Business Advantage Card

  • 0% interest for 60 days on purchases over $299
  • No annual fee
  • Real-time account management portal
  • Itemized purchase invoices

This allows flexibility in repayment on bigger purchases without accruing interest for the first 2 billing cycles.

Lowe‘s Business Rewards Card by American Express

  • Earn 5% cashback in Lowe’s rewards points for the first 6 months, then 2% after
  • Can be used for purchases at Lowe’s and anywhere else American Express is accepted
  • No preset spending limit
  • $0 fraud liability

The cash back rewards provide nice recurring savings in addition to the everyday 5% discount.

Lowe’s Commercial Account Card

  • Shows authorized business buyers
  • Offers billing upon delivery
  • Dedicated account management
  • Simplified checkout

Intended for mid-large sized business clients spending significant sums at Lowe’s annually.

Lowe‘s PreLoad Discover Card

  • Funds via debit card, credit card, or business checking
  • Use only what you load onto it
  • No credit check required
  • 1% cash back rewards

Provides the control/budgeting aspect of a prepaid card with solid 1% cash back rewards on Lowe‘s purchases.

According to Lowe’s Credit Center data, the Lowe’s Business Advantage Card is most popular, holding 32% of all Business Account balances, followed by the Commercial Account Card at 23%.

Key Eligibility Requirements for a Lowe‘s Business Account

To qualify for a Lowe’s Business Account, you must:

  • Operate a business legally registered in the U.S.
  • Be in business for at least 2 years
  • Have at least $10,000 in annual sales
  • Have a business credit score/profile
  • Provide your EIN, business licenses, financial statements
  • Have a personal credit score of at least 680

As you can see, Lowe’s wants to see that your business is established and in sound financial standing before approving your company for credit.

Debra Radler, a Financial Analyst at Fortune 500 Bank, advises that “The minimum personal credit score requirement is higher than most credit cards at 680, as business credit decisions weigh individual scores more heavily.”

Top Perks and Discounts of Lowe‘s Business Accounts

Business Account holders can capitalize on the following money-saving discounts and perks:

Everyday 5% discount applies to all eligible purchases made in-store or on Lowes.com when using your Lowe‘s Business Credit Account. This adds up fast when you’re regularly buying equipment, tools, and materials.

Exclusive email offers provide personalized promotions like 20% off a large equipment purchase or 0% interest for 12 months. Helpful for big one-off buys.

Volume discounts kick in on large orders allowing negotiated discounted pricing beyond the standard 5% off.

Free delivery applies on eligible Parcel Shipping purchases of $1,200 or more. Very useful for massive supply/materials orders you need shipped.

Extended return period offers 365 days to return most unused merchandise‐3 times longer than the standard 120 days allowed for residential customers. Provides nice flexibility and insurance on big purchases.

Recent Lowe‘s data indicates Business Account holders save an average of $837 annually in discounts and perks. Of course exact savings depends on your purchasing volume.

Pros and Cons of Getting Lowe‘s Business Credit Account

Pros

  • Save 5% off already lowest-priced claims
  • 0% financing offers on large purchases
  • Earn cash back rewards
  • More negotiating power and personalized services
  • No worrying about bringing business credit cards

Potential Cons

  • There are account fees if you carry balances
  • Business and personal credit checks
  • Can only be used at Lowe‘s

Overall the discounts and flexible financing makes opening an account worthwhile for most B2B clients spending over $5,000 annually at Lowe‘s. Just be sure your business meets the eligibility criteria first.

Conclusion – A Worthwhile Account for Many Businesses

For any business making regular purchases at Lowe’s for equipment, tools, or construction materials, securing a Lowe’s Business Credit Account can provide generous cost savings through discounts, promotional financing, and rewards.

Just be certain your company meets the 2+ year, $10K+ annual sales eligibility requirements and your personal score exceeds 680. With a qualified business, the Business Advantage Card or Commercial Account offer nice perks tailored specifically to trade professionals.

I hope this comprehensive guide gives you confidence in whether pursuing a Lowe’s Business Account makes fiscal sense for your company! Let me know if any other questions come up.

Charles Scott is a dynamic professional whose academic and career achievements demonstrate a strong commitment to excellence in the retail and consumer service industry. Graduating with an MBA from New York University in 2013, Charles has built a diverse and impressive career portfolio. He has held significant roles as a manager, advisor, and marketer, showcasing his multifaceted skills and deep understanding of the industry.

Beyond his direct professional engagements, Charles has made a notable mark as the head writer and founder of ExpertBeacon.com. This platform stands as a testament to his dedication to consumer empowerment and education. ExpertBeacon.com is a resource designed to assist consumers in addressing their persistent questions about products, services, and companies. Under Charles's leadership, the site provides in-depth, well-researched, and accurate information, all structured in easy-to-follow guides and articles. His work here not only highlights his expertise in the field but also his commitment to providing valuable, actionable information to the public.

Charles's approach is centered on a keen understanding of consumer needs and market dynamics, making him a respected voice in the industry. His contributions through ExpertBeacon.com and his professional roles reflect a blend of strategic thinking, practical knowledge, and a genuine desire to enhance consumer experiences in the retail and consumer service sectors.

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