Lowes gift card trick

[CrashmanS]

This may be common knowledge but here it is. I always have house and property projects to do each summer and like to take advantage of the 12 month financing offered by Lowes occasionally. Then split the payments up over the year and do it again next year. You usually med to spend a certain amount. But I always forget some supplies or other items and when the bill comes those items aren't included in the 12 months no interest financing.
So here is the trick. I purchase a $1200-$1500 gift card and use it all summer long for project supplies and other items needed. I can purchase small items, big items or whatever. The gift card is considered a purchase and it is good for the 0 percent financing offer. This is how I keep up on my home and property maintanance each year with no interest.


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[killahog]

That's a good tip thanks for sharing.

 

[bastage]

Another Lowes trick is that when your standing in line pull out your phone and jump on eBay. There 15 off 50 coupons are about 2 bucks and delivered to your email moments later, you just show then the coupon on your phone and they scan it and you save about 13 dollars on every 50 if you plan your purchases accordingly. Works with the 50 off 250 coupons also.

Just gotta make sure it's the printable coupons and not the online only so they can scan them on your phone.

 

[CrashmanS]

Another Lowes trick is that when your standing in line pull out your phone and jump on eBay. There 15 off 50 coupons are about 2 bucks and delivered to your email moments later, you just show then the coupon on your phone and they scan it and you save about 13 dollars on every 50 if you plan your purchases accordingly. Works with the 50 off 250 coupons also.

Just gotta make sure it's the printable coupons and not the online only so they can scan them on your phone.

That would work with the gift card as well! Great tip. Thanks.

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[EnduroRdr]

For the last 10 years I used to do another trick just like this.
Before I start a new project I would go to post office and put in a change of address (from my old address to my current address - it didn't matter that I moved 10 years ago).
Then you start getting all these coupons in the mail - welcome to the area.
One of them was a 10% off coupon from Lowes.


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[M-technik-3]

I am fortunate to still have a Military ID card, They give me the 10% off, Thank You Lowes and Home Depot and all others that extend this discount I do appreciate it.

 

[CNGsaves]

^ ^ No need to PAY for the $15 off $50 or the 10% promo codes. Available at renovopower.com/lowes.html or generate your own with Excel spreadsheet. Virtually always cheaper to purchase online and use coupon.

I do like the Interest Free payback option on the giftcard, rather than paying it all back before the next bill cycle on my DiscoverCard !! Next big purchase I'll check into this. Thanks OP.

 

[Docbentley]

If you are paying for a gift card to use in the future for a "no interest" purchase, you would be better off putting the money used to purchase the gift card into a savings account instead. Then just pay cash for your future purchase.

 

[jd_1138]

If you are paying for a gift card to use in the future for a "no interest" purchase, you would be better off putting the money used to purchase the gift card into a savings account instead. Then just pay cash for your future purchase.

I think what he said was he can finance the gift card purchase, so he doesn't pay for it ahead of time. So it's like using Lowe's money for free. Then he can keep his own money in his accounts earning interest and then later pay off the Lowe's account before the interest kicks in.

 

[Jackpod]

Here in Arizona Fry's Food has fuel points, double on the weekend. I buy Lowes gift cards at Frys Within a block of eachother, 2 points for every dollar. A $200 gift card gets you 400 fuel points, 100 fuel points is .10 cents off a gallon. It really helps out since I am 25 miles from the nearest Fry's / Lowes and the gift cards are of course use them as you want

 

[cheechi]

buying a gift card you pay Lowe's to do it. May not be much money but let's say you spend $1000 over 6 months. You can either use the same Lowe's card and save 5% on purchases equaling $50, or spend whatever the cost, let's say $5-10 on buying the gift card.

If it works for you great, however if you can manage your budget and don't have issues with credit my way is more cost effective.

 

[Cypherian]

I am fortunate to still have a Military ID card, They give me the 10% off, Thank You Lowes and Home Depot and all others that extend this discount I do appreciate it.

Have you been told recently they now want you to register on line to use Mil Discount ? I was just told this 3 days ago the guy tells me you will have to register on line to use the discount . I have not had a chance to call corporate and get the exact details. The Clerk implied you will have to register or not be granted the discount. http://hip2save.com/2017/05/02/lowes-10-off-military-discount-now-valid-both-online-and-in-store/

Cypher

 

[jubilee]

If you are paying for a gift card to use in the future for a "no interest" purchase, you would be better off putting the money used to purchase the gift card into a savings account instead. Then just pay cash for your future purchase.

Yeah, get that whooping 1/10 of 1 percent interest on the savings account.

 

[Git]

I agree with Cheechi - I would rather get the 'cash back' on my Costco Visa. Plus Visa will automatically extend the warranty on my purchases for two more years, cover accidental theft or damage for 120 days and if I find a lower price on something within 60 days - they will refund me the difference

To each his own...

 

[mmb617]

So here is the trick. I purchase a $1200-$1500 gift card and use it all summer long for project supplies and other items needed. I can purchase small items, big items or whatever. The gift card is considered a purchase and it is good for the 0 percent financing offer. This is how I keep up on my home and property maintanance each year with no interest.

That sounds like a good tip. I often use their 6 months no interest financing and like you mentioned invariably think of some small items I need to complete the project later on.

I didn't know gift cards were eligible for that offer as I've never used any type of gift card. I assume the cards are available for purchase at face value, no extra charge?

 

[CrashmanS]

I think what he said was he can finance the gift card purchase, so he doesn't pay for it ahead of time. So it's like using Lowe's money for free. Then he can keep his own money in his accounts earning interest and then later pay off the Lowe's account before the interest kicks in.

Yep you got it.

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[CrashmanS]

That sounds like a good tip. I often use their 6 months no interest financing and like you mentioned invariably think of some small items I need to complete the project later on.

I didn't know gift cards were eligible for that offer as I've never used any type of gift card. I assume the cards are available for purchase at face value, no extra charge?

Yes no extra charges for Lowes gift cards.

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[CrashmanS]

This is just a tip. If you can use it great. This wasn't meant to be a lesson in high finance. Can you save some money by doing it this way or that? Sure. It works for me and my situation. I use it strictly for projects that I want 12 months zero interest on. But always run into small purchases that will not qualify. Most times it's over $299 or whatever, but if I need a $100 breaker panel it doesn't qualify for zero percent. But with a gift card it does. Because I bought it over the minimum amount needed to qualify for zero percent.
If your doing a porch deck you always forget screws or hangers etc. Small stuff.

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[ItsNemo]

...or just save up enough money before starting the project and don't carry extra debt?

 

[CrashmanS]

Or keep your money in the bank and use Lowes for 12 months!

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[CrashmanS]

Or just see it for what it is. A flexible way to complete a project over time without paying interest. If this can help great. If not great. If you have another idea that differs from the tone of my original post, start your own thread.

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[bushmechanic]

I am fortunate to still have a Military ID card, They give me the 10% off, Thank You Lowes and Home Depot and all others that extend this discount I do appreciate it.

I spent years not knowing they offered a Military/Veteran discount.

 

[Catadj78]

That's a great idea OP. I shop at HD rather than Lowes but I'm sure it will work there too. For bigger projects I always wait till I receive a coupon in the mail for 0% for 24 months on 2k or more I think it is.

I always keep a list of things I'll need for the shop etc and I use that list to get me over the limit for 0%. I do forget the little stuff for my project too so I'll use your idea next time rather than accumulating a stock pile of garbage bags, pencils and other consumable items

 

[Ray-CA]

Here's a trick I use for the membership clubs (Cost-Co, Sams Club etc.) so I can shop there without paying their membership fees.

I buy a gift card at Von's (which gives me gas points) and take that to the "Club" store. Tell them I was given a gift card as a present and ask if I can shop. Never been told "no" yet. The only down side is when you spend more then is on the card, you'll have to pay cash for the difference.

Ray

 

[rburke65]

I have had one Home Depot tell me they only give the 10% military discount on Memorial Day, Veterans Day, 4th if July or some such ****, and other H Depots everyday. I've had both Lowe's and HD give me different versions of the ID required. I have a US military ID card issued by the VA and have been refused at Lowe's, as they said " It has to be on your drivers licsense now"! Well maybe when I am due for a new Drivers Licsense it will be on there. I don't shop at Lowe's anymore.

 

[Jimmer411]

My favorite Lowes shopping trick is to go to Home Depot instead.

 

[rburke65]

Amen to that.

 

[houdel]

I am fortunate to still have a Military ID card, They give me the 10% off, Thank You Lowes and Home Depot and all others that extend this discount I do appreciate it.

You can register for a military discount on line, they check your service history through some system which didn't recognize me. On my next trip to the store I brought in a copy of my DD-214 and they registered me on the spot. Got my 10% discount the same day on the way out.

 

[ItsNemo]

Or just see it for what it is. A flexible way to complete a project over time without paying interest. If this can help great. If not great. If you have another idea that differs from the tone of my original post, start your own thread.

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I respectfully disagree. Financing, even at 0%, for projects via store credit cards is just a recipe for disaster. What if your life situation changes suddenly and you can no longer afford the payments? I subscribe to the save enough before buying philosophy (obviously excluding houses) with everything I do. If I can't afford it now, I'll wait until I've saved enough money to do it. Although when we're talking a few grand (and not 10's of thousands), I can't imagine being in a situation where I wouldn't have that amount available without dipping into savings.

 

[CrashmanS]

I respectfully disagree. Financing, even at 0%, for projects via store credit cards is just a recipe for disaster. What if your life situation changes suddenly and you can no longer afford the payments? I subscribe to the save enough before buying philosophy (obviously excluding houses) with everything I do. If I can't afford it now, I'll wait until I've saved enough money to do it. Although when we're talking a few grand (and not 10's of thousands), I can't imagine being in a situation where I wouldn't have that amount available without dipping into savings.

As with all credit, you need to be smart. Who's to say I don't have the money and would rather use someone else's for free? While I do see your side of it, using credit wisely is fine and not a "recipe for disaster". Just because you think it a bad idea, doesn't mean it will put you in financial turmoil. Pay it off before the amount is due. Simple as that. Don't use credit without an end game or plan to pay it off. I have a plan, always have. Some people may not.

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[6768rogues]

I prefer to save and pay cash. I just bought a new pickup truck for cash. Whatever works for you, just keep spending as it helps the economy!

 

[Viper98912]

I thought it was reasons like this that you could not buy gift cards for these credit offers?

 

[p_mori7]

I get similar offers from H-D up here as well, usually 18 months at 0% with minimal payments required and balance needs to be paid in full by the 18th month. Option of 10% rebate in lieu of 0%. $299 minimum purchase.

However, it says in black & white on the offer letter that it cannot be used to buy gift cards or certificates.

I've used the offers in the past. Not because I didn't have the money, I just held on to my money a little longer before forking it over.

 

[mmb617]

Pay it off before the amount is due. Simple as that. Don't use credit without an end game or plan to pay it off. I have a plan, always have. Some people may not.

Agreed! The stores make those offers because they know a lot of customers won't pay in full in the time allowed, and when that happens the store makes a bundle on interest.

However, that does not mean there aren't customers who are smart enough to use the offer to their advantage. I've done it numerous times over the years and have never had to pay the interest.

Sometimes those who claim to pay cash for everything and never used credit in their life are either:

Very rich or

Don't know as much about managing money as they think they do or

Liars.

 

[555]

Have you been told recently they now want you to register on line to use Mil Discount ? I was just told this 3 days ago the guy tells me you will have to register on line to use the discount . I have not had a chance to call corporate and get the exact details. The Clerk implied you will have to register or not be granted the discount. http://hip2save.com/2017/05/02/lowes-10-off-military-discount-now-valid-both-online-and-in-store/

Cypher

Registering is easy and quick. It allows you to get the military discount on both on-line and in store purchases. They also build a record of your purchases and keep a copy of the receipt.

 

[cagullett1]

Thanks OP for the tip. I'm all about using someone else's money for free. It's not an issue of having the funds to pay for it now or not, it's being able to make money off the money in my accounts rather than pay for a project upfront.

It's simple, 0% interest is them giving you free money.

 

[James E]

Be aware that often, when you finance something at a store, the store contracts with a finance company to actually loan you the money. The finance company will report the debt to the credit agencies so that it appears on your credit report. It is usually not clear what finance company will actually take on the debt when you fill out the application--there may even be a list of companies and you won't know which one you've been assigned to until your first bill comes.

The problem with this is that stores that do promotions like this often contract with finance companies that specialize in high-risk lending. These companies are what the credit bureaus consider "lenders of last resort". They are financing companies that are usually only used when consumers are in financial distress.

Because of this, even if you pay as agreed, your credit score may actually decline just because you borrowed money from that particular company. The credit bureau's scoring matrix sees that you've borrowed money from that company and automatically assumes that you are in some kind of a financial bind.

An additional negative is that the terms of these loans are often very severe if there is a default--interest rates and penalties are extreme and they give no leeway for late or missed payments--in fact they hope you miss a payment so the exorbitantly high interest rate and late fees will kick in.

Just trying to make everyone aware.

 

[Showkey]

+100 ^^^^^^^^^^ all risks and pitfalls for what gain ????