Lowe’s Launches Project Card, New Credit Card for Home Improvement Purchases
Home improvement chain Lowe’s has launched the Project Card, a new credit targeted to consumers doing large home improvement projects. Unlike the Lowe’s credit card that already exists, the Project Card offers a six-month interest-free, no-payment window as long as overall purchases on the card total $1,000 or more. After that, regular interest kicks in and monthly payments must be made. While the Project Card is essentially offering a six-month same-as-cash deal in a different package, it does offer one interesting difference.
Although you have to begin paying on your card at the completion of your six-month “project”, you can start another project with a new six-month window immediately afterwards. So, if you’re re-doing a bathroom in the spring, you can delay paying on it for six months, then move on to your kitchen and get a six-month window for the kitchen as well. You’d be paying on the completed bathroom improvement at that point, but not on the current kitchen improvement. The Lowe’s Project Card is issued by GE Money Bank.
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