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Lowe’s American Express Business Rewards Card


American Express offers a business rewards card through Lowe’s that is an excellent fit for contractors, those in the construction industry or property management, and even for individuals who do a lot of home improvement projects. This American Express Business Rewards Card offers many of the American Express benefits while also offering the flexibility of a credit card that does not require the balance to be paid off every month. Also, the Lowe’s Business Rewards Card from American Express has no annual fee. Additional employee cards are also available on the same account for no fee.

Rates and Fees: Pay This American Express Business Rewards Card Over Time

The elements that set this card apart from the traditional American Express offering begin with the fact that there is no annual fee. While card members always have the option to pay their account in full each month, the American Express Business Rewards Card comes with flexible payment terms. If the account holder decides to carry a balance, interest is applied with either a 13.24% (Prime Rate + 9.99%), 15.24% (Prime Rate + 11.99%) or 18.24% (Prime Rate + 14.99%) APR on purchases based on your creditworthiness. Cash advances are available at 21.24% (Prime Rate+ 17.99%) with a $5 or 3% initial fee. Foreign transactions carry an additional 2.7% transaction fee. There is no overlimit fee, however a $35 penalty applies to late or returned payments, which may also lead to a penalty APR of 27.24% (Prime Rate+ 23.99%).

Point Accrual for the AMEX Lowe’s Business Rewards Card

Points are earned on all purchases, and many types of purchases earn multiple points with a few minor technical exceptions. The American Express Business Rewards Card benefits include built in discounts for certain purchases and cardholders may also request a 5% Lowe’s discount for certain purchases per their terms and conditions.

Triple rewards points can be earned through purchases at domestic US restaurants and office supply stores (but not on office supplies purchased at other stores that are not listed as strictly office supply stores), as well as wireless telephone services purchased directly from U.S. service providers (not including hardware or equipment, or purchases through a third-party reseller). Double points are earned for all purchases at a Lowe’s store or on the Lowe’s web site.

Be aware that some eligible types of purchases may not earn the additional rewards points if they are not made directly with a merchant that has been assigned a proper category code by American Express (based on what they primarily sell). Also, merchants who make their sales through a third-party payment account or with a shared multi-retailer web-based marketplace. Mobile payment solutions also sometimes prevent the bonus points, for instance, when the merchant processes the transaction via a wireless card reader or if the account holder utilizes a digital wallet.

Points may also be purchased by American Express Business Rewards Card account holders for their own account at a rate of $25 per 1,000 points, up to a maximum of 500,000 points per calendar year. These points can also only be purchased during a reward redemption. Purhased points are also subject to the same rules of forfeiture as points earned through the program, including when the account holder fails to make minimum due payments on time, although points lost for late payment can be reclaimed for a $35 fee.

Points can be redeemed for rewards that are particularly attractive for business purposes, whether as rewards for employees or to be used as capital for the business itself. Rewards include either Lowe’s Gift Cards or American Express® Gift Cards, Gas Rewards Cards or Outdoor Rewards Cards for retailers such as L.L.Bean, Cabela’s®, Austad’s® and Bass Pro Shops®. The minimum value for redemption is 2,500 points for a $25 Lowe’s gift card, Gas Rewards gift card or Outdoor Rewards gift card. American Express gift cards start at 3,500 points.

OPEN Savings® Benefits from AMEX With the Lowe’s American Express Business Rewards Card

The OPEN Savings perk from American Express Business is applicable to the Lowe’s American Express Business Rewards Card. This benefit to account holders automatically assigns up to a 10% discount for eligble purchases, which shows up on the monthly statement. This applies to purchases with OPEN Savings partners, including vendors such as Hertz and FedEx. (See opensavings.com for OPEN Savings partner offers.) However, the OPEN Savings Membership Rewards program is not applicable to Lowe’s Business Rewards Card accounts and the OPEN Savings terms and conditions do not apply, as they are superceded by the Lowe’s Business Rewards Card terms and conditions.

Other OPEN benefits include ReceiptMatch, which assists card holders by being able to use their smartphone to take a picture of a receipt and match it with a transaction on their statement. OPEN also offers assistance with dispute resolution, identity theft protection and account alerts. It can be used to set up additional authorized users for account access and provides mobile and tablet apps for more functionality.

Additional Perks for the American Express Business Rewards Card

Beyond the rewards program, the Lowe’s American Express Business Rewards Card offers access to discounted delivery from Lowe’s. The card comes with purchase protection against accidental damage or theft for up to 90 days past the purchase, up to $1,000 per occurrence or up to $50,000 per account annually. The American Express Business Rewards Card also offers fraud protection and extended warranties for up to one additional year. Use of the card provides insurance for rental vehicles against loss or damage, allowing the driver to decline the collision damage waiver. A Global Assist Hotline is available for travelers who encounter medical or legal trouble abroad or who need either financial or emergency assistance when more than 100 miles from home. Travelers can also use the American Express Business Rewards Card to receive coverage against lost, damaged or stolen baggage, including carry-ons, when their common carrier ticket is purchased with the Lowe’s Business Rewards Card. The various coverages offered through the card holder agreement are always in excess of other sources of liability protection or indemnity.

Using the online portal, account holders can create spending reports and view them as various charts or graphs, search statements and download activity into either Excel or Quickbooks, request additional cards or increases in credit lines, update company information or send secure messages to customer support.

Final Word

The Lowe’s Business Rewards Card from American Express offers a quick path to simple rewards along with built-in perks that are particularly appealing for those who would have reason to shop at Lowe’s quite often. For this reason, contractors and builders are very likely to find this card appealing, as are those who travel for business and find the combination of perks attractive. For a card with no annual fee, the Lowe’s American Express Business Rewards Card offers quality travel and entertainment perks, and combined with the built in discounts may offer quite a bit of value.

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