Credit Card News
Lowe’s Launches New Loyalty Program, Rebrands Credit Card
Ahead of spring cleaning and project season, Lowe’s has introduced a new loyalty rewards program along with an update to its co-branded credit card.
About the new program and credit card update:
This week, the popular home improvement store chain Lowe’s announced MyLowe’s Rewards. With this program, shoppers will be able to earn points on eligible purchases and turn those points into MyLowe’s Money. Additionally, customers can enjoy other perks based on their status tier. Some announced perks include free standard shipping (top two tiers only), free member gifts, exclusive offers, and more.
At launch, MyLowe’s Rewards will have three tiers: Bronze Key, Silver Key, and Gold Key. New members will start at the Bronze Key tier and work their way up as based on their annual eligible spending at Lowe’s. For example, those who spend at least $500 per year can earn Silver Key while those spending upwards of $2,000 will earn Gold Key.
Plus, as members move up their status, they’ll earn more MyLowe’s Money points on their purchases. Starting with Bronze Key, members earn 1 point per dollar spent. This rate increases to 1.25 points per dollar spent with Silver Key and 1.5 points per dollar spent for Gold Key members.
The new MyLowe’s Rewards program is now available to customers in select regions and will be expanding nationwide in March.
Along with the introduction of MyLowe’s rewards, the current Lowe’s Advantage Card will be rebranded. According to the company’s site, current cardholders will see the transition to the MyLowe’s Rewards Credit Card starting March 7th. Notably, those with the card will gain automatic Silver Key status and save 5% on eligible purchases.
What they’re saying:
Commenting on the launch of the program, Lowe’s SVP of enterprise brand and marketing Jen Wilson stated, “We designed MyLowe’s Rewards based on our deep understanding of the DIY customer, particularly millennial homeowners with families. These customers are trying to make the most of their homes while also looking for experiences for their families.” Wilson added, “Benefits they want, like free gifts and kids’ workshops, are small ways we can thank our customers for choosing Lowe’s—all while saving them money along the way.”
My thoughts:
As a new homeowner, I definitely intend on signing up for MyLowe’s Rewards once it becomes available in my area. That said, this is one instance where I hope not to achieve a higher status as that will mean I’m spending more than I want to! Then again, if that is the case, at least I’ll be getting something in return.
As for credit card, the rebrand still doesn’t make it an attractive option for me. But, for those who already have and love the card, I don’t see the new name changing that.
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