GREENSBORO, N.C. —
The holidays are in full swing and you may find yourself having to buy a home improvement gift or appliance for someone, including yourself.
There are two main choices if you're looking to buy from a major home improvement chain: Home Depot and Lowe's. They both offer new credit card holders bonuses for the holidays. But how do they compare over the long term?
Consumer Reports took a look and got some answers.
Both offer no annual fee or hold you responsible for paying unauthorized charges.
Lowe's annual rate for all new cardholders is about 27%. But they do offer a 5% discount on most purchases, regardless of how much you spend.
Home Depot has a slightly better interest rate from 18% to 27% The better your credit score, the better chance you can lower the Home Depot interest. But Home Depot doesn't offer any discount.
Now let's talk financing.
If you spend over $2,000 at Lowes, you can get a fixed 8% payments for 7 years but lose the 5% discount.
If you want a lower fixed-rate at Home Depot, you have to apply for their Project Loan Card.
The terms are the same as Lowes, but it just requires some extra work.
So, all in all, both cards have their advantages, but for more discounts and better financing, Lowes wins this battle.
You can see a full breakdown of Consumer Reports' research here.