Credit

perhaps so, and it is fustrating isnt it?  But do you know of any revolving credit instrests rates that have not done that?

Somone is going to point out that it is not sears but citibank, you will have to take that part of the discussion up with them.

Customers get lured in by 0% offers and rebates. What happens is up to them. As for Citi, "They're only bankers."

Sorry Sears, but your new interest rates are out of the ballpark.  For years, you have provided us with wonderful appliances, and good service.  Our home is full of your products.  But today, when I got the credit card bill, and almost had a heart attack at the interest rate.  I determined that I would not set foot in your store again, in my lifetime.  I am certain that hundreds and thousands of Americans who do not like the way some banks/companies are treating their customers, feel the same as I do.  It's time for you to realize that you can't walk all over us.   Most Americans put their trust in companies with which they do business .  Your store, in particular, is one of the backbone stores in America.  We trusted you, Sears.   But not anymore.  To see what has been done to us by your company, and others, is absolutely repulsive.  American banks messed up by giving credit to people they should not have, for no other reason than GREED.  The people who will NEVER pay back, because they should never have been given credit to begin with.  Now these huge banks are taking that money back, out of the pocketbooks of the rest of us, as they are apparently now running Sears credit.  Rest assured, there will be no increase in your sales volume, while you are walking all over your customers.  Good luck with that!

Sears is the company represented by Citibank.  Sears is the company that is letting this happen.   It is Sears that will lose customers.  I have no doubt that no one at Citibank will lose any sleep over Sears, or any of us.  And yes, I do know where to get better credit.  For anyone who is reading this...go to your credit union and open an account.  You can get a really great rate, and an even better introductory rate.  Don't let the "big guys" do this to us.  It's time for Americans to stand up and take back our country from these greedy folks!

thats a thoughtful response and a good way to vote, get rid of the balance however you can.  Reforms are in the works and all of these actions have taken place before that reform.

Voting with you feet is a good thing to do, the question remains is how many will rebell?  Surely those hit with high new rates.  I believe any credit card holder regardless of bank or company was required to send the information in advance and give the customer the opportunity to opt out.

This time has passed. Of course if you opted out your account was closed and you were allowed to pay off your debt at the old rate.

I for one have thought that rates were too high before the change.  Many folk are not effected by this as they use their cards for convience and carry no balance.

These foks are not going to agree with you.

Its a rock and a hard place huh...

I completely agree with you about Credit Unions, by avoiding income tax as "non-profit" organizations they pass that savings on to members in lower consumer rates. What I can't understand is if banks can lend money at 10-30% why can't a CD pay more than 2%??

ahhhh what about loans to banks with our money at 0% interest from the Feds?

now thats a rip off...

You are right bocephendorfer...pay off the card and do not carry a balance!  We are paying off this month, and have already closed our account!     I understand there is a fee of some kind on these cards now, as well.  As mine is closed, I don't know the details.  I think even those who pay balances off monthly will rebel against this.  Most Sears customers don't do that though, is my guess.  I remember buying appliances there when first married, and paying off month by month.  No one can afford to do that, anymore.  The world is not the same.  Shame on banks who took our money to fix their problems, and who now think we owe them even more.  And good luck staying in business, because overcharging will only keep you in the banking business for a short time.  Most people will only be bitten ONCE by a company in this deal.  In the next few years, Americans and American businesses are going to have a rude awakening, as our broken system tries to correct itself.  Greed will bankrupt many individuals, banks, and companies.  We (our family) have decided not to buy ANYTHING new, if what we own can possibly be fixed.  We are making major changes in our spending, our saving, our diets, our health.  We are keeping our money safe.  The focus in our home is on protecting ourselves, now, as the government, and the very banks we lent our money to, have let us down.    We have to be responsible for ourselves.