Credit Card Discussion Board

Did you get your credit terms change notice?

JulieK — Tue, 26 Jan 2010 14:57:00 GMT

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Did you get your credit terms change notice?

MikeMechanic — Mon, 07 Dec 2009 06:16:46 GMT

Hey, Interest rates don't bother me. They shouldn't bother you either, unless you carry a montly balance. Nobody recommends that on any dept. store charge card.

So, if Interest rates aren't the big issue, what is? It's this upcoming annual $50 greed fee that will only apply to Sears Credit Cards. They're the only dept. store in the nation to have one. Not because of new congressional laws or bad economy, just corporate stupidity - that simple. What's being done to fix it, other than recommending "Layaway"???

Did you get your credit terms change notice?

madgolfer — Sun, 29 Nov 2009 01:03:59 GMT

I wish all lenders would close inactive accounts after 2 years, but it must look good on their books since they are not delinquent.

Did you get your credit terms change notice?

blacksheep2 — Sun, 29 Nov 2009 01:02:53 GMT

First of all, it's ALL credit card companies, not just CITI. I WAS a Sears card holder since 1974. I didn't use it much in recent years due to their high interest rate - but would use for occasional large ticket item, like stove, mower, etc. This summer I bought a used Craftsman Tractor and was about to use my new CITI Sears card for a $500 attachment. I was told because I hadn't used my card for a long time, THEY decided to close my account! I asked to reopen, but was told I could only apply for new one.

That would not only put me in a higher rate card, but also knock down my credit score (recent card apps vs long-term account holder. You know where I told them to put that idea!

Likewise, I have been a long-time CapOne and AMEX holder, and both went to astronomical rates in the 20% range, for no good reason. I wonder if Congress should look into this tactic in light of the bank bailouts. Credit rates are likely to go up once inflation is back, and the new banking and credit laws are being pre-empted by these companies.

BOHICA, my fellow Americans!

Did you get your credit terms change notice?

Tickedatsears — Mon, 23 Nov 2009 11:48:57 GMT

MR. BLUE CREW......Actually yes I can. Fashion Bug, Victoria Secret, Target as far as I know & not my visa cards. In checking with family, etc. There are other Citi cards that are not changing as of yet. Ashley Furniture, 2nd Wind were mentiond. In fact....sears/citi is the only one I know of personally. No one I know has any issues with any of theirs yet. I also have a citi account that is not retail & it has not changed.

Did you get your credit terms change notice?

I-Hate-Citibank — Mon, 23 Nov 2009 05:32:38 GMT

Teepetals - Thanks for the info & the post. Yes, Sears loves it's annual credit card fees!

You'll see from other posts & threads that they'll try to pin all of the blame on Citibank, or rationalize bogus perks, old-school layaways, or "It's time for everyone to just give up on revolving open credit" propaganda. If Sears Corporate really had the slightest concern about all of it's cardholders getting gouged with $50-$60 annual greed fees, we would see an announcement on this thread about a new affinity charge card program with a different bank.

Did you get your credit terms change notice?

teepetals — Mon, 23 Nov 2009 04:37:25 GMT

i-hate-citibanks..... i have heard about a fee too for the Sears solution mastercard $59.00

Did you get your credit terms change notice?

teepetals — Mon, 23 Nov 2009 04:32:46 GMT

I did and also some other friends that i know got letters in the mail talking about the increase in the rates "due to the rising cost of doing business" So I have paid my sears card off immediately.

Did you get your credit terms change notice?

I-Hate-Citibank — Fri, 09 Oct 2009 02:37:17 GMT

Rochesterian - Great post. Obviously, the bank gave you a different story [who gets assessed annual fees] than they gave me. Remain concerned about your statement of their uncertainty of an upcoming annual fee in January. It will be there, and they'll most likely remove it when you complain... In exchange for closing your account.

It's a real shame, I think that all we're asking for here is the opportunity to continue as loyal Sears shoppers and cardholders. If Citi wishes to end the program, it should be done straightforward and honest, instead of this sneaky "annual fee" gimick onto responsible credit holders with impecible payment histories.

So Erin, no offense, but please.... We don't want "more flexible financing" or 1960's style layaway hassles.... Just give us back a fair and competitively arranged Sears charge card with honest conditions like we once had, or find a new affinity servicing bank who will. It's that simple.

Did you get your credit terms change notice?

worldweary2 — Fri, 02 Oct 2009 23:57:11 GMT

"wake up!"

I've tried to impart to him the same notion.

Did you get your credit terms change notice?

rochesterian80 — Fri, 02 Oct 2009 22:13:59 GMT

I just called, and only some people got an annual fee added. She said she heard that it's a trial run. I don't think I'm impacted, but my only fear is that I might have misplaced something (I remember getting something on APRs, but since I don't carry a balance, that didn't bother me). And, she didn't know how to check to verify that I won't have a fee added. So, I'll hang on to the card for now, but unless they can tell me for sure before the end of the year, I'll probably cancel before then. I only used it once, and since I haven't exactly been bombarded with offers, I've seen no reason to use this card when I've got other no fee cards with rewards.

It's good to see that Sears is working on the issue, though. But, Citi (not Sears) doesn't seem to be going about this in the most efficient way. On another funny note, I tried e-mailing them via my account first (a yes/no question), and instead of answering the question, they told me to call. And, even the call didn't give me a straight answer -- Citi seems to be living up to their reputation. It's actually too bad there's not still the Discover connection. I've found their service to be good. Their APR/double cycling isn't the best, but if you don't carry a balance, it's not a problem.

I understand the APR hikes (in some cases), but adding a fee to a card without rewards (only Sears discounts) is going to be an uphill battle. And, quite frankly, even with rewards, I'd cancel the card. (She's tried to get me to upgrade to a free Sears rewards card, so I bet that's the ultimate direction, it would be free for a while, then I'd get the new terms.)

Did you get your credit terms change notice?

I-Hate-Citibank — Fri, 02 Oct 2009 21:21:50 GMT

Erin,

Thank you, Thank you!!! I understand that for legal and contractual reasons, you must choose your words wisely. However, just to see that corporate is watching this situation unfold and paying close attention to the significant damage that Citibank is doing to Sears customers is a giant first step. Your message lays great hope that you folks will run these crooks out of town as soon as your affinity contact allows you to, and resign with a bank that has an ounce of integrity left.

As the age old proverb goes, "A greedy heart makes the soul stink!".

Again, wonderful news - Thank you, Sears!!!!

Did you get your credit terms change notice?

goodole312 — Fri, 02 Oct 2009 20:36:09 GMT

right blame the govt for citibanks greed after all the govt ONLY gave them 300 billion

Did you get your credit terms change notice?

SHC-ErinM — Fri, 02 Oct 2009 20:00:44 GMT

As a result of recent legislative and regulatory changes (CARD Act and UDAP), banks are making changes to their credit terms and conditions. Plus, many banks – including those that issue the Sears credit card – are making significant changes that will have a direct impact on all card holders.

Sears pledges to stand behind its cardholders doing everything possible to ensure customers continue to get the quality shopping experience they’ve come to expect from Sears, especially in light of these changes.

Beginning this fall, Sears pledges to offer cardholders more savings options, more benefits and more flexible financing.

Sears also currently offers payment options such as layaway and the Christmas Club Card.

Did you get your credit terms change notice?

Sean921 — Fri, 02 Oct 2009 19:50:49 GMT

I'm with you in that respect I-Hate-Citi~, I never carry a balance over from one billing cycle to the next. As I've said before, from my point of view, if banks want to give me interest free loans, more power to them. Also, like you, I never see annual fees on my cards because my credit is in good standings. But I see plenty of people who graduated with me, who couldn't manage their credit during school, getting hit with annual fees and high interest rates right off the bat. With that said, I don't approve of a blanket annual fee assessed to all cards, but like I stated in my last post, I think we're going to be seeing alot more of it occuring.

Did you get your credit terms change notice?

goodole312 — Fri, 02 Oct 2009 11:21:49 GMT

we always get off the orginal topic ihatecitibank this time was pretty mild actually since its just bluecrew trying to defend the company again

if citi really only wanted to get rid of the "deadbeats" they could just cut off their credit like they did to me after i paid off a large portion all at once and they realized that they wouldnt be getting 50 bucks a month out of me in intrest anymore

Did you get your credit terms change notice?

gulicious — Fri, 02 Oct 2009 04:59:26 GMT

I believe the point of this exercise is to shake out millions of credit card users who would normally rack up debt that would later be unpaid. The entire credit card industry is trying to get as many delinquent accounts and risky credit holders off its back. These higher rates and fees are just temporary until they can obtain a higher risk tolerance to begin having more people use them.

This is not unique to Citigroup who in my opinion would rather not be in this mess with the credit cards, but it is, and it is difficult. My advice is that if you cannot deal with the higher rate or the fee, cancel the card. Simple as that, don't waste your time trying to get the original rate by complaining - they are not going to do that. They want to get as many people off their card as possible, and so I would not imagine any circumstance where you would be 'off the hook' for their new rate structure.

Did you get your credit terms change notice?

I-Hate-Citibank — Fri, 02 Oct 2009 04:36:11 GMT

Folks... How did y'all get off track here? We're not trying to make a point that all credit cards are evil or overpriced. My wallet is full of both generic and affinity Visa, MC, and AMEX cards from multiple banks. Overall, their standard interest rates and terms haven't gone up much at all in the past year or two. My "standard" rate (when you make your payments on time) is about 15%. It's the new "default" usery rates (when you miss payments) that are jacked up to 30% nowadays. Although I personally feel it's extreme, that's life in the big city, folks. Don't miss the payment, and better yet, don't carry a balance into the next month, so interest rates will be a non issue. If you can't do that, roll it into a private loan at a competitive (10%-12%) interest rate.

The real issue here is annual fees on top of usery interest rates cited above. Outside of alirline frequent flier cards that earn travel, there is no excuse or tolerance for annual fees. Not a single one of my dozen charge cards carries an annual fee. How about yours? Outside of Sears, no big box store affinity cards (Home Depot, Macy's, Lowe's, Kohl's, Penny's, Radio Shack, etc.) from any retailer in the market today has annual fees. They're dispicable, dishonest, and sneaky. Just like the bankers who impose them. Don't accept this behavior - speak up now!

Guess what? Sear's Mastercard by Citibank is the first in the Nation! Doesn't seem true? Call them right now to find out how much they're going to add to your monthly statement starting in January, no matter if you placed Christmas purchases on the account or not!

Did you get your credit terms change notice?

MKW — Fri, 02 Oct 2009 03:19:41 GMT

A lot of people been caught with debt on their credit cards and are now facing high interest rates. Sooner or later these people will have this debt paid off. They will remember what the banks have done to them during this recession and will not do business with them again. Once the debt is paid off and the banks have lost , maybe 60% of their cardholders, the banks will really cry and beg for new cardholders. Sadly this practice not only hurts the consumer but also merchants.

Did you get your credit terms change notice?

omnomnom — Thu, 01 Oct 2009 23:18:47 GMT

USE CASH CREDIT IS THE REASON WE ARE IN THIS MESS.

credit cards over inflate the economy to make everythign look better , which is a bad idea, USE cash and be honest with yourself

Did you get your credit terms change notice?

goodole312 — Thu, 01 Oct 2009 21:40:02 GMT

oh so credit cards are going to a socialist state?

Did you get your credit terms change notice?

Sean921 — Thu, 01 Oct 2009 20:50:15 GMT

EMB, the way it used to work with most cards is you would get an annual fee added to your card if your credit wasn't that great. The better your credit, the lower the annual fee/interest rate. Unforunately, with all the restrictions now being placed on credit card companies, I expect to see higher rates, annual fees, and the loss of rewards programs to become common place once the act is fully instated. Because the majority of America can't seem to keep their spending/credit in check, those of us who can and have good credit are going to end up suffering, as many credit card customers are already expierencing.

Did you get your credit terms change notice?

goodole312 — Thu, 01 Oct 2009 05:03:50 GMT

I-Hate-Citibank said…The bottom line key question here, is Sears going to sit by and allow these swines to treat your valuable customers this way?

well you know how they love to distance them selves from the credit cards when theres a problem since sears no longer owns the card so i doubt it. of course as long as the cards still have sears' nameon them no matter who owns them it will still be giving sears the black eye

Did you get your credit terms change notice?

I-Hate-Citibank — Thu, 01 Oct 2009 04:27:05 GMT

Moderator,

I took your advice and called the 1-800 number you listed above to request Citi to restore my account terms to their present reasonable rate in lieu of their letter of intent on Jan. 1st to gouge me. Their answer was "Fall in line... " Suck up the new terms, or "Opt out" now and close the account that I've held for 21 years... That simple.

I appreciate your efforts to comfort me about the usery tactics that Citi is pulling on us, and you're right... I certainly don't need the CitiBank Sears Mastercard for purchasing or financing. I've never mentioned to the discussion group before now that I'm in fact a millionaire with a FICO score of nearly 900, so I pay my bills. That's precisely why I, and hundreds of other loyal fellow Sears cardholders of > 20 years are so outraged by the usery tactics of CitiBank. There is no reasonable explanations to jack the interest rate from 21% to 30% (which I could ignore), and simultaneously imposing an annual fee from $0 to $45 (which I can't ignore), without apparent cause or reason, other than sheer greed and corruption.

Having the Sears card, and using the Sears card with pride in your stores was a convinience that I've enjoyed for years, all to have it taken away (or sit by and allow myself to get gouged in annual fees every year), without cause or explaination. The bottom line key question here, is Sears going to sit by and allow these swines to treat your valuable customers this way?

Did you get your credit terms change notice?

EMBMOM — Wed, 30 Sep 2009 15:06:18 GMT

Not only is Citibank raising rates and charging a yearly fee for the option of owning a Sears Card, they and Sears are using false advertising on their website. I decided to check into trading my Sears Mastercard for a standard Sears Card. Their website says that both cards are "no-fee", which we know is wrong. So I called to find out about a standard Sears card. I was told by the operator that she couldn't tell me if there was a fee with a standard Sears Card. According to the operator, many standard Sears Cards have a yearly fee and have had one for some time. The kicker is that they can't tell you what the fee is until you apply for the card. You will see the fee on your first bill. Last time I checked, there were laws that said you had to disclose this information up front.

I have been a Sears customer all my life. Sears was one of the first words I could spell. I've had a Sears Charge since college-more than 25 years. I've bought almost every appliance and tv from Sears through the years. As of late, the quality of many of those products has gone downhill dramatically. Frankly, it seems as if I won't be that sorry to stop shopping at Sears. It is so nice that the Citibank people are responding. It would be nice if Sears realized that Citibank is losing their customers for them.