1: It's not Sears setting the credit card policies or charging the fees and interest; it's CitiBank. Sears got out of the banking industry decades ago. Sears doesn't make a penny from late fees, interest rates, or any other fees/charges that show up on a statement.

2: It's not just the Sears card that does this; it's every credit card on the market (whether a retailer's branded card or any other credit card), issued by every card-issuing bank.

3: Because banks are not regulated very much when it comes to credit cards (which is in the process of changing), they are pretty much allowed to do as they please when it comes to fees and interest rates. When/if the laws change regarding credit card regulation, we'll see what happens. For now, though, these are the rules of the game, and they've been pretty well publicized (and criticized) on national news programs, news websites, newspapers, and news/consumer magazines. 

I'm not saying what the credit card issuing banks are doing is good or fair; I'm just saying that the bank is holding up its end of the contract in the expectation that the customer will do the same. Both sides have to meet their contractual obligations, and when either party fails to do so, there are consequences. By the way, that also holds true if the bank fails to meet its obligations to the customer.

And, if you've been regular customers and paid on time regularly prior to this incident, you can always call the bank and ask them if they can help you with the situation. Sometimes, for first offenses, they're a little lenient. I can't say for sure what the outcome will be, but I can guarantee you what the outcome will be if you don't try.

BlueCrewGuyInMA said…

1: It's not Sears setting the credit card policies or charging the fees and interest; it's CitiBank. Sears got out of the banking industry decades ago. Sears doesn't make a penny from late fees, interest rates, or any other fees/charges that show up on a statement.

2: It's not just the Sears card that does this; it's every credit card on the market (whether a retailer's branded card or any other credit card), issued by every card-issuing bank.

3: Because banks are not regulated very much when it comes to credit cards (which is in the process of changing), they are pretty much allowed to do as they please when it comes to fees and interest rates. When/if the laws change regarding credit card regulation, we'll see what happens. For now, though, these are the rules of the game, and they've been pretty well publicized (and criticized) on national news programs, news websites, newspapers, and news/consumer magazines. 

I'm not saying what the credit card issuing banks are doing is good or fair; I'm just saying that the bank is holding up its end of the contract in the expectation that the customer will do the same. Both sides have to meet their contractual obligations, and when either party fails to do so, there are consequences. By the way, that also holds true if the bank fails to meet its obligations to the customer.

And, if you've been regular customers and paid on time regularly prior to this incident, you can always call the bank and ask them if they can help you with the situation. Sometimes, for first offenses, they're a little lenient. I can't say for sure what the outcome will be, but I can guarantee you what the outcome will be if you don't try.

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This is not true.  Ignore Post/Poster

which part is not true? or are you just a troll using the guise of being an shc poster?

Hi Scotty723-

I am sorry about the situation with your credit card.  I agree with BlueCrew-it is definitely worth a phone call.  I am also going to send your situation on to the customer service team on this site and see if they can help you.

Thanks for the post!

Scotty 723,

I am sorry to hear about your current situation with your Sears credit card. My name is David and I work for the Sears Cares Team. I would like to speak to you at your convenience regarding this situation. Please feel free to contact me at searscares@searshc.com so we can further discuss your concerns.

Thank you,

 David V.

Senior Case Manager

goodole312 said…

which part is not true? or are you just a troll using the guise of being an shc poster?

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My vote: troll acting like Sears employee

I really think you like Sears website. U are on here everyday all day. You have something awful to say about everything. Just move on....Get a Life!!!

I do and this is my life and it looks like you have the same life

MisledCustomer said…

goodole312 / thatmanguy,

People who live in glass houses shouldn't throw stones...

thatmanguy, please do us a favor and remove your pic Sears is already losing customers.

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awwwww look the troll is trying to bait us how cute. it is optiplex 2.0

so how does that hook taste?

eh ive had far better trolls then you try. maybe you should go to the walmart fourms and warm up some

Why, is that where you got that whole baiting thing? becasue i can sure use some snappy remarks like that.

I work for Sears, so i come on here daily and see what is said and if I can help any customer! That is my job!!!!

goodole312 said…

eh ive had far better trolls then you try. maybe you should go to the walmart fourms and warm up some

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hahaha.  Yah I think optiplex 2.0 is too much of an honor.  Maybe 1.5 ... I miss the good ol' trolls. They were funny before. Now they're just annoying. 

My card says "Sears" in big letters on the front.  Sears could dump CITI group, but does not.  I am a 3rd generation, 30 year loyal customer.  I have spent over 30K plus interest at Sears on appliances, tools, garden equipment, tires and electronics in the past.  I have an excellent credit rating, pay my bills on time and qualify for the lowest interest from other card companys, but CITI has raised my interest to over 29%.  The next month, CITI bumped my due date up more than a week with no warning and assessed a late fee.  When I called, I was told that it would be removed, but it is on my account two months later.  I have another CITI card and have experienced similar preditory practices and rate increases. 

I am voting with my feet.  I am building a house next year and guess what?  There will be no Sears appliances.  The new refrigerator I was planning to purchase this month from Sears will be coming from Lowes and will cost less.  I am buying tires this week from elsewhere and for a lower price also.  I am financing with a card from my local bank for less than half the interest rate offered by CITI and Sears.  In fact I will not be darkening the door at Sears, if this is how I am valued as a customer.

I cannot believe that Sears, a corporation that spent over a century building a reputation for fairness and quality would endanger it's standing and customer loyalty by associating with a lender that abuses it's best customers with outrageous interest rates and unfair practices like moving up due dates.  What about the folks that are unemployed and struggling to make the minimum payments?  What kind of interest rate did you give them?  How many families will fall into bankruptcy because those CITI cards they took out with low interst rates just a couple of years ago are now charging over 30% 

I can only imagine the effect that this recent round of interest increases is going to have on the holiday season at Sears.  For the first time in 30 years, I will not be buying Craftsman and Kenmore and will not be carrying my Sears card in my wallet.... Why?   Because I cancelled my account!  Interest rates this high are predatory,  immoral and a danger to our Nation's economy.  I am diassociating with CITI and Sears as a matter of principle.