What Credit Cards do you carry?

Norcalmaier,

I agree with you. AMEX presently has the best rewards program around. Discover used to lead the pack, but they've been steadily watering down their reward perks. Various Visa & M/C credit cards are still have favorable rates, terms, and rewards, but it depends on the bank and their affinity agreement.

As you'll see on other related credit card threads, you're about to lose the privledge of your Sears Mastercard on January 1st, unless you're willing to get ripped off in $40-$60 of annual greed fees that Cititbank is imposing on all Sears cardholders. This story broke about 3 weeks ago when the bank sent out non-descript "Change of terms" notices to all Sears customers.

These cowards present position is to blame the present administration and Federal Reserve for outlawing "over credit limit fees" as justification to sock it to honest, low-risk card holders in the form of sneaky, dishonest, punishing annual fees for all.

Details on this fee scheme and Citibank PR phone numbers to call for verification are found on related credit card threads. This is a real shame... I certainly grew fond of my trusty Sears M/C card, which I had in my possesion long before these crooks at Citibank took over Sears affinity card program.

Don't just take my word on this, verify these facts for yourself and tell Sears what you think!  

Half the people in this country who hold a credit card are risky customers. You are likely to be a risky customer and can prove otherwise by paying down the balance. They are not out to 'get you' but rather, making sure the exposure to risk is decreased by those who will cancel the card upon finding the fee. This is an easy scenario and it happens all the time. If you are so repulsed, cancel the card. Oh, I forgot, you feel like this is a moral hazard because you've been a member for a long time. 

Reality check: its a credit card company. They don't give a f who you are or what you mean to them. They require payments, and this is how the world spins mate. You made your point, nothing is going to change. NOTHING IS GOING TO CHANGE. NOTHING IS GOING TO CHANGE. I'd continue on this point but it has been made. This is Citigroup policy, Sears customer service cannot help you whatsoever. I feel bad but you know I cannot help but say, pay the fee or cancel the card. They are not haggling with you for your patronage.

Gulicious,

On this post, you make some really good points, and I agree stongly with most of them. Citibank doesn't give a care about Sears customers, and has clearly stated "Fall in line and pay a new annual greed fee or close your account". There is not haggling or negotiation whatsovever - you're absolutely right about that fact.

Your opening statement about "half" the cardholders posing a serious credit risk to Citi or any other FDIC insured card issuer is exagerated, though. The present day FICO credit scoring criteria utilized to establish and balance the credit limit versus the individual card holder risk is effective, and monitored closely by the Federal Reserve. Card holders or applicants who don't make the grade via a low FICO score pay the price up front. Lack of credit history, high outstanding debt, poor payment history, or low income and assets are easily identified and dealt with up front with initial credit terms. "Secured card" deposit requirements, higher interest rates, usery style default rates, and annual fees are necessary and totally appropriate for card holders who have a poor history and demonstrated irresponsibity toward open credit. Let's be clear, I'm not stating that annual fees are out of line for fools and peasants.

I'm a business owner and appreciate first hand that banks, like other business, need to be profitable and balance service & risk in their business plan. I don't see banks as inheritly evil or owing the general public anything. Banks are businesses, and need to turn a fair and equitable profit just like all businesses.

OK, let's move on to the 80%+ card holders who actually have assets, proven positive credit history, and years of demonstration as low-risk, responsible card holders. What gives slimeballs, such as Citibank, the privledge or right of stripping away Sears Mastercard privledges to this group of clients?

It's one thing to jack up interest rates to those who choose to carry a balance. It's clearly another to impose a greed fee (I'm sorry, I meant to say annual fee), to responsible, active card holders who make regular charges at Sears and elsewhere (at a 2%-3% commission direct to Citibank), and pay their bill in full every month. This group of card holders (including myself) isn't stupid enough to settle or accept an annual greed fee. It forces us to cut up our Sears cards and walk away. This is the crux of my campaign. I've had my Sears card longer than Citi was even though of, and nothing gives these b astards the right to take it away from me.

The only sad thing is that only you and about 5-6 other people (including 4 various location Sears retail store employees) actually read these posts....

if you feel so few read it why bother posting it?

This summer I bought a home and during the loan process found my median credit score is 793. It seems I should have a much lower credit score because of a lack of credit usage, where I pay my Visa statement balance in full.  I don't understand FICO at all.

Prior to 2003 I used Citi and switched to Chase Rewards in 2003. Over the past few years I find it easy to research purchases and buy online to accumulate extra points for that part of the program.  I also have a Navy Federal Cash Rewards Visa which offers far less incentive than Chase but no fee so I keep using it periodically.

I religiously pay the balance, approx. $800 monthly. I pay cable, satellite, car insurance, groceries, ie. everything I can.  When I have a big purchase I save up, buy it on the card at the beginning of the billing cycle, and pay it when it bills.  I think this may let it show up on my credit history as a balance, inadvertently helping my credit score.  Mostly I do it just to keep the money in interest-bearing checking as long as possible.

In 1992 I cancelled my Amex green card, opted for Visa instead. If Chase imposed $30/yearly I'd pay it, especially if the rewards program didn't change.

I really believe you have to always do the right thing with credit;  never miss payments and make a habit of paying off your balance.  Interest is an expense I know I can't afford.

And I'm no closer to understanding FICO... so how smart can I be?

Weekend Warrior, Sears is launching a new tool for Sears Cardholders that will get you a lot closer to understanding how your credit score works - free access to your credit score for all Sears Cardholders! Check out searscard.com on 10/22 to register to see your credit score, credit report card, and a simulator that lets you know how certain actions (e.g. opening another line of credit, paying off an auto loan, etc) would affect your score.

Hi Credit Expert,

I will likely try it out.  Thanks for the heads up... only a few days away.

Last summer I signed up for Experian credit monitoring while I was buying my home and it went fine until I tried to contact Customer Service to change my address.

I was stranded on hold, forced into listen to their 'sell' of other Experian products, repetitively playing commercials.  I wound up getting so upset at the 'hostage' situation that I cancelled the service entirely when I finally got a human on the line. I can put up with many things but Experian went over the top with their advertising tactic.

I have a Chase Slate card which is a Mastercard, a Capital One card which is a Visa, and a Sears Mastercard.

Hey GenJones - LOL!!! That's an awesome post, man. All you're really missing is a Sears logo on your credit card.

I can't get over the stupidity of most other statements on this discussion, man. Like all of a sudden having a credit score reading is going to make us all feel better and happy having paid $50 a year for having a Sears charge card.

I've got an idea... Keep your nose out of my credit score, and let me keep my $50 yearly fee in my wallet, where it belongs, Sears.

Yeah, pretty much all charge cards are raising their interest rates, so that's no front page news. I'm just wondering why Sears is having their bank charge all of their card holders this outrageous annual fee. I didn't believe it until I called the bank. My fee is $45, not $50. I have pretty good credit, so I guess they're going to save me five bucks! (as if I would pay these sneaky charges at all!!!)

They said that annual fee won't start until the end of the year, and that I can close my account if I decide not to pay the fee. Is anybody planning on keeping their account open?

ok everyone that dosent like the fee transefer your balance and close the account all your feet pounding here is doing is making you look childish.

"its easier to **** and moan but do nothing then to take action" someone somwhere

Yeah, Good 'ol boy is right. What is everyone on this post whining and complaining about a little $50 annual fee for? Like he says, let's just stop moaning about this charge, and just fall in line and pay it. It's not significant or out of line, and nobody has the right to criticise it. Citibank needs this $50 out of our wallets every year much more than any of us, so here's some ways we can rationalize it so that the fee doesn't seem so significant:

1. It's only $4.17 per month. You wouldn't miss that money by settling for one less cup of Starbucks every week.

2. $50 per year blown on bank fees actually seems like a bargain when you factor in the Sears value points that you can accumulate by using the account. Never mind that you would need to spend at least $6,000 per year in charges just to break even... If you get beyond that, you're actually be ahead. Just be careful not to miss a single monthly payment due date along the way, or you'll go into "default APR" mode at a vaule rate of 32% usery interest rate.

3. Nobody is holding a gun to your head to pay the junk fee to keep the account open. Despite the fact that you may have had this Sears charge account established and in good standing for > 20 years, just close it courtesy of Citibank and go back to the 1970's style of "layaway" for any charges that you can't afford on the spot. It's easy, time consuming.. er, I mean saving, and convinient.

4. Don't overlook the new value of this $50 annual fee Mastercard. After all, it's more sleek, modern, and now Platinum, instead of old-school Gold. The $50 charge is a real bargain when you factor in the new and ever exciting benefits of getting your very own, personalized FICO credit score when you pay your balance down in full.

5. Remember, Citibank cares, and Sears cares. This $50 yearly fee is for your benefit and protection to keep your account safe, secure, and for the job security of those lovely, professional, and courteous credit card service account agents, who pick the phone right up, and respect the value of your time.

Can any of you think of other valuable benefits that I'm missing here?

I-Hate-Citibank said…

"Yeah, Good 'ol boy is right. What is everyone on this post whining and complaining about a little $50 annual fee for? "

I hope all credit cards begin to impose a fee then folks will stop walking around with 20 cards in their purse/wallet.  

I don't mind fees, so long as everyone pays one.  That's the real issue - why should one group pay and another not pay? It matters not how good my credit is, there's a certain amount of decent Customer Service that I want and a fee should fund that. 

There should be HIGHER fees and a freeze of available credit for those who work themselves into tight situations. So simple really, fees are definitely the way to go.

Credit is NOT for everyone.  If you have your mind made up fees are bad you can always pay cash or use a debit card.

Weekend,

No offense, but that has to be the most ignorant statement that i've ever heard. Your diversionary smoke screen attempts to distract the issue away from the fact that Sears Mastercard is the only retail card on the US market charging annual fees is now exposed.

As listed on the above threads, we're not focusing on those individuals with mediocre credit ratings. Poor credit equals risk, and it is totally appropriate for banks to balance risk in the form of higher fees and interest rates to those individuals. Everybody knows that, so don't even try to make that case that all consumers (the haves and the have-not's) deserve equal credit terms.... Go tell that to a mortgage lender!

This discussion thread focuses on the prime, A-1, no-risk card holders. The one who have maintained a Sears Charge account for 10-30 years, and have done nothing wrong or inapproriate to trigger the implementation of a $50 annual greed fee just for the sake and "convienience" of being a loyal Sears card customer all of these years.

Your diversionary games and smoke screen distraction tactics of getting this message out to corporate aren't going to work. We all know what you're up to. If you're arguement was legitimate, it would focus on the facts of defending Sears by pointing out other department stores and retailers that are taking up the position of imposing annual garbage fees on their affinity store accounts. The problem here is, you couldn't locate just one chain out there, could you?

why is it any opinion that differes even in the slighest from yours is a "smokescreen of what citi is doing" in fact it seems the more logicial the arguement the more you seem convinced its a conspiracy to hide your "truths" tinfoil hat on so tight its cutting off the circultion?

I-Hate-Citibank said…

Weekend,

No offense, but that has to be the most ignorant statement that i've ever heard. Your diversionary smoke screen attempts to distract the issue away from the fact that Sears Mastercard is the only retail card on the US market charging annual fees is now exposed.

As listed on the above threads, we're not focusing on those individuals with mediocre credit ratings. Poor credit equals risk, and it is totally appropriate for banks to balance risk in the form of higher fees and interest rates to those individuals. Everybody knows that, so don't even try to make that case that all consumers (the haves and the have-not's) deserve equal credit terms.... Go tell that to a mortgage lender!

This discussion thread focuses on the prime, A-1, no-risk card holders. The one who have maintained a Sears Charge account for 10-30 years, and have done nothing wrong or inapproriate to trigger the implementation of a $50 annual greed fee just for the sake and "convienience" of being a loyal Sears card customer all of these years.

Your diversionary games and smoke screen distraction tactics of getting this message out to corporate aren't going to work. We all know what you're up to. If you're arguement was legitimate, it would focus on the facts of defending Sears by pointing out other department stores and retailers that are taking up the position of imposing annual garbage fees on their affinity store accounts. The problem here is, you couldn't locate just one chain out there, could you?

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I don't think I'm the only one who's noticed your posts are rants.  I think you need counseling.  Even if you're doing this for entertainment it's a bit intense.  I think that your posts 'branch' out as much as anyone's.  The original poster asked 'What Credit Cards do you carry?" and from there you have rambled on and on.  I think my concise little post shouldn't bother you much.

Citi may be the first to bring fees but there are others considering doing the same, such as Bank Of America.  It's just a matter of time - not sure if you noticed but there are alot of folks who have lost everything in the financial crisis - no one will be handing them a credit card any time soon - no fees for them.  Sorry, did that branch off too far? The original poster didn't say Sears card holders...  You merely want control here, but you can't have it.  It'll be alright.

Weekend,

I don't think that Citi fool would be ranting so much if you didn't make comment posts like this to give him ammunition. Seems like you're defending, rationalizing, and making excuses for the Sears Card being the only dept store card on the market charging customers an annual fee.

Bank of America and others are "considering" following this poor example sometime in the future? Who cares? That doesn't affect our requirement of having to close out our Sear Card accounts right now for corporate greed. And what if we don't want to close our account? We get $50 lifted out of wallet 6-8 weeks from now. That doesn't upset you?

How does this branch off or relate to the discussion title here? Well, as for me, the answer is "My credit card of choice used to be the Sears Mastercard, but now it's the Macy's Rewards Visa, because the Sears Bank decided to rob me".

What's your tie in quotation or tag line, Sir Weekend annual fee defender?

Mike,

I'm old enough to recall when every Visa & Mastercard charged a fee. Perhaps you fall into a group that feels entititled to not have a fee, well life is hard for your group.  I fall into a group that feels we have choices and can move our business elsewhere. I am loyal only to a point in business matters. 

The original poster asked a simple question. Citi, you, others, myself,  could have kept it simple but didn't.  I have no problem with rambling really, it's entertaining  and enlightening to read until someone becomes offensive like Citi.

Weekend - I think that I get your post and understand it. Nobody is holding a gun to our head to retain the Sears Mastercard in lieu of having them pick $50 a year out of our purse for fun.... BUT... What gives these jerks the right to force an ultimatum that causes us to abandon a perfectly good Sears brand charge card that's done us well for years and years? Especially when I've done nothing wrong to deserve this treatment, nor has tens of thousand of other loyal Sears Card holders.

The first half of your post states that present charge card times are changing back to the early 80's, when most mainstream Visa & M/C accounts had annual fees. Sears has one now, and I'm sure other dept. store do now, to. Let's see... Macy's, Target, JCP, Lowes, Kohl's, Staples, Walmart, Home Depot, Apple, Best Buy, Old Navy, Sony, Sack's.... They all have annual fees now too, right?   No???   Oh yeah, - actually, NONE of them do!

Well, we can no longer state that Sear's isn't a pioneer or the first into new territory. I think we have a new record, here!

Hi Its-Stacey-Simon, Sears understand your frustrations with the annual fee. Please know that it is Citibank that is implementing these changes, and Sears is offering other financing options to help our customers in light of these changes. Your loyalty is important to us! Please let us know if you have any ideas on how we can do better.