Can anybody name a retail credit card that does not have high interest rates? Can anybody name a credit card of any kind that, in the last six months, has not raised interest rates, raised/introduced fees, and/or decreased credit limits? CitiBank is no better or worse than any other credit card issuing bank.

just once can you let someone complain with out jumping in a defending sears or the credit card company

Amen. Uh, Blue Crew.... Do you not see any difference between 14.9% and 28.9%? According to your logic, 50% interest woud not be a problem with you, "cause' they all do it". I don't wish to personny insult you or compare you to some of those brainless lemmings I see on the news defending a new random tax hike or thoughtless government welfare programs, so all I can ask is, Wake up!.

Just to clarify my origninal statement, the 30% rate is a "default", and doesn't kick in unless your account falls delinquent. I have a perfect credit record (thus far, but we're all human), so that isn't necessarily a deal breaker. However, most or all of us loyal Sears Credit Card holders have enjoyed a no-annual-fee account status for decades, which is STILL the norm in the credit card industry. Now, all of a sudden, our close mutual friends at Citi appying a $45+ card fee starting January 1st is both a "Go away" signal, as well as an insult to our intelligence.

The Sears affinity card isn't the only victim. According to CNN, Newsweek, and the Wall Street Journal, Citi is taking this gouge and greed tactic on all account platform. Sears Corporate, please distance yourself now from these thugs.

I was aware that most credit cards are raising interest rates and shortening credit limits, but I didn't know Citi was gonna start charging annual fees on their sears cards. That is just ridiculous. I personnally do not have a sears card, but my parents do and they have just recently purchased brand new appliances and had put them on that card. As far as I know, we didn't get anything in the mail YET concerning the new interests rates/annual fee for the sears cards and I know my parents wouldn't have mistakenly tossed it out as mere junk mail. But that is definitly wrong, giving Citi a bailout then they turn around and screw everyone else over, we're already paying for the bailout with our money. Im sure sears corp will see this and realize that its gonna hurt the company as everyone including loyal customers who have had the card for decades are cancelling it (as they should its ridiculous to have to pay an annual fee and higher intr. rates) and plus no one would ever want to open a new account knowing the high cost of it

i kinda wonder whats going to happen with my account as far as i know it still exists but citi says i cant use it, they better not hit me with that fee

Wait a second...an annual fee? I'm not sure that's right. I haven't seen anything regarding an annual fee. I know rates got boosted and limits went down, but nothing about annual fees.

I-Hate-Citibank,

As a valued customer, you can count on Sears for the things you need and the financing you deserve. Making sure your satisfaction is guaranteed is very important to us - especially during these tough economic times. As banks make changes to your credit card terms and conditions, we're doing everything we can to give you more retail value and the shopping experience you've come to expect from Sears.

Credit cards aren't the only option you have at Sears. Our layaway plans help you get what you need by letting you pay over time. What's more, our new Christmas Club card gives you the option of planning for the holidays while gettting a 3% bonus on your card balance as on Nov 14, 2009.

We remain committed to providing you with quality products and service at a great value. Times are changing, but our commitment to you is not.

CreditExpert

I had a perfect credit rating also , that was untill Citi ruined it over $1.14, but of course all I get from Sears is "were so sorry, but we have no control over Citi". Watch out folks.

I just wonder how I, in good conscience, am supposed to get people to apply for a new card.  I learned of this issue when a customer came in this morning and vented about it.  He was not nasty, just a "No way am I keeping this card."  I wonder if this is happening to the Home Depot card as well, as they are also handled by Citibank.

tjburford:

Sears is dedicated to providing a credit card that our associates can be proud of offering to our customers. We are making a number of improvements to the Sears Card:

-Sears Choice Rewards program provides great merchandise, travel, dining, and much more to Sears Gold MasterCard cardholders

-Monthly cardmember-only sales that give you access to deals you won't find anywhere else

-Free access to your credit score to help you stay on top of your finances.

-Special financing every day this fall, including deferred interest (0%) offers.

We will also continue to offer flexible financing options through our layaway and Christmas Club programs.

CreditExpert

 

Also, if anyone is unhappy with the interest increase on their card, please call Citibank to let them know.

1-800-669-8488

As mentioned above, Sears is dedicated to offering their customers other convenient options to pay, while improving the Sears Card.

CreditExpert said…

tjburford:

Sears is dedicated to providing a credit card that our associates can be proud of offering to our customers. We are making a number of improvements to the Sears Card:

-Sears Choice Rewards program provides great merchandise, travel, dining, and much more to Sears Gold MasterCard cardholders

-Monthly cardmember-only sales that give you access to deals you won't find anywhere else

-Free access to your credit score to help you stay on top of your finances.

-Special financing every day this fall, including deferred interest (0%) offers.

We will also continue to offer flexible financing options through our layaway and Christmas Club programs.

CreditExpert

 

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jee all that for just 45 dollars a year thats just whats the word im looking for?

oh yea a load of bs

citi gets a bail out to the tune of some 300 Billion in all then has the cojones to make their customers pay another 45 bucks a year for the mastercards i give it another year when they do the same to the blue cards after everyone drops the mastercards

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.

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?

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?

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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

 

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.

oh so credit cards are going to a socialist state?

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

 

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.

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!

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. 

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

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.

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.

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

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!!!!

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.)

"wake up!"

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

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.