posted on
April 11, 2009 at 11:11PM
Hi, Sears associate here.
As TMG said, CitiBank is the bank backing the credit cards. If you get a credit card from any retailer, like Kohl's, Home Depot, Lowe's, etc., the rates will be in the mid-20s or higher. This is the industry standard. The stores don't make a penny off of the interest rates charged.
If you dislike the high interest rates, you can always treat the Sears card as a tool with a specific function. For instance, I use my Sears MasterCard for my appliance and electronics purchases that will be no interest/no payments.
And, keep in mind that every credit card's rates have increased with the economy's downturn. Anyone out there had an interest rate decrease (or even an unrequested credit limit increase) in the last 10 months on any of their credit cards?