The Sears logo is on the left and Citibank's is on the right, of the front of the card.

One Customer came in with the Sears logo rubbed off of their Citibank card.

LOL!

The register took the credit payment.

Not that I'm disagreeing that high interest rates on credit cards are awful, I just don't see why you think they're not warranted? You're getting an unsecured loan from the banks. I don't know about all of you, but I'm not that into giving out money to someone one without any way of assuring that that money will be recouped. The higher interest rates help to offset all the percentage of people defaulting on their credit cards, which is especially high in this economy. Anyways, if you just pay off your balance, you don't have to worry about interest rates at all, it's free money. That's how I look at it, if a company is willing to give me a 20 day loan without expecting anything back, of course I pay off my bill at the end of each cycle. I just think it's unrealistic for people to expect corporations to shoulder their debt for them, just because they couldn't afford to pay off their purchases by the end of the billing cycle. Anyways thats my 2 bits, enjoy your night folks :-)

I think the card companies HATED me while I was in the Army.

With free room and board, I could always pay off any credit debt, generated between paychecks, that I used to get my Craftsman tools with.

Now, THAT was a great use of a credit card!

I've had my Sears credit card for a long time and I bought my mother a very nice, stainless steel, side-by-side refrigerator.  I got the no payments, no interest for 12 months deal on it at the time of purchase.  I paid the balance in full before the 12 months.  Last week, I bought another refrigerator for myself at a Sears Outlet store here in Grapevine, TX for around $900.  Again, I got the no interest, no payments for 12 months.  We plan on paying this off in six months.  My point is that I am saving a lot of money (in the form of no interest payments); so I think the Sears card is worth it if you make major purchases and then pay them in full before the promotional period ends.

As long as you pay in full before the term is over, you do well. If you don't, then you have to pay all the interest accrued for those 12 months. At approx 30% annual interest, if you made a $2,000 purchase and failed to pay the thing off in time, you will be charged almost 600 bucks interest. Now that's making money for the bank! Be nice to get that from the bank on your savings acount instead of maybe 0.5% a typical savings account is giving these days. Oh, some do pay more, but see:  

www dot bankrate dot com  and look at savings account rates (for some reason, this no longer seemed to accept a normal link)

I think only the moderators have the magic to embed links in their posts.

We don't have that capability...

:(

Blue guy said all credit cards have raised their rates yet my visa from rcu hasn't it has actually gone down from when I got it to 8%. Now my Sears card went from 12 or 13% ( gold master card) to now 24.99% or maybe higher now. I'm a disabled mom of 5 and sure can't afford the intrest rate. In the next week i will be getting a 5% loan from my bank to pay off Sears and I will no longer shop there. I have been a loyal customer since my dad first took me as a child and this is how they re-pay me. Sears can say it's citi bank but in the end it is sears who allows them to do this by not switching to a bank that won't bleed their customers dry. Anyone know of a good place to get a washer, dryer, and fridge? I need to replace mine in the next couple of months.

It's interesting to see how many people tie their loyalty to the store to a credit card. Given that stores are rarely responsible for them, it doesn't seem 100% fair. For example, Home Depot's card is also a Citi card. But, I guess it's a cautionary tale for retailers, as it can harm their brand, and ultimately sales.

I've got a Sears Card, and I haven't really been impressed with the frequency of offers anyway, so I'll probably cancel it instead of worrying about whether I'll be in the next batch of people to get an annual fee tacked on. But, it's something that I'll hold against the issuer (Citi), not Sears (although they may want to look at other issuers when the contract comes up).

If Sears/Citi puts an annual charge on my account, the account will be cancelled by me. Problem is, even when you cancel your accounts yourself, it can have a negative impact on your credit score. I heard Citi is cancelling people's card accounts when the card is used at gas stations to buy gas. I have to research that one myself.: looked it up and found that it is about Citi/ gas company branded cards, and it is true see below:

http://rawstory.com/2009/10/citibank-closing-hundreds-credit-accounts-unannounced/

BobL27,

Amen. The Sears employees monitoring this site thought that I was the only customer upset or vocal about the annual Citibank fees, and accordingly have removed all of my posts on this thread. It will be very interesting to see if they decide to censor yours as well.

How dare you critisize these annual junk fees or make a threat to close your account because of them. You will be dealt with, I'm sure....

I have had a Sear's card for years. I have NEVER been late on a payment. My interest went up to over 25%! Only a few years ago, an interest rate this high would have put the lender in prison. The Chairman of this forum indicated that Sears does not benefit from this arrangement. This is probably true. However, to think that this does not impact Sears is pure folley. Sears should pressure Citibank to lower it's interest rates to its custormers or it should try to change compaines. This DOEs have a negative impact on Sears. I put away my card and will not shop at Sears until they do someting about this. I have been a loyal Sears customer for years. I expect Sears to do something about this.

Every major appliance retailer does business with a major bank. Home Depot and Sears use CitiBank. Lowe's uses GE Money. Best Buy uses HSBC. Google for "CitiBank sears card scam" or "CitiBank home depot card scam" or "GE Money Lowe's card scam" or "HSBC Best Buy card scam" and you'll discover that every card has the same complaints. In fact, plug any retailer's name into Google, followed by "scam," and you'll start to think that there isn't a single business in the world that isn't out to defraud everybody.

The main problem is that the Internet makes it way too easy to broadcast nonsense, and there are no checks and balances outside of one's own knowledge base. For people who don't know enough about researching or the subject at hand, it can appear that any raging diatribe about X company must be true, and that these negative experiences must be rampant if there are so many complaints online. 

How did the world get so bad so fast? It didn't. It's just that you hear more about the bad stuff when it's plastered all over the Web's bathroom walls. And that's really all most of it is. It's scrawlings on a public bathroom wall. Is that what you'd use to make a decision? Of course not.

If you apply basic rules of research (avoid personal websites, stick with established, well-structured, maintained websites that aren't simply grist-mills for gossip or agenda-driven), and apply reasonable questions to what you're reading (did this person act responsibly? does this sound reasonable? does this sound like someone simply trying to besmirch a company or get something for free?), more reliable, level-headed, useful information will become obvious, and the scariness will disappear.

Like any good tool, the Web must be used properly. Otherwise, your task will be unnecessarily difficult, and that's not the fault of the tool. I can try to dig a hole with the handle of a shovel, but when I discover it's nearly impossible to do, should I blame the shovel? Nope, I should blame myself for misusing the tool.

Well said, but you have to remember right now people are stressed and this is one way to vent. People more or less know Sears is not raising their rates.  With money tight right now people really do not need their rates raised by the banks they just bailed out

Blue Crew,

Very nice garden tool analogy. Yes, it's accepted that most major department stores contract with outside revolving credit lenders to manage their affinity card programs.

We all agree that posts should be factual, and not gossip driven. You seem to be dismissing all of the posts on this discussion thread as whiners, complainers, and gossipers who are rehashing stories from other websites.

Let's focus on the Sears Charge Card. Do any of the other retails stores you mention charge annual fees on their accounts, or is it only Sears?

The fees hit in January. We don't have access to the future affinity card policies for any other retailers, so that's a question that nobody here is equipped to answer. As of right now, I am not aware of any retailer cards that have annual fees, with the exception of some HSBC Sears Solutions cards, which are designed for people with less-than-great credit. We'll all have more information in a few months. Until then, it's a speculative argument built on evidence not yet on the record.

What ever. I would like to comment further, but such a response might incriminate me on the heresay evidentary suppression clause implemented on the third circuit ruling of Sears v. Citibank Greed Ill 23rd., 2 appl. 3254.

Blue Crew,

Perhaps I could be of assistance here with the luxury of a few minutes of web research. Feel free to correct any facts that you believe to be out of place:

Retailer               Affinity Bank                            Variable APR            Annual Fee
Lowes Hardware  Monogram Bank                        14.9% - 24%              $ - 0 -
Macy's                 Federated Dept. Stores (FDS)  16.0% - 23%              $ - 0 -
J.C. Penny           GE Money Bank                        18.5% - 25%              $ - 0 -
Home Depot        CitiBank                                     14.9% - 23%              $ - 0 -
Kohl's                  Chase Bank                               17.4% - 25%              $ - 0 -
Best Buy              Houshold Svs Bank (HSBC)      18.0% - 26%              $ - 0 -
Sears                  CitiBank                                     18.9% - 29%              $45.00-$59.00

Can anybody identify any other retail store that I may have missed which does have an annual fee assessed?

Sears has cranked up the interest rate to OVER 25% and then well above that for penalties.At a time when so many Americans are struggling, Sears has found a way to put us all deeper in debt. They know this is what the American people don't want because we have asked congress to pass bills to stop them from doing this, especially now that so many are in need and struggling. Sears does not listen to us or care about helping us.They decided to increase the interest before any bills could go into affect. Shame on you sears...

Blacksheep78 - I wish you had read the entire thread before taking Sears to task.  Sears does not own the card - Citibank does.  I am not sure if Sears can find a replacement bank or if they have a contract for x amount of time.  It looks like I-hate-Citibank has found companies that use other banks that do not have an annual fee and a tad less interest rate.  Hopefully Sears can do this also sometime in the future.

One word:

Citibank

Today I got a Citi Sears card (not a Mastercard) and the interest rates are:

Regular Sears Purchases 20.40 %

Default Rate 25.40

My credit score when last checked in August was 793 so I can only imagine the rates for those with a lower score...  I agree with the poster above; the Sears card is good for getting discounts - not for carrying a balance.  I logged into the online account area to check my credit score and it's 772 tonight.  I guess I took a hit for opening the account :)

I actually think Citi Group partially owns the rights to the Sears Card if thats not the case Sears is locked into a long term contract with them, so really Sears is pretty much tied down because the bank issues all the rules and regulations over the card.

High interest rates ~ whatever fine I can deal with that I just wont put a balance on the card. I may use it to pay for things I already have cash for to get rewards points and then pay it off, they will never get me with interest payments anyways. If I will make a big purchase I cannot pay off with cash I will get a no interest promotion. Only time I will care to use my Sears Card.

Annual Fee ~ if true in which as an employee no one knows if this is official or not. No annual fee means I keep the card, add an annual fee I will cancel it.

OHh and I - hate - citibank you forgot to put Target, and I think walmart has a card as well. :)

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 disassociating with CITI and Sears as a matter of principle. 

The cards have the word Citi on the front of them, also.

And, Citi sends you your statements.

And, Citi manages the money.

So, the key word here is CITI.

Yes, you and I understand that, but it is what the consumer perceives that counts and the word Sears on the card is a lot bigger.  Sears sold my account to CITI long ago, but my account originated with Sears.  I refuse to be abused and SO SHOULD SEARS!.  Even oblivious consumers will realize what has happened to them when these fees and rates arrive on their statements just in time for Christmas shopping.  Their anger will be directed at Sears as much as CITI for allowing this to happen to their consumer credit.  The nice associates at Sears urged them to open their accounts.  CITI is a name on the statement.  The point here is that it is wrong to abuse consumers for ethical and soon to be legal reasons, but the bottom line is that it is very bad business practice.  This will hurt Sears much more than it will hurt CITI and I don't think there will be anyone there to bail Sears out of financial trouble.  This will kill the Sears holiday season and that will be devastating to the corporation in this economy. 

That angers me because it took Sears over a century to build its solid reputation and it could take one bad partnership in a pivotal economy to bring it down.  Obviously, I really love Sears, but I was told long ago that even when there is love, one should always leave an abusive relationship and not look back.  Sears should do the same and save its hard fought reputation with consumers.  When I hear heated discussions over lunch every, one doesn't have to survey consumers to measure the consumer angst. Sears is very important in our small community.

  I will save a lot of money in the long run at other retailers.  For the first time in my life, I am buying a refrigerator that does not have the Kenmore brand name and for now, it will be the only major appliance in my home that does not.  I will save approximately 40% or over 500$ by buying it at Lowes and using another line of credit.

When and if Sears decides to find another financial institution to underwrite its credit, the corporation obviously has my number.  We can talk.  Meanwhile, I have much lower prices and interest at Lowes and Walmart.  Lowes now offers repair service too.  Without the "deals" associated with the card, there is no incentive for me or anyone else to shop at Sears. 

When I do pay off my balance every month, I still have to worry about how I might be subject to more erronious fees, interest and early due date scams.  I don't have the time or energy to deal with CITI.  They owe me money for some bad fees, but I am still paying off the account and closing it to get rid of any association with CITI.  This is an account was a contract of trust between the Sears Corporations and me as a loyal consumer that originated over 30 years ago.  I kept my end of the bargain, paid my bills on time and filled my home with Sears appliances.  Sears did not when they sold my account to a predatory lender. 

I am not here to argue.  I love Sears.  I am not stupid either.  I have worked in marketing, have managed a midsized company and am obsessively brand loyal.  Sears needs to realize how vulnerable it is, particularly during the 2009 holiday season.  Consumer credit and brand loyalty during the next two months will have a major impact on the success or failure of the corporation in the near and distant future. 

right now Sears is locked into a contract with Citibank

With our terrible economy situation the way it is - this topic will unfortunately never go away.  It is unfortunately that Sears is locked into that credit agreement for x amount of time.  Not sure what they would do as large corporations do not want to handle credit anymore anyway.  Too many losses associated with that industry right now.  However, I will remain loyal to Sears for the most part - as I do look for bargains and will get them where I can find them.  However Sears gets my first and last look to check on price matching.

If posible just use your Sears or lowes card for special buys - 0%

Had a Sears card for over 30 years, never late. Over 700 on all credit scores. Took Balance transfer offer 10/08, 4.99% for 1 year and then revert to rate that was at that time, according to the offer, 13.83%. I have it in writing. Rate reverted to 25.24%. They got me to transfer money and now I am screwed. I am going to pull money out of investments to pay this off and then I will close my Sears account and I do not intend to ever shop at Sears/Kmart again. Its a shame since I have never owned anything but Kenmore appliances. They lost a very loyal customer. I do not forget those who screw me over.

Credit cards are evil, I've told everyone i know not to use them, I've made it my entire life w/o a single credit card. Thsi is what I've always been worried about