I think anyone who would charge over 15% interest is a thief!

Credit card companies are doing this based on the new credit card laws being enacted. Just like every other credit card started jacking up rates, this one is no different. However, if you use the card like a tool (no interest/no payments, discounts, etc. and pay off in a timely fashion) it doesn't cost you anything and can actually make you money if you have a Sears Mastercard.

Do you have any cards that have voluntarily been lowering their interest rates in the last year?

You can always speak to the folks at Sears Credit Cards to give them a chance to reduce the interest increase.  This is pretty normal procedure for department store cards, but, if you give them a call, they can often be flexible.  Here is a link to their site, where you can find their contact information:

http://www.allsearscredit.com/

If you have had your card for 30 years, it is probably worth the call, as you sound like you must be a very loyal shopper!

I think it's an absolute outrage that the credit companies can take our money to get bailed out, and then turn around and charge exhorbitant interest on their accounts.  I never had a Sears card, and I surely don't plan to get one now.  However, it's not Sears' fault.  Complain to the credit company, whoever they may be, and God help their evil souls.

We cut up our credit cards years ago, and only use a debit card now. That, and finally getting the home mortgage paid off lifted a huge weight off our shoulders.

Yo my credits wack

Hi all - By reading all comments on this discussion thread, it doesn't appear that any of you have identified the villian here - it's not Sears, or some random credit service provider.... Read the fine print on your billing statement... Yes, it's CitiBank!!!

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 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 (Sept. 22nd & 23rd), Citi is taking this active and planned "gouge and greed tactic" on all account platforms, while using Federal Govt. bailout capital. Sears Corporate, please distance yourself now from these thugs.

I haven't heard about this fee yet?  Is there something published about charging that $45.00 per year.  I hope this is not true as I surely don't want to spend $45.00 just for having the Sears card - Thanks for any info on this.

Wait a minute now, everyone I have talked to at Sears and on this site say Citi is it's sole entity and Sears has no say in anything at all. Can't have it both way's now.  

After writing a letter to Sears corporate headquarters about my situation with Citi, someone from Citi called me and fixed everything. I had paid the balance off in full to stop accruing interest, so I lost my 12 month deal, but at least Sears made everything else right. Perseverance paid off and I finally got someone to understand my situation. I only wish the first Citi manager had been this understanding.

Like every company, you have people that don't care and those that do, luckily I found that Sears has more of the care ones. 

Hi tornadopat, You can contact Citi to determine the terms of your card: 1-800-669-8488.

Thank you for that information - I will check with CitiBank also.

Look at Citibank's executive compensation.

They need to pay for it somehow, and, this is how, as well as other tactics.

When the top end of the tree gets too heavy, the tree falls over.

hell with minimum wage there needs to be a limit on a maximum you can make baed on what your company makes

That is a hypothetical premise called "maximum compensation".

The notion of it does exist, however, no corporate I have heard of has ever implemented it.

Right now, a register associate would have to work until 2135 to take home what our CEO took home last year.

Doesn't make a world of fiscal sense, does it?

Just another update on the manditory annual fee scandal asessed to Sears Mastercard by Citibank. I received new terms today for my AT&T card (another Citibank affinity card). Although it has identical interest rate increase terms, No annual fee!

Why is Citibank singling out loyal Sears customers for manditory annual fees?!?

I don't think Sears customers are being singled out. The changes are being implemented across the board.

What I think Sears is doing well (and yes, I work here, but I still think this is innovative and great for our customers) is offering alternative payment options. Layaway is a great example as is the Christmas Club Card program. 

i have good credit and sears turns me down every time!  what the duce?!

The days of free money are all but gone. It seems we are going back in time, layaway, Christmas club & ect.

Just called Citi, "yes, some Sears Gold Mastercards will be charged an annual fee, notices went out in August", she was pretty vague.

Keep in mind that it's not Sears turning you down; it's CitiBank and HSBC. If you think you have good credit, I'd suggest looking at your credit reports from all three credit reporting agencies and checking for any errors or detrimental entries. If they are not accurate, you can contact the agency and ask them how to go about fixing the error. Credit reports should be checked at least every year, and it is free to get each agency to send you one report annually.

55.85 APR right here. Rock on! I don't mind. Just pay the bill on time every month and I'm ok.

huh? really? youd be better off going to a loan shark then using that thing

Wow 55.85 APR - that is unbelievable -good thing you pay that bill monthly!!!

I have another Sears Credit Card complaint. I have never missed a payment and have an excellent credit score. I received a letter from Sear s Cardmember Services informing me that after a review of my account, they reduced my credit line to $250.00. I investigated why my credit rating changed and found that my daughter's DISCOVER card had me listed as a person who could use or pay her card. I was not a co-signer or responsible in any way. They told me anyone could put anyone else on their card and have the same problem. SEARS Cardmember Services told me their was nothing they could do about it. Of course I had my name removed from my daughter's DISCOVER card but the damage was already done to my credit rating. I decided to cancel my SEARS card because I don't want to do business with them anymore because of this experience.

 Dear ge6787,

 I am sorry to hear about your recent experience with Sears credit. My name is David and I work for the Sears Cares executive team and we want you to know we are here for assistance. We would appreciate the opportunity to speak to you regarding this issue. At your convenience please contact my office via email at searscares@searshc.com so we can further discuss your concerns. Please provide a contact number in your email so we can contact you at your convenience. In addition please include your screen name (ge6787) in the email so we can reference to your posting.

 Thank you,

 David V.

Senior Case Manager

Sears Cares

tell ur daughter to manager her finances better so daddy doesnt have a scapegoat

Julie K. stated above "

You can always speak to the folks at Sears Credit Cards to give them a chance to reduce the interest increase.  This is pretty normal procedure for department store cards, but, if you give them a call, they can often be flexible.  [Yeah.. :-) ] "

I challenge any particpant or reader on this discussion to speak to them about the new outrageous annual fee notice that you recieved. I'm willing to bet good money that every one of you will be told to go fly a kite.

It's a well known fact that 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 fee starting January 1st is both a "Go away" signal, as well as an insult to our intelligence.

Erin M's post above is even more interesting; "I don't think Sears customers are being singled out. The changes are being implemented across the board [Really? All charge cards in the industry are having annual fees imposed, huh?].

What I think Sears is doing well (and yes, I work here, but I still think this is innovative and great for our customers) is offering alternative payment options. Layaway is a great example as is the Christmas Club Card program."

 OK, is it just me, or does this statement really say "Alright, we know our Sears charge card is a lame duck, but let's just give up and go back to the 1960's trend of putting merchandise on layaway".

Was this statement intended to be serious, funny, or sad? I can't figure it out....

Well Citibank was one of the companies that didn't meet the full stress test criteria so while I too a Sears Card holder had my interest rates raised, I was not surprised because Citibank is raising the interest rates to all of their cards.

GenJones,

Hello?!? We're not talking about interest rates. Who even cares about interest rates...

It's really great to see that you wish to contribute to the posts, but please take the time to read the subject material. Annual garbage fees, not interest rates. That's the topic here.

Don't forget the latest new carrot.... For that $50 annual card fee, you get a free readout of your credit score. Yipee!!!!