Sears Credit Card

     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.