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Sears Mastercard / huge interest rate increases

1 OH, United States Review updated:

we have been loyal sears and kmart customers for years. on our new bills our interest rates have skyrocketed. no late payments. every time you go in either the clerks are hawking using the sears card. i would warn kmart not to do this anymore. we are taking our business elsewhere, and we do a LOT of business in the pharmacy.

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  • Kl
      21st of Apr, 2009
    0 Votes

    I've been a Sears shopper for two decades. Our gold card interest rate went from 11% to 21.4% in April. We called Citibank, they refused to reduce the amount citing an "opt-out" letter that was sent to us, offering to keep our interest rate the same if we canceled our card.

    I will never shop at Sears again.

  • En
      24th of Apr, 2009
    0 Votes

    Just got my statement from Sears Gold Card and they have increased the interest rate almost two fold to 21.4% even though I have never been late. Contacted card company and was told that Citibank had taken over and they were in control of the rate. Also was told that I was sent an "opt-out" letter which I never remember getting and that I could either agree to the rate increase or close my account to keep current rate. No problem...I will pay off, close and never shop at another Sears or K-Mart which is owned by a hedge fund outfit. I've told my family, friends and co harts to beware of this gouging outfit.
    Seems they are going in the same direction as A&P went.

    Boycott this hedge outfit and CitiBank.

  • Mu
      14th of May, 2009
    0 Votes

    I too called Sears to complain about the huge interest rate increase. They told me about the "opt-out" letter I should have received in December (even though I never received it). They sent me a duplicate. It says I have the right to "opt-out" and continue paying credit card at old rates but they will close my account. WELL...my account is already closed. I closed it myself a couple months ago because my brand new Kenmore stove caught on fire and Sears refused to replace it. They said it was repairable. There were flames shooting out of my stove, the circuit breaker flipped off. The interior was damaged and the exterior top piece was melted. I will never shop at Sears again.

  • Gi
      27th of Feb, 2010
    0 Votes

    I, too, had Sears/Citibank cite my not responding to the "opt-out" letter by 10-31-09 as they flatly refused to lower my interest rate from the jack-upped rate of 25%. Not Marge nor Supervisor Janine would/could lower my rate deferring to a statement that Citibank is not offering any lower rates. So, I, a customer of 25 years, in good standing, who has her payments programed from her bank account so as not to be late, and who pays more than the minimum am being used by the banking system to recover from the insidious and negligent manner of doing their money/loans.

    Who is really on our side here? Yes, Feb 2010 supposedly marks the month that some much needed relief is going to be offered for some. However, this relief does not really help those who have been damaged beyond all financial redemption at this point.

    I will survive only because Capital was able to assist me in paying off Sears at a respectable rate of 3.25% - although I will have to pay attention to any unmarked mailings that may occur to indicate a rate increase.

  • Du
      21st of Nov, 2010
    0 Votes

    I so much agree with the positions directed at SEARS MASTERCARD so much that in my utter personal fury I set up a website (SEARS-Mastercard-Beware.com) as a consumer alert on how I personally got screwed out of over 30, 0000! plus award points. I have taken the liberty of placing a link to this web page on that web site. The consumer can only do what he can do, but the consumer must do it.

  • Lo
      25th of Apr, 2011
    0 Votes

    all sears is interested in is making money they dont care about customers their attitude is some one will open an account so why should we listen to anyone who has a card
    we have had a card since 1981 and since citibank took over our interest rate jumped to 25.24 percent so tell me they dont have a racket going on

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