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My wife and I had gotten a Sears card to help reestablish credit. We ran up $2800.

making 18 payments of $100 we got a bill for interest $667. THAT IS 37% INTEREST!!!!! After a lot of BS on the phone we got the interest charge droped to 18% but we had to pay off the account.This is not how you treat a loyal customer who made monthly on time payments over and above the minimum! This is the worst company I have ever had to deal with!

I belive they are trying to collect as much money as they can before they go out of busness. See ya later Sears and thanks for the hasel I did not have enough trouble in my life befor this hassel but now I am complete, Completley done with your credit card!

Product or Service Mentioned: Sears Credit Card.

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Anonymous
#58656

I don't understand how raising a customer's interest rate and gouging them with exhorbitant fees thus raising their balance makes them more likely to pay their entire bill.

If anything making a person owe more makes them even more likely not to pay. When the customer sees they are basically paying off the banks interest and fees more than they are the TV they bought that makes them even less likely to pay.

The banks developed an unwiley sense of entitlement over the last decade in particular. They do not have a right to the type of profits they made over the last several years nor will they ever see those types of profits again from business as usual because business as usual is what collapsed the whole economy and not just individuals.

Anonymous
Tishomingo, Mississippi, United States #58604

When a bank takes a chance on a person with poor credit it is only natural that they will mitigate that risk with a higher than average interest rate. It is especially true if a customer has a history of poor payments (such as someone trying to "re-establish credit"). You also signed a disclosure form that i am sure you didnt bother to read that fully informed you of all the terms and conditions of this line of credit.

Anonymous
#58115

Sears cards are mostly handle by Citi and HBSC although I sure Sears gave them some guidlines as far as running the card when they gave it up.

From what I've heard the dropping of rate but pay off or close the account is pretty common. It's their way of making think they actually did something when they really didn't.

You are keeping the old rate on the current balance and then any new purchases will be 18%. It's *** these credit card companies will get what they want at your expense.

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