Sears’ Credit Cardholders to Get More
| November 1, 2009 |
As companies find new ways to attract and keep customers, it seems essential that they improve their current products or offer new ones to get the competitive edge. Although many people probably do not think about it, the same can be said when it comes to credit cards as well. As we have already seen new products hit the market to help cardholders better control their finances, it now seems that retailers are getting into the mix looking to give their cardholders more value for their bucks.
Very soon new Sears’ credit cardholders can look for a little something extra that they probably have never received in the past from anywhere else. Trying to shake up the retail world Sears recently announced that they will be offering their cardholders unique products. Two of these products include a Sears Platinum MasterCard, which is connected to a Sears Choice Rewards program; and "Credit Score Access" which gives the consumer the ability to access their credit scores. At this time Sears will be the first major retailer to offer its cardholders access to their credit score at no extra cost.
According to the President of Sears Financial Services, the reason for these new products is because consumers need more when it comes to their financial needs. Also they believe that with the recent changes to the credit card industry, they must be able to give the cardholder more retail value to be chosen as the card of choice.
I am writing to the Sears Company to express my concern with your companys credit card services branch. Last year my interest rate was raised from 14% to 26%. When I asked why they would not provide a reason. I continued contacting them and asking that my interest rate be lowered to a competitive interest rate and the answer was always “We are not currently reviewing accounts to lower rates.” Even after I did a loan consolidation and paid off the $12000 balance they still refuse to adjust my rate with my current 0 balance.
In my opinion the Sears Financial services division has destroyed the Sears name and Reputation for a short term fix to take as much money from customers as they can. The short sighted Financial Division has failed to see the long term impact that this would have on the Sears name and company. I for one will never use my Sears or Discover card and I will not even walk into a sears store ever again. In my opinion sears is now one of the greedy institutions preying on credit card customers. I hope the sears corporation fail due to to their greed so other companys can learn from your mistakes and greed. Sincerely, an ex customer.
Comment by charles — February 22, 2010 @ 5:53 pm
Last year i had a credit card iterest rate of 7%. Then it was jumped to 29% for no reason. All my payement have been on time and i always send more the the premium. When i called customer service twice,the first time i was told they couldn’t do any thing to lower it the second time i said i want to speak to a supervisor. When i had it got lowered to 26% and she told me all card holder get that percentage it’s a store card and there’s nothing they can do about it. That’s bull I’v been a sear’s customer card holder for over 20 years and this is the thankds i get and never been late with my payements and always payed off my card and have perfect credit. Why do someone step in and do something about this.
Comment by Joann in watertown — March 24, 2010 @ 4:59 am
Unfortunately, all credit card companies have raised their interest rates to compensate for the new laws that were just passed. My daughter’s has been raised to over 35%.
Think about this, if you always pay off your card and are never late, the company is NOT making money off of you. And if the balance is paid off every month, they can raise it to 50% and it will never affect your balance. They are in the business of making money. I for one have a low balance and am glad that I can pull my card out when I am in a pinch and “Borrow” a few hundred dollars from someone. I pay about $3 per month on that money and am happy to pay it off in a few months. Mine is for emergency use only. Well worth the convenience of owning a credit card. People think the credit card companies owe them something when in fact, it is a privilege to be approved to carry one. Be thankful for that privilege.
Comment by sadny in pa — June 22, 2010 @ 10:41 pm