Credit Card
Recently, I got myself a Sears Gold MasterCard. Since I have no credit, I only have a $250 credit limit, but that’s good because I won’t ever have to pay more than $10 a month (really, when I get my first bill, I’m going to pay off about $40 of what I accrued so far). I like the extra freedom of having a credit card, and learning the responsibilities of credit. It’ll even help build me up and get me back on my feet financially. I can also buy stuff online without having to use that stupid debit card. :)
October 8th, 2005at 3:09 pm
Please be vey careful with the Sears Master Card.
We have one and it was not at all a problem at first. But… It seems that every time a preapproved loan letter makes it to our mailbox, there is also an inquiry made to our credit card, even though we were not responsible for the Lenders sending this offer.
We have recieved 4-5 offers a week from Citi Bank alone!
Well this inquiry being made is taken as though we have applied for another credit card which to a creditor you already have suddenly this is a concern that risk of over extending is evident and they must take action. Well we now have a 37% rate with minimum of $300.
We were sent a letter that if we did not want to accept this we could opt out and it would close our card but we would remain on our payment plan. I sent in opt out.
We recieved a bill for the $300. mini.
I call to tell them that we had done the opt out. This was on Aug 17 and the deadline that they had set was Aud 25. But the Cruella Deville told me we had not replied in time so they took that as acceptence of New terms.
I told her that I was looking at the letter with the deadline date and there would be plenty of time if I needed it, but the optout was sent out over a week now.
She then said that the deadline was June 30 and we missewd it… I told her I was looking at the letter and she said “Not one from us”
Yes one from you ! Then she said.”Well you need to send that letter to me.” I asked for a supervisor but denied. I then was hung up on.
It seems the idea is to get clients to do opt out and that puts the account into automatic default. So the rate can increase up to 67% and they are legal!
I don’t see how this can be happening but it is and it scares me. With all the financial problems our country is faceing already.If this is a widescale action,and I am afraid it is,we are going to see what even honest people are driven to do to feed their children.
So please don’t get stung by The Softer Side of Sears.
Skinner
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