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Attention Sears Gold MasterCard Cardholders!


der oxenrig

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I just opened my Sears Gold Mastercard statement, and:

 

buttsecks_02.jpg

 

Citibank had nearly doubled my interest rate from 11.49% to a whopping 21.99%! Needless to say, I was pissed. I have never missed a payment, always pay on time (and usually pay off most, if not all of the balance when possible). So I called them, and they said that because the Federal Reserve is {censored}ing everything up, they have to raise interest rates. But double? :facepalm:I don't {censored}ing think so. Eventually, I argued with them enough, and got them to lower it down to 13.24%, but the fact that they nearly doubled it has me extremely pissed off. :mad:

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They raised my rate as well, when I called up to get it lowered the customer service person told me that they (Citi) basically raised everyone's rate regardless of credit history. They lowered it although the new APY is still about .5% higher than it was before they raised it.

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I'm sortof glad that my cards are through a credit union. They seem to be avoiding the rampant douchebaggery, even though their service and offerings have declined as well.

 

And I'd love to hear them try to explain how it's the Fed's fault they have to raise interest rates.:rolleyes:

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My Capitol One card went from 4.9% up to 9.9% (more than doubled) and now up to 17.99%. Never missed a payment, never really owed a payment other than the monthly XM radio charge.

 

I am changing cards. Sorry, I am not a loyal customer when the provider gouges me.

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I've, somehow, managed to avoid any problems so far...

Actually, I just got a credit increase. I haven't been keeping up with my interest rates (I haven't carried over a balance yet) but I think it was around 20% when I got the card; just over two years ago. It's now at 12.24%

 

ezstep- if you plan on traveling out of the country I would keep the capitol one card. They are they only company that doesn't charge a foreign transaction fee (Discover might also have a 0% fee but they aren't accepted much, especially overseas), most credit cards charge 3%.

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I'm sortof glad that my cards are through a credit union. They seem to be avoiding the rampant douchebaggery

 

Yep. :thu:

 

My two credit lines/checking accounts/savings accounts and my car loan are through credit unions. LOVE them and will never use a bank that isn't one anymore. They also never took part in predatory lending and always participated in safe, conscious practices, so they are much more stable than most other banks.

 

After all the economic fallout, I actually got emails from both of my banks saying "uhm, we're actually healthy as ever and have tons of money to lend... feel free to get some, the interest rates are the same. Whatevs, no big deal." :D Actually, my interest rates have dropped 2% on both over the past 6 months.

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My Sears card has been cancelled. I didn't ever use it, so they just cancelled it for me. AWESOME. One less card to get stolen.

 

 

I recall the Sears card being the hardest to get when I was young. Took forever, was rejected, then I was accosted yet again in front of a store by someone offering a liter bottle of Pepsi for applying. I sorta went off on the poor bastard in account of the previous rejection. He said, oh yeah, they reject everyone's first application. WTF? Any way, I gave it another try and got the card.

 

 

I'm pretty sure I haven't used it more than twice. In over 20 years.

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ezstep- if you plan on traveling out of the country I would keep the capitol one card. They are they only company that doesn't charge a foreign transaction fee (Discover might also have a 0% fee but they aren't accepted much, especially overseas), most credit cards charge 3%.

 

 

hmm...

 

I believe that my WF visa does not have any foreign currency transaction fees.

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Our Capitol One Miles card got dinged too, it more than doubled up to 19.9%. It's our main card so we pay it off every month and have amazing credit. Not too concerned, again we pay it off every month and, before too long, either low interest cards will be coming out again or they'll drop the rate back to where it was. Canceling the card has a negative impact on FICO so there's no way I'm doing that yet.

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+1


I'd like to ask them that if the cost of borrowing money is going up on their credit cards, what are their rates on CD's and savings accounts doing?
:confused:

 

They used to be up over 3-4 but now you're lucky if you can find 1.7.

 

:mad:

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Could be worse, you could be me.

 

I have a VISA that has a 19% interest on it normally. :eek:

 

I went through a financial rough patch last year and let two payments slide in a row. Oops.

 

They got mad at me, froze my balance/account and spiked the interest to 27%. :eek:

 

Now they say that it will remain at 27% until I bring the balance to zero and they will not re-activate it as a useable card until that time. :mad:

 

And at that time? They won't reactivate it either. Instead they will start a seven year clock on "repairing my damaged credit through them" despite being told by my bank that my credit rating and score is clean and clear now after going the last 8 months in a row perfectly and doubling up 6 of those 8 payments along the way.

 

I can't rent a car, hotel room, book a flight online, get a loan, buy a.... you get the idea... my credit is fubared for the next 7 years AFTER I get myself entirely out of debt. WTF!!!

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Could be worse, you could be me.


I have a VISA that has a 19% interest on it
normally
.
:eek:

I went through a financial rough patch last year and let two payments slide in a row. Oops.


They got mad at me, froze my balance/account and spiked the interest to 27%.
:eek:

Now they say that it will remain at 27% until I bring the balance to zero and they will not re-activate it as a useable card until that time.
:mad:

And at that time? They won't reactivate it either. Instead they will start a seven
year
clock on "repairing my damaged credit through them" despite being told by my bank that my credit rating and score is clean and clear now after going the last 8 months in a row perfectly and doubling up 6 of those 8 payments along the way.


I can't rent a car, hotel room, book a flight online, get a loan, buy a.... you get the idea... my credit is fubared for the next 7 years AFTER I get myself entirely out of debt. WTF!!!

 

Is that a Canadian thing? I know people who went through personal bankruptcy and had credit cards 2 years after the judgement.

 

Can't you get another card from another bank?

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