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@Anonymous wrote:
Option to move CL to another Citi card and HP you for the privilege.
+1 Right on ...
@pdxmike wrote:
Say I have a Sears store card and Sears files for bankruptcy. Would I be able to convert the card to something else from the issuing bank (Citi)? What if it's a Sears MasterCard with the Citi logo on the front?
Unlikely. The store this card relates to has expired, so the cardholder waits to see what the bankruptcy administrator wants to do. Since the store has a captive audience, it would seem likely they would want to somehow support those cards to be available.
Possible. If it is a MC or VISA issued by a regular bank, the fact that the sponsoring company is having difficulty does not directly fail the card. I've had several group affiliation CC and when the affiliation ends, the bank converts the card into a generic bank card, just drops the reference to the affiliate.
I can't remember how it all went down but I think Monogram Bank of Georgia (?) turned my Montgomery Ward card into a Walmart store card when Ward's went under. I remember buying a Mac on my Ward's card and it came with 10 hours of internet access but there was nothing to look at....only chat rooms!
@IaBoy62 wrote:I can't remember how it all went down but I think Monogram Bank of Georgia (?) turned my Montgomery Ward card into a Walmart store card when Ward's went under. I remember buying a Mac on my Ward's card and it came with 10 hours of internet access but there was nothing to look at....only chat rooms!
It would take one of those ten hours just waiting for your naked picture of Pamela Anderson to download!
The decision to convert is with the issuer and whatever agreements they enter into.
When CompUSA went under, the accounts stayed "open" but only for those customers paying down their balances. TigerDirect, purchaser of the CompUSA name, didn't offer TigerDirect cards to CompUSA customers.
When Circuit City shut down, some Visa cardholders may have received offers for a generic Visa; I did not. Of course, I didn't have a balance either.
Along the meltdown of Chase and Washington Mutual, and PetSmart's decision to end their co-branded card, I ended up with a Chase "Flexible Rewards" Visa. I paid the introductory purchases down, and left the card active until recently, finally deciding that there was no need for an additional account to manage.
Last year when the VitaCost MC program ended, our accounts were just closed; Comenity didn't offer anyone a replacement card, closed it off to new purchases, leaving customers to pay off the existing balance.
I'm hoping for a better outcome with Sears and their inevitable shutdown. I still only have the store card and leave it that way because it's one of the first cards I ever had.