Sears Credit Card Services and CITI .. new APR=25.24% ..is this reality?

[Anonymous]

This is yet another example of the new reality approaching.

As the Credit Card laws approach most users will see higher interest rates. How the laws are written they cannot change  your interest rate to a high number. But they can give you high interest and then give you a renewing low interest rate, They simply stop renewing when you upset them.

[creditwherecreditisdue]

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@haulingthescoreup wrote:
I got it too.

And then I got some offer about 0% for various terms. The date on the letter was something like the day after the 90 day was removed from my reports.

I only use it for online Lands' End orders these days, although it's handy to be able to dump the rejects on Sears and have them credit the card.

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Her Ladyship just received this, too, but has yet to show it to me. Somehow I think we going to see a lot of these APR promos. If HSBC keeps giving me promo's I'll be pretty happy. I'm wondering when Chase is going to get into the act.

[haulingthescoreup]

lol, I'll be glad to show you mine if I can find it among the chaos.

There's a reason that I do everything online,

[creditwherecreditisdue]

All she wants to show me is the electric bill.   

[chally]

Heads up on potential new APR- called after hours last night regarding a vague letter received yesterday pertaining to Deferred Interest Promotional Offer Update, not that their was anything offered specifically to me or anything, just letting me know these things can sometimes happen. Gee, that's swell... Kind of annoyed I dialed the call center and glad I did.

While the rep said that yes, the mailing is rather useless, I ought to call in the morning and speak with the retention dept as my account was flagged by their system as eligible for a better APR. I thought this is certainly a change of pace. Since the new 25.99% was put in place 2009 I have found them to be quite unwilling to negotiate.

Called this morning and indeed they were willing to offer prime (3.25%) plus 17.99. I politely told the lady I am going to be frank with you. Through these forums I have been working on tidying my credit and told her I was planning on applying for new credit within 6 months and that based on my CS I was very confident of a better APR, which would result in this card going in the sock drawer. She said I'm so glad you mentioned this to me. I am pleased to offer you our best rate, prime plus 13.99 for a new rate of 17.24%.

It's not where I'd prefer it to be, but considering it's Sears Citi, I delightfully accepted!

[john398]

wow such an old thread, why not create a new one?