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Frequent Contributor
Posts: 495
Registered: ‎02-15-2016
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Sears Mastercard what is your APR?

I saw on sears' website that it lists a range of APR's for Sears accounts.

 

However, underneath the range, it noted that all new accounts would start at the 25.99% now 26.24%

 

I was curious if any of you all had a lower APR or had ever received an APR reduction.

 

I was curious as to if it worked like the Nordstrom card where after you have the account a while they lower you into a lower APR bracket.

AAOA 1 year Fico 08's 738 739 703
Super Contributor
Posts: 8,863
Registered: ‎10-03-2008

Re: Sears Mastercard what is your APR?

[ Edited ]

My estimate is it is a variable rate card and the increase(s) reflect the change in the Federal Reserve Rate. At the high percentages you do not want to carry balances anyway. Note, most department store cards run a range of 21% to 27% anyway. That has been the norm for me back to 1973. The only thing that has changed is the stores have banks handling their credit cards rather than managing the debt internally. Checked the Citi/Sears Card site and confirmed it is a VARIABLE RATE card.

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Valued Contributor
Posts: 1,393
Registered: ‎04-28-2016
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Re: Sears Mastercard what is your APR?


depdep8 wrote:

I saw on sears' website that it lists a range of APR's for Sears accounts.

 

However, underneath the range, it noted that all new accounts would start at the 25.99% now 26.24%

 

I was curious if any of you all had a lower APR or had ever received an APR reduction.

 

I was curious as to if it worked like the Nordstrom card where after you have the account a while they lower you into a lower APR bracket.


In the possible (even probable) event of a Sears BK, I don't know what would happen to the card. There is some chance that the card could experience interruptions in regular customer service.

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Valued Contributor
Posts: 1,244
Registered: ‎08-30-2013

Re: Sears Mastercard what is your APR?

I had the 26.24 rate when my store card was auto-upgraded to the Mastercard a little over a year ago. I just recently asked for an APR reduction and mine went down a whole 10% to 16.24%. Now it's a card I can use and not tremble if there's a balance on it-LOL.

Frequent Contributor
Posts: 495
Registered: ‎02-15-2016
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Re: Sears Mastercard what is your APR?


Credit-hoarder wrote:

I had the 26.24 rate when my store card was auto-upgraded to the Mastercard a little over a year ago. I just recently asked for an APR reduction and mine went down a whole 10% to 16.24%. Now it's a card I can use and not tremble if there's a balance on it-LOL.


Thank you Credit-Hoarder this is what I was asking. Congrats!

 

I asked last night for an APR reduction and the rep said they put in a request to see if I qualified and I would receive a letter in 7-10 business days.

 

I came here to ask after the request to see if anyone was successful in getting a reduction.

AAOA 1 year Fico 08's 738 739 703
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Posts: 495
Registered: ‎02-15-2016
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Re: Sears Mastercard what is your APR?


Dinosaur wrote:

My estimate is it is a variable rate card and the increase(s) reflect the change in the Federal Reserve Rate. At the high percentages you do not want to carry balances anyway. Note, most department store cards run a range of 21% to 27% anyway. That has been the norm for me back to 1973. The only thing that has changed is the stores have banks handling their credit cards rather than managing the debt internally. Checked the Citi/Sears Card site and confirmed it is a VARIABLE RATE card.


It is variable FYI to clear up any ambiguity.

 

They actually entertain reductions though which is awesome!

 

I would say the range is 23-30% now when it comes to store cards. As most Comenity cards are in the 27-30% range now.

AAOA 1 year Fico 08's 738 739 703
Super Contributor
Posts: 8,863
Registered: ‎10-03-2008
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Re: Sears Mastercard what is your APR?


depdep8 wrote:

Credit-hoarder wrote:

I had the 26.24 rate when my store card was auto-upgraded to the Mastercard a little over a year ago. I just recently asked for an APR reduction and mine went down a whole 10% to 16.24%. Now it's a card I can use and not tremble if there's a balance on it-LOL.


Thank you Credit-Hoarder this is what I was asking. Congrats!

 

I asked last night for an APR reduction and the rep said they put in a request to see if I qualified and I would receive a letter in 7-10 business days.

 

I came here to ask after the request to see if anyone was successful in getting a reduction.


Great reduction. It is good to see that with a change in card type you can receive reductions from the usual store card Aprs. Very useful to know. Truth, I missed the point of the post and learned a lot!

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