Sears Solution Mastercard Payment Hold

[Creditaddict]

Got my account last week, charged on it in 1 day to limit and then went online and made payment for entire credit line and balance ELECTRONIC funds transfer.  They have now placed those funds on a 14 day hold.

Someone talk me out of closing this worthless card and getting my annual fee back

I'm just kicking myself mad that I even opened such a card with such a bank 

[DI]

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@Creditaddict wrote:

Got my account last week, charged on it in 1 day to limit and then went online and made payment for entire credit line and balance ELECTRONIC funds transfer.  They have now placed those funds on a 14 day hold.

Someone talk me out of closing this worthless card and getting my annual fee back

I'm just kicking myself mad that I even opened such a card with such a bank 

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I'm having a hard time understanding what's happening.   Are you saying after you charged the account to the max and paid in full, Sears now have your available credit on hold?  Has the funds been withdrawn from your checking account?

Is it a Prime or Subprime card?  What were you trying to accomplished by charging to the max, and paying in full all within a couple of days it seems?

Message Edited by DI on 10-11-2009 03:09 PM

[Creditaddict]

it's very subprime.

the purpose wasn't to max the account out but I spend more than $300 a day living!  I figured since they took the money from my bank account it would avoid holds because they have cash in hand, but they say federal law allows me to dispute payments from your bank account up to 14 days so that's why the hold.  They say as they get to "know me" the holds might become shorter or less frequent but they can if they want to 

[granny031350]

this happened to me with walmart.  They held mine about 21 days (from b of a online banking) so then I started paying right at their site online and no hold.  So perhaps next time sears will let you pay right from their online site with no hold.  Many cc are now holding payments

[Creditaddict]

I did pay on there site! The money was taken from my Checking account in less than 24 hours and from that day they put a 14 day hold

[DI]

You're spending $2100 a week to live off? Wow!!  You need a good rewards card to accumulate a lot of points or cash back. 

I guess Sears is thinking you may decide to go to your bank, and  fill out an affidavit to get your money back after you paid.   That is my only inkling why they would place a hold on your available balance. 

[Creditaddict]

I don't know why I do this stuff to myself... I have good cards, all of them!

I just don't carry anything "good" because I tend to overspend... I just want one card with like $2500 limit that gives me rewards and I can't get into trouble with... had that with my Bank of America until they closed it on me. 

[DI]

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@Creditaddict wrote:

I don't know why I do this stuff to myself... I have good cards, all of them!

I just don't carry anything "good" because I tend to overspend... I just want one card with like $2500 limit that gives me rewards and I can't get into trouble with... had that with my Bank of America until they closed it on me. 

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Are you saying you're having a problem with going over the limit with your prime cards you have or had?

Message Edited by DI on 10-11-2009 03:30 PM

[Creditaddict]

oh no I would never go over my limit. I mostly use an amex charge... I just don't really stop spending!

Well I called to cancel this worthless card to me and they won't refund my annual fee... I HATE HSBC.

They will not get a DOLLAR FROM ME 

[DI]

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@Creditaddict wrote:

oh no I would never go over my limit. I mostly use an amex charge... I just don't really stop spending!

Well I called to cancel this worthless card to me and they won't refund my annual fee... I HATE HSBC.

They will not get a DOLLAR FROM ME 

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Before you decide to close it, wait and see if they waive your second AF.  If not, close it.  Why didn't you apply for a Prime card with Sears?