Mom applied for the Sears Credit Card

IcEWoLF · ‎08-29-2013

So yesterday my mom came home and told me she applied for the Sears Credit Card...I looked at the disclosures and I must say it's one crappy card with no rewards with a terrible interest.

I helped her establish credit, helped her apply for each credit card she has on her portfolio, and all of them are cash back cards based on what her needs are. (Discover It & Chase Freedom)

I am a bit disappointed she went for this credit card, because she got a small percentage discount...I have no idea why she would do this, but she did, so it's already done.

Her first language is not english, so she doesn't understand all the informations on this credit card or anything that is written in the disclosure paperwork, hence why I take care of all of her finances.

The reviews on this credit card are awful.

I take care of her finances, along my dad's, we pay off all the cards off on a monthly basis. I just don't want her to have a "junk card" on her porfolio.

Is it wrong for me to think Store cards are just useless and they can't compete with some of the premier rewards cards?

With that said, we are thinking about possibly closing out the card asap when we get the official paperwork in the mail, now would this be really bad to close out a fairly new card?

09Lexie · ‎08-29-2013

Store cards are not meant to be compared to rewards cc's. if used properly, they can work for you. Never carry a balance ( the APR is horrendous), use only if your reward cc will not provide a higher return ie if there are coupons or special financing promotions etc

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wHiTeSoL · ‎08-29-2013

I think since she already took the HP, it probability doesn't have an AF, and it will already ding her AAoA, just SD it instead of canceling it. It'll help down the road to soften AAoA hits.

missjae · ‎08-30-2013

@IcEWoLF wrote:

I take care of her finances, along my dad's, we pay off all the cards off on a monthly basis. I just don't want her to have a "junk card" on her porfolio.
Is it wrong for me to think Store cards are just useless and they can't compete with some of the premier rewards cards?

With that said, we are thinking about possibly closing out the card asap when we get the official paperwork in the mail, now would this be really bad to close out a fairly new card?

I don't think store cards are bad if you have a use for them. Some of my favorite store cards give me an extra discount when I use them. The key is to PIF since the interest rates are always high.

She might as well keep it now that she apped for it. I don't think it makes the portfolio look bad. Don't think other lenders will not give her better cc's because she has a Sears card reporting....