@wasCB14 wrote:
@AverageJoesCredit wrote:
Hey guys and gals. I wIsh everyone a safe and happy Fathers Day tomorrow
Got a letter today from Sears. I'm being upgraded to Sears Mastercard with new terms starting 7/30/18. I can decline but only until 8/02/18. Should receive card by 8/30/18.
Says I was part of a select group of cardmembers who have been chosen to receive an upgrade. Probably marketing there but who cares, I'm happy.
Even if Sears goes bye bye it's nice to have a card that may stick around.
Card will come with updated account number. Can continue to use my card login etc. Heres the key part for all you upgrade lovers, in underlines "Your entire account history and original account open date will remain the same!" Woo hoo, take that Synchrony
Good luck to any fellow store card holders who would like the upgrade, I hope you get itSo the old account stays open? Or the current account will report as closed and a new account will be opened and backdated with full details of the old account's history?
From reading the letter, the only thing that will change on my credit report will be the new account number as it statesafter you receive the MC your Sears account will automatically be replaced on the credit Bureau with the new Mastercard account number. Your entire account history and original account open date will remain the same. Also in regards to how it could impact ones credit profile, it states because the Sears Mastercard replaces an existing account on your credit report, it will not change the number of open accounts on your report. But because how you use all your credit accounts affects your credit profile, we cant say what impact this replacement will have.
So in my view, not really closing the old account merely replacing it with the newer account as if that was the account since opening.
But...how many points do you earn for shopping at Sears? #QuestionsThatMatter
More than if I used an Amex
Jk
Jk
Would you get better return on rewards if you used amex at Sears, or a penfed powercash?
Congrats AJC! 🎉
Thanks Shoegal
Probably get a higher return using my Walmart Sam's visa
Probably get a higher return using my Walmart Sam's visa
AJ and Penfed dont play nice together....
@AverageJoesCredit wrote:
@wasCB14 wrote:
@AverageJoesCredit wrote:
Hey guys and gals. I wIsh everyone a safe and happy Fathers Day tomorrow
Got a letter today from Sears. I'm being upgraded to Sears Mastercard with new terms starting 7/30/18. I can decline but only until 8/02/18. Should receive card by 8/30/18.
Says I was part of a select group of cardmembers who have been chosen to receive an upgrade. Probably marketing there but who cares, I'm happy.
Even if Sears goes bye bye it's nice to have a card that may stick around
Card will come with updated account number. Can continue to use my card login etc. Heres the key part for all you upgrade lovers, in underlines "Your entire account history and original account open date will remain the same!" Woo hoo, take that Synchrony
Good luck to any fellow store card holders who would like the upgrade, I hope you get itSo the old account stays open? Or the current account will report as closed and a new account will be opened and backdated with full details of the old account's history?
From reading the letter, the only thing that will change on my credit report will be the new account number as it statesafter you receive the MC your Sears account will automatically be replaced on the credit Bureau with the new Mastercard account number. Your entire account history and original account open date will remain the same. Also in regards to how it could impact ones credit profile, it states because the Sears Mastercard replaces an existing account on your credit report, it will not change the number of open accounts on your report. But because how you use all your credit accounts affects your credit profile, we cant say what impact this replacement will have.
So in my view, not really closing the old account merely replacing it with the newer account as if that was the account since opening.
My Sears store card was converted to the Citi co-branded MC soon after Citi took over the portfolio ~ 15 years or so ago. The credit history carries over intact, it's not like a Synchrony conversion.
Citi has been running targeted rewards promotions for the co-branded Sears MC every quarter for the last couple of years. If you meet your targeted minimum spend each month (it varies from person to person) you get 10% back in Citi TYP points if you had previously signed up to get points, else 10% back as a statement credit. If you are targeted for an upcoming quarterly promo you will get a snail mail letter detailing the promotion and instructions on how to opt-in for the promo.
This quarter I'm working on a $800/month minimum grocery store/restaurant/gas spend promotion. The $800 minimum yields 8000 TYP points, up to 25,000 points per month, or $80-$250 in statement credits. The spend is measured monthly, for example if one met the minimum last month they're locked in for last month's reward even if they didn't meet the minimum this month.
Congrats on the upgrade - thanks to the recent spate of promotions this card has become a bit of a sleeper. My Sears store card was my first real card so there's a certain nostalgia associated with it.
Congrats! I'm hoping mine will do the same