• Report: #438676

Complaint Review: Sears Credit Card - Citi Bank

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  • Submitted: Sat, March 28, 2009
  • Updated: Wed, June 17, 2009

  • Reported By:Cincinnati Ohio
Sears Credit Card - Citi Bank
www.searscard.com Sioux Falls, South Dakota U.S.A.
  • Phone:
  • Web:
  • Category: Banks

Sears Credit Card Administerd By Citi Bank Interest Rate Ripoff - Usury Levels Are Unacceptable Sioux Falls South Dakota

*Consumer Comment: Funny...

*UPDATE Employee: You have to play the game!

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I have been a long time customer of Sears and have had their credit card for many years. I normally carry no balances, pay on time, and miss no payments. Recently I was carrying a small balance for my business. For quite a long time the interest rate on the card was 5.99% and I would pay it off completely in a couple of months and then put another charge on to carry for about 3 months at a time.

Last week they raised my interest rate to 21.99%. I was outraged and called to complain. I was told that it had nothing to do with my credit history, but they were raising rates across the board, and there was nothing they would do to change it. I immediately paid it off completely, but I will not give them the satisfaction of me canceling the card. They can keep that credit line open on their books, but I will not be using their card. I have threatened to file a class action lawsuit, if they close it.

I have also written to Pelosi, Dodd, and my legislators to tell them to STOP ALL PAYMENTS to these large gangster banks and no toxic asset bailout. We all need to write and put the pressure on congress. They need to support the small local and regional banks and not waste our money on these greedy banks.

My local bank issued me a card with a $10,000 limit at 6.99% and it was approved in a couple of hours. Patronize the small banks. They want our business and will value us as customers. The big banks need to die.

Barb B
Cincinnati, Ohio
U.S.A.

This report was posted on Ripoff Report on 03/28/2009 04:03 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sears-Credit-Card-Citi-Bank/Sioux-Falls-South-Dakota/Sears-Credit-Card-Administerd-By-Citi-Bank-Interest-Rate-Ripoff-Usury-Levels-Are-Unaccep-438676. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Funny...

AUTHOR: Robert - (U.S.A.)

I just had to laugh at your statment...

"...I have also written to Pelosi, Dodd, and my legislators to tell them to STOP ALL PAYMENTS to these large gangster banks and no toxic asset bailout. We all need to write and put the pressure on congress..."

In contributions by the Financial Industries to the various candidates, in the Presidential Race Obama was #1, Clinton was #2, McCain was #3. In Congress good ole Dodd was #1, Barney Frank was #2, Kanjorski was #3, and Bachus was #4.

So if you really think that they could give a "rats a**" about you or what you want, I have a nice bridge in San Francisco to sell you.
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#2 UPDATE Employee

You have to play the game!

AUTHOR: Justthetruth - (U.S.A.)

Yes, I agree it is completely ridiculous that Sears Credit (Citibank) raised customer's interest rates this high and did so in very small print, (which by the way usually has VERY important information in it). It is true that this change in terms did not exclude anyone and everyone that owns a Sears card, even if your FICO is over 800, rates went to P+15.99 or above. There is a way to avoid this however if you have excellent credit and have been with the company for a long time. It is a backwards way of doing things but you have to call and threaten to close your account. They will then put you through to a representative who will offer you a MUCH lower rate as low as P+4.99%. By the way, unfortunately you would not have a class action suit to file if they chose to close your account because the contract that you signed to have the card stated they may close your account at any time for any reason.
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