• Report: #356048

Complaint Review: Sears Credit Card Services

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  • Submitted: Sat, July 26, 2008
  • Updated: Sun, July 27, 2008

  • Reported By:salem Oregon
Sears Credit Card Services
PO Box 6922 The Lakes, Nevada U.S.A.

Sears Credit Card Services loan scam is set up to NOT except anything over the required amount due: that's right, you may not pay extra after august 1, 2008 The Lakes Nevada

*Consumer Suggestion: Looks like a little misunderstanding

*Consumer Comment: Sears New "Minimum Payment" Rule

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getting my first bill on july 26, 2008: i see small print on the bill, annoucing that begining august 1, 2008: sears will NOT except any payments over the required minimum. YES, that's right! i paid bill in full july 26, 2008... and requested account closed. i'm furious! that they tried to get me sucked into paying only what they wanted, so they could gouge me with interrest. outrageous!

Dee
salem, Oregon
U.S.A.

This report was posted on Ripoff Report on 07/26/2008 07:56 PM and is a permanent record located here: http://www.ripoffreport.com/r/Sears-Credit-Card-Services/The-Lakes-Nevada-88901/Sears-Credit-Card-Services-loan-scam-is-set-up-to-NOT-except-anything-over-the-required-am-356048. 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 Suggestion

Looks like a little misunderstanding

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

After reading your post, I had to check out my sears statement. I am a new Sears card holder too. I read the state located in the bottom. Here is a cut and paste from my bill:
Please note: Effective for all billing cycles beginning on or after August 1, 2008, you may no longer make minimum payments in advance. You must pay the Total Minimum Due each billing cycle. We will no longer apply any portion of payments made in current billing cycles to Total Minimum Due amounts in future billing cycles.
It seemed a little confusing at first, so I called Sears Customer Service and ask just to make sure. Basically like the previous poster said is correct. You can pay the minimum, a higher amount or in full with no problem. If you pay less then total balance of your statement, the minimum will still be due on the next billing cycle.
Say your statement balance is $100.00. The minimum due is like $10.00. You pay $10.00. Then two weeks later you decide to make another payment of $40.00. Your next statement comes in and your minimum payment due is still $10.00 and it will be due on that billing cycle. Before, Sears would forward the previous payment to the next billing cycle thus your minimum payment due would by zero ($0.00). As of August 1st that feature is no longer offered. You will still owe the minimum balance due. However your statement balance will show $50.00 left to pay off. Your previous payments of $10.00 and $40.00 will show on that next statement. Now if you decide to pay the full amount before the billing cycle comes up then you are paid off. Your next billing cycle should show zero due as well as your statement balance showing zero.
You should be fine on your sears credit. If you pay in full like you said it should be fine. Your next bill should reflect your payment.

Anyways, thanks for bringing this mater to all us sears card holder's attention. It's important for us consumer to stay top of credit card company rules. Many of us got screwed very easily if we don't read the fine print on each statement. Good job for taking notice even though it was little misunderstanding. RSW
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#2 Consumer Comment

Sears New "Minimum Payment" Rule

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

Concerned about Dee's report, I have examined my latest Sears Card bill. What the bill states is that, effective 8/1/08, "you may no longer make minimum payments in ADVANCE. You must pay the Total Minimum Due each billing cycle. We will no longer apply any portion of payments made in current billing cycles to Total Minimum Due amounts in future billing cycles."

I believe what they are saying is that if you decide to make an EXTRA payment during your billing cycle (other than your regular bill payment), though it would be applied to your account, it would not count as an advance payment toward your next bill. You would, of course, still be permitted to make your regular bill payment
for the minimum due, or any amount over, up to the total balance due.

Perhaps Sears could have worded the note on the billing statement a bit better.
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