Sears Credit - Citibank Pasyments not credited in the month in which they were received PO Box 6275 Sioux Falls Internet

With Sears, I've discovered what I think is another ripoff to get our money. The due date and the billing cycle closing date are not the same thing. It would seem they should be the same. For my September 2008 payment, the due date for payment was September 1, 2008. The Billing date closing cycle was September 3, my payment was on September 2 and the late fee was assessed September 1. And all this appears on the same bill/month. What I have just learned from this, it appears that Sears has given themselves a three day window to insure late fees. Anything paid after the due date is late, yet still reflected in the same billing cycle. Even items charged after the due date, but still in the billing cycle, will be on the upcoming bill. It would appear that Sears has given themselves a chance to earn interest sooner as well. Don't pay or charge anything that's in the 3 day period -after the due date and before the billing cycle closing date.

I don't understand why they bother with a billing cycle closing date other then to confuse people and make more money. I wish I had looked at this closer, but I mistakenly trusted Sears. I don't need their Credit Card and I'll be closing my account.

But you are wrong, that is not how credit card works.

Credit Cards work by the statement periods and not calendar months. Everything they receive in a particular period goes toward's that periods payments. You should have noticed that they applied the multiple payments to your previous bill and you still had a payment due. If you failed to do this and failed to make the next months payment, this is YOUR fault.

For example: If the Due Date is the 30th, your closing date is the 3rd. If you make a payment on the 29th and then again on the 2nd, both of those payments go on that previous months payment. You don't get credit for the next month.

Also, stop the "Class Action" rehetoric, that is really a term used by the uniformed. The payment processing is well defined in the Terms of the Card and EVERY credit card works exactly the same way. You don't get some "pay ahead" benefit by making multiple payments during the same statement period. However, if you really think you have a case go ahead and file your own. But don't expect a lawyer to do this for free because they know the chances of you prevailing are about zero, so they are going to charge you a ton of money up front.