• Report: #433431

Complaint Review: Sears Gold Mastercard ,Citibank

  • Submitted: Thu, March 12, 2009
  • Updated: Sat, March 21, 2009

  • Reported By:Phoenix Arizona
Sears Gold Mastercard ,Citibank
PO Box 6282 Sioux Falls, South Dakota U.S.A.

Sears Gold Mastercard ,Citibank DOUBLED MY INTEREST RATE AND GAVE ME THE OPTION TO CANCEL MY ACCOUNT WHICH WOULD HURT MY CREDIT HISTORY Sioux Falls South Dakota

*Consumer Comment: The Credit Card Companies Could Care Less

*Consumer Comment: Unfortunately it does not always work that way.

*UPDATE EX-employee responds: Do you know nothing about negoiating with your credit card company?

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I received my statement today from Sears Gold Mastercard. (Citibank) I noticed that my interest rate that was 12.08%, is now 23.99%! WTF! I have been on time with my payments and I have recently been laid off. Wow, just what I needed right now. I did get a letter some time ago about a change of terms or something like that and I have the option to "OPT OUT." This would definitely harm my credit score because I would be closing the account and it will put me in a "default" category where my interest rate would be even more obscene!

I just want to take this opportunity to say F#@% YOU CITIBANK AND SAME TO YOU SEARS!! I have rolled my balance into a low interest HELOC and I will no longer purchase from Sear or any related stores, which include Lands' End, The Great Indoors and Kmart. (3 places I would not shop anyhow, more for the readers' use) The Kenmore washer and refrigerator I was going to buy will NOT happen.

I will NOT PURCHASE 1 single more Craftsman, Die Hard nor Kenmore product EVER!!! I am so pissed off about this! I HAVE TO STOP MY RANT AND GET BACK TO WORK SO I CAN MAKE THE MONEY TO GO BUY MAJOR APPLIANCES FROM SOMEONE NOT RELATED TO SEARS OR CITIBANK!!

Rick
Phoenix, Arizona
U.S.A.

This report was posted on Ripoff Report on 03/12/2009 11:04 AM and is a permanent record located here: http://www.ripoffreport.com/r/Sears-Gold-Mastercard-Citibank/Sioux-Falls-South-Dakota-57117/Sears-Gold-Mastercard-Citibank-DOUBLED-MY-INTEREST-RATE-AND-GAVE-ME-THE-OPTION-TO-CANCEL-433431. 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 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

The Credit Card Companies Could Care Less

AUTHOR: Angry In Florida - (U.S.A.)

Although the response earlier about contacting the credit card company requesting lower rates sounds great it has not worked for me! In todays market they would rather you close your account then lower your rate. Close your account, you are in default and therefore they can charge 30% if they want to.
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#2 Consumer Comment

Unfortunately it does not always work that way.

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

I tried just that tactic and they couldn't have cared less. So, the account now no longer exists.
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#3 UPDATE EX-employee responds

Do you know nothing about negoiating with your credit card company?

AUTHOR: The Consumerist - (U.S.A.)

Did you know if you called Citibank / Sears Credit card division and call to cancel it but if your objection is the new terms (i.e %charge) they CAN keep you at the lower rate as a retention bonus for making payments on time?

The conversation usually goes like this

Me (me)
Katie (Citibank Sears agent)

Katie: Hello Consumerist thank you for calling Sears Mastercard services how may I help you today?
Me: Hello Katie I'd like to cancel my account?
Katie: Why are you considering canceling your account?
Me: Well Katie I recieved in the mail new terms that I cannot agree with.
Katie: Well consumerist according to your history you've been a really good customer with citibank and sears we can defer you to a alternate plan that will be throw out these upcoming terms and replace them with lower ones. This will also give you the opportunity to keep you Sears Mastercard
Me: I like that Idea!
Katie: Ok I'll transfer you to etc...etc.


Also regardless of your payment history ALL banks are upping the rates for ALL consumers as a result of the current economy.

Also good luck on getting a new job!
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