When I applied for Sears credit, the employee who processed the card related to me that there would be no interest charges for the first year. The purcahses that I have made at Sears have been minimal, but, mostly used the card for home repairs and related supplies. Eventually I realized the the monthly balances were escalating and/or seemingly not to move. I was making scheduled monthly payments, at first and in many instances above and beyond the minimal payment required. It was at this time that I realized that interest was in fact being accrued on the account at an exorbatant rate.
I contacted Sears on several occassions as to determine what was going on, and. to relate to them my disatisfaction with being charged interest in retrospect of what had been initially related. Whenever I requested that the interest rate be lowered, they would always tell me that there was nothing that they could do because I had a bill that was being processed and that bill would have to be paid before the matter could be discussed or handled. I have always made payments in a timely fashion with no less than the minimum payement required.
During my variously many attempts to request a reduce interest rate, the customer service representative/s apologized for the miscommunication that was related by the Sears employee who processed the application, related to me that the zero interest rate to the first year ap;lied to Sear's purchases, only. I was floored that what I thought was a reputable company had not given full disclosure and was now practicing accrued interst usury at rate of approximately and/or above 20%.
No matter what payment I made, the bill just set there. Sear's customer service departmetn even blamed the minimal reduction on the account being owed on the fact that I had started paying for OnStar service for my truck, which was contributing to the non-movement in the reduction of the bill. The meeting of minimum monthly payments would have taken eighteen years for me to pay a debt of approximately $7, 250.
In addition to this, Sears elected to cancel the card without prior notice or valid reason. I was given written notice two months after the card had been canceled. In the interim, I had expressed my disatisfaction with the company, as related to the lack of full disclosure, extremely high interests, given the run around about having the interest rate reduced, not being informed about their decision to relinquish the account, not being informed about my status with the company, usury, etc.
It was my request that my interest rate be reduced to 3.5%, and that all interest that had been paid within the first year be applied towards the principal that was owed. Inaddition, my purcchases on the card have been minimal, and/or as needed for home repairs. Other Sears purchases include two girdles, a pair of shoes, and a vaccum cleaner. I'm shocked that Sears is not the reputable company as that of which was utilized by my parents and community members in past years.