• Report: #713518

Complaint Review: Sears/Citibank Credit Card

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  • Submitted: Mon, April 04, 2011
  • Updated: Sun, October 16, 2011

  • Reported By: Chris — Wildomar California United States of America
Sears/Citibank Credit Card
Internet United States of America

Sears/Citibank Credit Card Credit Limit Decreased-No Prior Notification Internet

*Consumer Comment: Agree with you

*Consumer Comment: Agree with you

*Consumer Comment: Grow up!

*Consumer Comment: The Sears / CitiCorp credit rip-off

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After 27 years as a "loyal" (thoer words-not mine) Sears Credit Consumer, I had a credit limit of $6,500 on a card I rarely use. I would make occasional big ticket purchases and then pay off prior to 6 months (I hate 30% interest).
I went to use my card, Saturday, April 2, 2011 believing I had the same credit limit. I have a zero balance outstanding for automotive repairs.
The bill came to over $1400.00. I went to use my card, and was informed that the purchase was declined due to insufficent credit available. My limit, somehow, was reduced from $6,500 to $250 without any prior notification.
I attempted to to have them even consider a temporary increase, as I would have this amount paid off in three months. I have never missed a payment with Sears, and have been a credit client since 1985. No dice.

I will never shop Sears again, or any of thier affiliates. I now shop at thier competitors, and pay cash.

This report was posted on Ripoff Report on 04/04/2011 07:44 AM and is a permanent record located here: http://www.ripoffreport.com/r/SearsCitibank-Credit-Card/internet/SearsCitibank-Credit-Card-Credit-Limit-Decreased-No-Prior-Notification-Internet-713518. 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 4Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Agree with you

AUTHOR: smartprov - (USA)

Citi has the right to increase the APR or to close the account for any reason and at any time. When a person uses that particular card, it is implicit that the account user agrees with all the terms and conditions of the credit card contract.
Citi is simply protecting its interests in a potential loss to the bank. Citicorp policy is to either to raise an APR for at least six months to monitor consumer payment behavior or to close the account all together. It states this clearly in the credit contract. It is a risk model assessment.

The same  is true with any deposit accounts held at financial institutions. They can for any reason and at any time terminate the financial relationship with the consumer if they can assess the level of loss prevention in the long term.People need to read what they sign before using a bank's products and/or services. It's irritating when consumers complain about something they should know already. Consumers need to be more proactive and read their disclosures. Citibank, N.A. has the right to accelerate any monies owed to them. They are using in-house litigation services to obtain their right to monies owed.
The author needs to work with Citicorp financial services and call them toll free at (800)274-6660.
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#2 Consumer Comment

Agree with you

AUTHOR: smartprov - (USA)

Citi has the right to increase the APR or to close the account for any reason and at any time. When a person uses that particular card, it is implicit that the account user agrees with all the terms and conditions of the credit card contract.

Citi is simply protecting its interests in a potential loss to the bank. Citicorp policy is to either to raise an APR for at least six months to monitor consumer payment behavior or to close the account all together. It states this clearly in the credit contract. It is a risk model assessment.

The same is true with any deposit accounts held at financial institutions. They can for any reason and at any time terminate the financial relationship with the consumer if they can assess the level of loss prevention in the long term.

People need to read what they sign before using a bank's products and/or services. It's irritating when consumers complain about something they should know already. Consumers need to be more proactive and read their disclosures. Citibank, N.A. has the right to accelerate any monies owed to them. They are using in-house litigation services to obtain their right to monies owed. The author needs to work with Citicorp financial services and call them toll free at (800)274-6660.
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#3 Consumer Comment

Grow up!

AUTHOR: Seriously - (United States of America)

I suggest you grow up and take some responsibility. IF Citibank raised your APR to 29.99% (and I say if because Citi has not use the default rate of 29.99% since 2009) the more likely story is that you missed a payment. After 12 months of on time payments your APR would revert automatically to the original rate. So obviously you have not had 12 consecutive months of on time payments since 2009. In addition if you read the terms of your card the bank has the right to lower your credit line at anytime. That being said they will only lower your credit line if your credit report shows that you are a risk. Including not pay other creditors on time or not at all. Why would expect a bank to keep loaning you money if you have trouble paying what you already owe. Please don't respond with you have perfect credit because if you did you would not be in this situation. I'm sick of consumers not educating themselves. You signed a contract with bank why would you not have to abide by the terms of the card.
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#4 Consumer Comment

The Sears / CitiCorp credit rip-off

AUTHOR: Richard - (United States of America)

same story;I had a sears credit card for decades,with a $7500 credit limit.Used it on and off over the years,interest rate ok for a credit card.Then Sears sold the credit card operation to CitiCorp.
 For no reason they lowered my credit limit to $600,and raised the interest rate to 29%.
 I immediately paid off the account,well except fot $1.00. Yes,one dollar. After a while Sears
 sent me a check for $1.00. I'll  cash it eventually,it cost them more than $1.00 to process,print
 and mail me a one dollar check. I just do this slowly over and over,depositing the oldest check before it  stale dates,and buying something really cheap at Sears so I can get a bill in the mail
 and repeat the above over and over. At least it makes me feel even.
 Note to Sears employees,wait till your Chairman Ron Burkle starts breaking up Sears and
 selling off the realty and leasehold interests.it is more valuable in pieces than as a retailer.
 And as to CitiCorp,wall street whores.
 
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