Report: Sears Gold Mastercard
Category: Credit Reporting Agencies
Sears Gold Mastercard attempted to rip-off Cleveland Ohio
*UPDATE *UPDATE ..This is intended for the two employees who responded.
Sears Gold Mastercard
Fax:
Cleveland, Ohio,
U.S.A.
Submitted: 3/22/2003 2:08:09 PM
Modified: 4/18/2003 11:33:02 PM
Preston
North Olmsted, OHA few months ago I was passing through Sears at Great Northern Mall where I saw a sign that advertised a 2.9% rate on balance transfers on Sears Gold Mastercard. I am currently working myself out of debt, so it looked like a good deal to cut out some of the interest.
I applied and was approved, thinking that I would have the low interest rate. I waited a week, got the card in the mail, and went to activate it. I activated it and went over to their balance transfer department. I asked what my balance transfer rate would be, which I got the reply of 21.9%. That's a 19% difference. Fortunately I never transferred any balance nor did I make any purchases, so I closed the account.
Be wary of any offers for low-rate balance transfer offer.
Preston
North Olmsted, Ohio
U.S.A.
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Updates & Rebuttals:
- Sears Gold no rip off; you read the signs Wrong! Danise [4/4/2003 8:30:22 AM]
- Sears Mastercard is EXCELLENT deal for current, and future sears customers... Jeremy [4/16/2003 10:13:18 AM]
- This is intended for the two employees who responded. Preston [4/17/2003 4:16:28 PM]
Sears Gold no rip off; you read the signs Wrong!
You did not read nor comprehend the sign that were near the registers in the store. I almost decided not to respond because I'm sure if you went back to the store, you re-read it and realized that the sign states that you get 2.9% on purchases made on the card for 6 months, by applying for the new card. Balance transfers are not included in this offer. Sales only.
I'm sure one of my fellow co-workers apologized for you not paying attention to the sign, when you called. In fact, they apologized for you not reading the receipt you get that clearly specifies what you agreed to. By law, we must give it to you, along with our terms and agreement.
Why did we apologize for you not reading the information you signed your John Hancock to? Because we were hoping to keep your business.
The APR you received is also on the info you walked away with in your hand the day you signed up. This is no rip-off! You were looking for a way out of debt, by signing up for more opportunities to make more debt. You are ripping your ownself off. No credit card will offer you a great rate on your Apr if you keep heading in the 'more debt' direction.
My suggestion is that you buckle down, look in the mirror as I do and say, 'This is it! I need to pay it off and not charge anymore. I may need to get an extra job to do so.' Whatever you do, more credit cards and loans do not sound like a great way out for any of us.
Sears Mastercard is EXCELLENT deal for current, and future sears customers...
Sears Gold Mastercard is an excellent way for sears' customers to take advantage of excellent savings (2.9% for first 6 months) No annual percentage rate, and a lower APR than a reg. sears card (usually lower than most other competitors'cards) You can also use it ANYWHERE else mastercard is excepted. Now tell me, how is that a rip-off? What is a Rip-off, is you trying to get yourself out of a hole u already dug too deep to handle yourself. Suggestion: Cut up all your credit cards and get out of Debt.
This is intended for the two employees who responded.
I, in fact, DID see a sign that said 2.9% for balance transfers, although the sign which I saw is no longer there. The signs that are there now all say for purchases only. In the heat of the moment, I didn't catch it in the terms and conditions as to what the official rate would be, which would be my mistake.
I will admit, I was looking for a way to save money on interest above anything else.
I haven't bought anything at Sears in years and was considering it, but now won't.
The thing that bothers me about both your rebuttals is the fact that you claim I dug myself into a hole. No, I was ripped off on a used car, which should have had a salvage title. The car was in the shop for at least two of the first three months I owned it. Granted, I should have been more careful, but that is beside the point.
Between that and having missed days work because of it, That is what caused me to go into debt. To the tune of nearly $18000.
NOT because I overspent, NOT because I ignored my bills, NOT for being financially irresponsible.
In a matter of less than four months, I brought that down to $11000. Then I lost my job.
Despite that, to this day I have NEVER missed or been late on any payment on any form of credit.
Just because someone gets hit with a lot of debt doesn't mean they don't know how to manage their finances. Unlike most cases, I did get into debt overnight.
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