Sears Gold Master Card - Sears Blue Credit Card Raised Interest Rates and knocked my credit score way down Sioux Falls Internet

By using a credit card, you are in a legal contract to pay your bills. When you filled out your application, you were given a packet of information regarding the terms and conditions of the card. You missed a payment, and the paperwork you signed says that a missed payment will result in consequences.

The minimum payments on these cards are generally very low so that people who hare having a hard time economically will not suffer. Nobody got ripped off here. You said it yourself. "I got behind on only one payment," and that's all it takes. You can't pin this on the company. You signed the contract, used the card, and didn't hold up your end of the bargain.

When you don't make your credit card payments, they always report it to the credit reporting agencies. No surprise there. Also, when you are late on a payment, any special interest rate you were paying goes away and you revert to the "default rate". This is common practice for any credit card company and is disclosed on every credit card agreement I've ever read.

Basically, you are paying the penalty that anyone else pays when they are late with credit card payments. Doesn't really matter who runs the card, they're all pretty much the same in this respect. If you want to avoid credit hassles like this, stop borrowing money via credit card. The rules for revolving credit accounts would make a loan shark look like a choirboy. Sit down and thoroughly read that little fine print card agreement one of these days. Every clause gives the bank the right to do just about anything they please, but there's nothing in the agreement that protects you. Borrowing under such lopsided terms is nuts.