Sears Complaint - Sears citibank master card consumer fraud
NEW YORK -- I have several credit cards and i thought i knew most of the ways the banks chisle you with high fees and hidden charges.i didn't.I hope that this story will help others avoid the nightmare that this card is.I had a balance of $4900 out of a total of 10k line.I received a promotion for a balance transfer of 2.9% so i decided to pay of the sears card ...sent 5100$(21%)and have a clean account so they can't leave the old charges on the card(credit cards pay the lowest rate of first so you will never get rid of the 21% balance it if it is not payed off first).3 days after the online payment i noticed it had not been credited to the account although it showed as being payed.I called sears and was told the company holds "suspicious" payments for ten days.When i asked what that would be i was told that i should know what suspicious payment's are!!!.aparently large ones.I asked how could you ever pay off the card?.obviously they don't want you paying off your account,and i suspect this is done to stall access to the account until the phony 2.9% promotion expires sept 1,as well as take a interest free 5k loan from the customer.it gets better.the card cannot be accesed until after the ten days for either charges or atm.Is this legal?,unfortunatly it is,i checked with the feds(who regulate na banks)since it is in the fine print .they can set policy for availability of credit.they have five days ___after received___ to credit online payments also!!!!(1 day for checks).but they don't have to allow ACcESS to the payment for ten days.Now the point is not all banks treat there customers like dirt by doing this but citibank does!!!!!!!!!!!