Sears Complaint - Sears Credit Card Secretive Interest Rate Hike
CICERO, OHIO -- I too just got my Sears statement looking over the interest rate and wondering why I am over the limit since I had not charged over my limit but was near the limit. I was amazed to see that my interest had jacked up from 12.08% to 26% with out me knowing about it.
I called customer service who explained that the hike was due to increase in all customers interest rates and that written notice had been sent out. He never told me when but I knew I had not known anything about it. Apparently from reading another complaint the notices went out in January on the statement probably somewhere in fine print so the customers could not read it. We will NEVER shop at SEARS again we have always shopped there for all our appliances and the sears Gladiator garage products. NO MORE SEARS NO MORE KMART. If this is what they do to their customers who have had credit with them for OVER 10 years and always paid their bill well they can take their card and stick it where the sun don't shine!!
NOTICE! APPARENTLY YOU ONLY HAVE UNTIL 3/31/09 TO OPT OUT AND CLOSE YOUR ACCT WHICH MAKES THEM RETURN YOUR CREDIT INTEREST RATE BACK TO A FIXED 12.08% plus prime rate (which I think is like 2% right now) So I'd rather pay 14% then 26% HURRY NOT MUCH TIME LEFT!!!