Sears Complaint - Sears Doubles Interest Rate On Closed Accounts???
FORT WALTON BEACH, FLORIDA -- Sears closed my credit card account in 2003 because of an error on my credit report made by my mortgage company. Nonetheless, after taking 8 months to clear the error, I kept the account closed and have been paying it off.
For the first time, my interest rate on my Sears account doubled this month. A Sears representative said there was a change in terms across the board that affected all accounts, closed accounts as well - which he said they found confusing too. I had to opt out over the phone to reverse this.
Once an account has been closed and your payments are always on time, how can they raise your interest rate?? Is this legal? Also, is it legal for a credit card company to close your account because of a report from another credit entity?
I quit shopping Sears since they closed my account in 2003 over a mistaken report made by my mortgage company. I still won't shop there, and once this damn card is paid off, I'm done with them completely!