I recently applied for Sears credit card, and their APR is driving me crazy. I just sent them a payment for $27.00 (that's what the balance said) then a couple of weeks later they charge me a "finance charge" of $40.00. My account balance didn't even changed. It's like I didn't even pay $27.00. Their ANNUAL PERCENTAGE RATE is 25.40%. They're making a lot of money by scamming us with these over-the-top percentage rate. I wish I never applied for that damn Sears card in the first place. =(
2007-01-29 03:39:28 · 9 answers · asked by Jimmy510Aaron 1 in Business & Finance ➔ Credit
Call them up and speak with them calmy and find out what happened. Make sure you get the persons name. If you don't get results then ask to speak to their manager. Ask them to explain this. They might be able to work with you.
Best advice, cancel the card or transfer the balance to a regular credit card.
Good Luck!!!
2007-01-29 03:48:50 · answer #1 · answered by knightwing992000 3 · 0⤊ 0⤋
Even if you pay the balance they still assess you interest, which results in one more small payment to zero out. It could not have gone up that high. You must have been late resulting in a typically excessive late fee. Sears was on a serious decline 20 years ago. They cleaned up their act. Over the past couple of years they have started slipping back to their old ways. For a good credit rating you need at least one credit card and one revolving charge card (department store). Credit cards will destroy you. Use them in emergencies and pay them off ASAP. Always make your payment on time and always make at least a double payment. Call them and complian.
2007-01-29 03:52:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
first you can try to call them and get the APR lowered. insist on talking to a manger or supervisor about it. because its a store card, you will probably have a tough time with it. do not close the card unless you are prepared to pay in full, many cards have a provision that it must be paid in full, or they will keep or increase the APR on the card if the account is closed. i would apply for a card with a lower rate then that, preferably fixed, and transfer the balance to that. then you can make payments you can afford.
2007-01-29 03:57:45 · answer #3 · answered by Jen 5 · 0⤊ 0⤋
If your balance was $27.00, even at 100% interest, the finance charge would not be 40.00. Your payment probably didnt reach them in time, and it's a late fee that you got. Call and ask.
2007-01-29 03:51:04 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Not sure about Sears, but, some company's charge a higher rate if you are over-due on a payment and they tend to forget to reduce it after things are straightened out.Not sure about Sears..I would send a note to them ,telling them to cancel your card and tell them why. If they can not charge you at a lower rate ( be specific as to what rate you think is fair) then you will just no longer shop at their stores..They may comply with your demands. Hell, you have nothing to lose. Give it a shot.!!
2007-01-29 03:50:23 · answer #5 · answered by buzzwaltz 4 · 0⤊ 0⤋
Searscreditcards.com
2017-02-25 13:23:12 · answer #6 · answered by gelger 4 · 0⤊ 0⤋
sometimes u have to sent it in 10 days before the due date
and sometimes its best to pay the bill at their store that way your account is credited right away
u will probably have to trace the cheque that u send, just in case
2007-01-29 03:49:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
pay off the card...and close the account and u will have no more trouble
2007-01-29 04:24:28 · answer #8 · answered by sunbun 6 · 0⤊ 0⤋
Close your account, or it's just going to keep happening!
2007-01-29 03:44:17 · answer #9 · answered by Anonymous · 0⤊ 0⤋