Should I convert Sears store card to mastercard?

[hdporter]

I received this offer from sears today and after being a sears cardholder for about 5 years and at one time had both the sears store card and sears gold MasterCard I did not use either card for about 3 years except for the occasional charge on the store card. Then one day I decided to use the MasterCard only to find out that it had been closed without being notified...I think they may want to convert my account to the MC so that they can close it when I do not use it like they want. I have not found anyone that has had a sears store card closed for non use...but, on the other hand sears MC closed for non use is quite ramped. Just my thoughts.

 

Citi began converting various inactive retail accounts to standard MC's in the hopes that consumers would find the accounts more useful and begin using them ... not as a means to closure. Of course, if you don't use the converted account, it is subject to closure.

[chicagorich]

Old thread, but my mother has the Sears MC (recently converted by Citi) and they offered 10% back on gas, goceries and restaurants for 2018 Q4 and have now extended that offer for 2019 Q1. That's a pretty nice payout if you have that card.

[IndyPoolPlayer]

Interesting. So far I've received no offers to convert my Sears MC to anything. I'd like to just combine it with Costco.

[ivymike]

12 hours ago, chicagorich said:

Old thread, but my mother has the Sears MC (recently converted by Citi) and they offered 10% back on gas, goceries and restaurants for 2018 Q4 and have now extended that offer for 2019 Q1. That's a pretty nice payout if you have that card.

That's a targeted promo that Citi has been running for the last 2+ years that they renew every quarter.  Depending upon how you set up the card it's either 10% cashback or 10 +1 Citi TYP points/$1 spend with a variable minimum monthly spend required to earn that months bonus. 

[ivymike]

5 hours ago, IndyPoolPlayer said:

Interesting. So far I've received no offers to convert my Sears MC to anything. I'd like to just combine it with Costco.

We should get an idea by 4:00 EST today I think.  IIRC that was the deadline set to submit formal offers to take over the company otherwise it will be liquidated.

[chicagorich]

This wasn't an offer to convert the Sears Mastercard. Citi decided to upgrade my mother's regular Sears card to a Sear MC about 6 months ago. She has been getting offers since the upgrade every quarter, but the 10% gas/groceries/restaurant is pretty lucrative I think, as long as it lasts. Eventually, Citi will move those cards to something not as bountiful.

[Burgerwars]

I was converted to a Sears Citibank MasterCard, I don't know how many years ago, but it is a lot. The opening date remained the same.

 

Every month you read another list of Sears stores closing. It might not be long until they all close. If you have a Sears only credit card, your card will eventually become useless. At least if you have the Citi Sears MasterCard, Citibank will probably convert it to some other Citi card if Sears bites the dust. I suggest calling Citi now, before Sears vanishes, about any Sears card to Sears MasterCard conversion.

[IndyPoolPlayer]

16 hours ago, ivymike said:

We should get an idea by 4:00 EST today I think.  IIRC that was the deadline set to submit formal offers to take over the company otherwise it will be liquidated.

https://www.cnbc.com/2018/12/28/sears-closing-80-more-stores-in-march-faces-possible-liquidation.html

 

Nothing about whether Fast Eddie's bid was accepted or not.

[Burgerwars]

Sears could be close to death:  https://www.cnbc.com/2018/12/27/sears-may-need-to-liquidate-if-no-bid-comes-in-by-tomorrow.html

 

[Burgerwars]

I also wonder how long JC Penney will be around. Today I bought 1 share of JCP stock for $1 on Robinhood, just so I can go down with the ship and be notified of bankruptcy stuff as a shareholder when the time comes.

Edited December 29, 2018 by Burgerwars

[IndyPoolPlayer]

Deceiving headline - makes it appear that Sears accepted Fast Eddie's bid. It has not.

 

https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html

[Burgerwars]

2 hours ago, IndyPoolPlayer said:

Deceiving headline - makes it appear that Sears accepted Fast Eddie's bid. It has not.

 

https://www.cnbc.com/2018/12/28/sears-chairman-eddie-lampert-submits-bit-for-company.html

I can't figure it out, but it reads like Eddie Lampert wants to buy the company he has run into the ground by foregiving his own debt and closing even more stores. Other creditors who are owed money aren't going to accept that. The company is already bankrupt. Sears alone can't accept his offer.

Edited December 29, 2018 by Burgerwars

[IndyPoolPlayer]

13 hours ago, Burgerwars said:

I can't figure it out, but it reads like Eddie Lampert wants to buy the company he has run into the ground by foregiving his own debt and closing even more stores. Other creditors who are owed money aren't going to accept that. The company is already bankrupt. Sears alone can't accept his offer.

The commentary from analysts I've read is Eddie wants the real estate of the stores that Sears either owns through Seritage or maintains 99+ year leases on the grounds from the mall REITs. All the parts of value in Sears are sold - Craftsman, Kenmore, Diehard, etc.

[whoozyerrdaddy]

Got my conversion letter today:

 

Account history stays the same, except a different account number.

 

Gonna raise my interest rate from 26.99% ! to 27.24 % !!

 

Used it a few times for appliances and such, 0% for 6,12,18,24 months but NEVER paid any interest.

 

Had  card since 4/12, CL of $4000 with no increase in  over 6 years.

 

Can refuse upgrade with a phone call, and will be left with a card with no stores in my area, although I guess I could use it at sears.com.

 

But why would I ??  I have enough other options.

 

By the way, all my Fico 8 scores are over 830.

 

 

[Burgerwars]

5 hours ago, whoozyerrdaddy said:

Got my conversion letter today:

 

Account history stays the same, except a different account number.

 

Gonna raise my interest rate from 26.99% ! to 27.24 % !!

 

Used it a few times for appliances and such, 0% for 6,12,18,24 months but NEVER paid any interest.

 

Had  card since 4/12, CL of $4000 with no increase in  over 6 years.

 

Can refuse upgrade with a phone call, and will be left with a card with no stores in my area, although I guess I could use it at sears.com.

 

But why would I ??  I have enough other options.

 

By the way, all my Fico 8 scores are over 830.

 

 

Don't refuse the offer. Slick Eddie's deal to "save Sears" looks like a no go. It's better to have some sort of Citibank Sears MasterCard than a Sears only card. If Sears goes into liquidation your Sears card will just become a souvenir. 

Edited January 6, 2019 by Burgerwars

[whoozyerrdaddy]

27 minutes ago, Burgerwars said:

Don't refuse the offer. Slick Eddie's deal to "save Sears" looks like a no go. It's better to have some sort of Citibank Sears MasterCard than a Sears only card. If Sears goes into liquidation your Sears card will just become a souvenir. 

Already have exposure to Citibank with a DC card.  As I said, I have enough other options not to need a card with a 27.24% interest rate. Only a CL of 4k which hasn't changed in over 6 years. Isn't gonna hurt me to leave it as a Sears card, and when they do go belly up, I will still have the history and the souvenir.

[JunkBuyersWorstNightmare]

On 8/11/2008 at 5:02 PM, dingaling said:

I know that not all Sears credit card holders are getting that offer because I didn't. I have had my Sears card 36 years (my oldest tradeline). Never a late payment and never over the limit. I called once and asked for an upgrade to a MC and was told that I can't ask for one. They are only given to those that Sears selects and that Sears did not want to give me one. I was told not to call again.

 

That sounds like the Sears way of doing business, in my experience.