My son says he got a Sears Mastercard in the mail today. About a year ago, he applied online for and received a Sears card with a credit limit of $1,500. Surprised me since he didn't even have a credit file at that time and had to mail in a copy of his driver's license and phone bill. The limit was raised to $2,000. (Actually, that's his highest limit card now.) And the interest rate was lowered by about 6 points or so. He doesn't use it that often, but he has made 3 or 4 purchases from $150 to $400, then paid it off in 3-4 months's time. So I guess that's the majic formula. Also, he said he noticed on his Spiegel statement that his limit was raised from $400 to $900 and he hasn't used that card since October. Way to go, kid, I say.
I have had my SEARS card since 1979... They haven't asked me to upgrade...(the rumor mill was that they MAY eventually "DUMP" the "STORE" card totally)... I ONLY USE THE CARD FOR 10% OFF DAYS AND 0.00% FOR SOME GIVEN MONTHS...
I've had the old Sears card for twenty five years. I just got the offer to upgrade. They said "up to" $10,000 limit but no promises. I really don't want to take a chance on it. My current limit is $6500. I don't use it much, so they have no real incentive to do me any favors. Also, the interest rate was about 21% on the Mastercard. I think their card is good only if you pay off the balance each month or if you get the special financing offers.
I'm pretty sure they give good limit increases. My parents have a gold mastercard with them and they've gotten two increases in the last year and they hardly ever use the card.
They have a 6 month BT rate of 2.90% or 3.90% I think... I think my SEARS is like 21.60%...I thought the M/C was like 14%-16%
FOUND THE INFO~~~2.90% for the first six billing cycles from account opening, then 13.90% , or 17.90%, or 21.90%* 13.90% IS USELESS FOR ME...BUT STILL BETTER THAN WHAT THE CURRENT SEARS CARD HAS... If I took the M/C it would have to be the LOWEST rate, and $10,000 minimum.
