sears card

Hi
Im not sure if this is the right forum or not ... I recieved a letter from sears stating that they had raised my intrest rate on Nov 1st the letter was recieved after the 1st. they raised it to 25.24% from 21.99% so i can opt out and close the account and pay it off at the current rate, the card its self is new but i have been a regular card holder for many years.
is it a good idea to close it or call and complain? will my credit take a hit if i close it?
thanks
Rob

Call them and suggest that you will no longer shop there! If you are a good customer they may work with you! If they say no keep trying other people until you get a yes! If you do close the account your credit will take a hit! Not fair but unfortunately fact!

Hi Rob,

This is BenedictW from MySears community (http://www.mysears.com/). We noticed that you have a question regarding your Sears credit card.

At Sears, our customer’s satisfaction is important to us and we pledge to stand behind them. We understand your concerns regarding the increased interest rate. Unfortunately, as a result of new regulations (CARD Act and UDAP), many banks (such as Citibank who issue the Sears credit card) are making changes to their credit terms and conditions, one of which is raising interest rates.

In response to the changes from the banks, Sears is offering a range of financing options such as Layaway, Special No interest and No interest No Payment financing options, and ShopYourWayRewards program (https://www.shopyourwayrewards.com/). Your loyalty means a lot to us. Hope you will find these alternative financing options helpful!

I just did a layaway with Sears and it worked out great!!!! It only cost $5.00 to lay the item away and then make regular payments every two weeks. This program made it possible for me to buy a large item that I otherwise could not afford.