I received my statement today from Sears Gold Mastercard (Citibank). I noticed that my interest rate, which was 12.08%, is now 23.99%! I have been on time with my payments, and I have recently been laid off. Wow, just what I needed right now. I did get a letter some time ago about a change of terms or something like that, and I have the option to "OPT OUT." This would definitely harm my credit score because I would be closing the account, and it would put me in a "default" category where my interest rate would be even more obscene!
I am very angry at Citibank and at Sears. I have rolled my balance into a low interest HELOC, and I will no longer purchase from Sears or any related stores, which include Lands' End, The Great Indoors and Kmart. (Those are 3 places I would not shop anyhow, more for the readers' use.) The Kenmore washer and refrigerator I was going to buy will not happen.
I will not purchase 1 single more Craftsman, Die Hard nor Kenmore product ever! I am extremely angry about this. I have to stop my rant and get back to work so I can make the money to go buy major appliances from someone not related to Sears or Citibank!
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