Complaint / Review
Citibank Searscard Mastercard
Rate Hike After Repaying 5,000 Dollar Store Card Purchase

We have always kept a credit card on hand for emergencies. Mine was a Sears card. Citibank took over the Sears card sometime while I had it.

We needed to make a purchase and used our Sears card to borrow $5,000. We paid back $3,500 within a couple of weeks and the remainder the following month. Our interest rate was slightly over 14 percent at the time.

Shortly thereafter, we received a notice of "new terms" from Citibank. The interest rate was being raised to 16.85 percent, and other "services" were also increased, including purchases made outside the U.S.

I called them and asked why. They told me the raise applied to "everyone."

We declined the offer, canceled the card, and got a lower interest rate card from someone else.

Shortly thereafter, I received a solicitation in the mail from Citibank about a card with an 11-something interest rate. That was about the time I also found out Citibank was associated with that sleazy Primerica/Travelers etc. group.

Since then, we have not made any purchases from Sears or K-Mart.