Sears Mastercard
$29 Late Fee on $9.80 Life Policy Payment Eleven Days Late

I paid monthly, for Sears Life accident policy, at $9.80
My balance due on the account was, total, $9.80

This was the first late payment on this account, due to the statement being lost in the house.

Even so, Sears Mastercard deposited my check ($9.80) only
11 days after the due date, for which I was assessed
a $29 late fee.

This works out to be approximately 296% interest for 11 days,
or an APR of 9821.8% Could this meet the test for usury?

My appeal for an adjustment was flat turned down.

The only counter action I found available to me was to cancel
the Sears Mastercard, as well as the insurance policy, and
determine never to enter another Sears store.

I wonder if Sears management knows stuff like this goes on?

Company: Sears Mastercard
Country: USA
Address: P.O. Box 818007 Cleveland Ohio
Phone: 8006698488

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