5 Things to Know About The Sears Credit Card
5 Things to Know About The Sears Credit Card
The Sears Credit Card If you shop at the same retailer once a month or more, it may be worth getting its credit card if its discounts and perks are beneficial.
Even die-hard Sears fans may want to choose a less difficult, more rewarding, and versatile general-purpose rewards card.
Sears credit cards: 5 things to know
Sears filed for bankruptcy in October 2018, but its shops and co-branded credit cards remain.
1. There are 2 Sears credit cards to choose from
Sears customers have two Citi cards:
This card earns Shop Your Way points at any Mastercard-accepting retailer.
Gas station sales get 5% back in points, while restaurant and grocery store purchases earn 3% back up to $10,000 per year.
Following that, you will receive 1% of your points back.
You’ll get 2% points on Sears and Kmart purchases and 1% on other purchases.
This retail credit card may be used at Sears, Sears.com, and Kmart.
It doesn’t earn points but provides monthly promotions in-store or online. Cardmember activities and discounts are also available.
You may get “special financing” with any card at Sears and Sears.com. Here’s more:
The Sears Mastercard with ThankYou from Citi is no longer accepting new applications.
Cardholders may still earn and redeem rewards. You may transfer points to JetBlue, Choice Privileges, and Wyndham Incentives for travel rewards.
2. Rewards are complex, limited and inflexible
Shop Your Way Mastercard® benefits at gas stations, restaurants, and grocery shops may be equivalent to or better than those of other store cards. Look closer:
The card gives “points” instead of cash back. 1,000 points are worth $1 at approved venues, according the program’s conditions. In practise, each point is worth 0.001 penny.
If you get 5% back on a $30 gas purchase, you’ll receive 1,500 points ($1.50). Using this card needs some arithmetic.
The higher rates only apply to the first $10,000 spent in bonus categories every year. Many rewards cards have no points maximum, so you may never reach it.
Only Sears, Kmart, and Shop Your Way accept incentives. A general-purpose cash-back credit card would give additional redemption options.
Shop Your Way Mastercard® points expire after 12 months, unlike other rewards programmes. Don’t waste them.
The Shop Your Way rewards program is a gateway for redeeming points, but you can also earn points by buying through it.
If you’re accepted for a Sears credit card, you’re immediately enrolled in Shop Your Way, but you don’t need one to participate.
3. You won’t have to pay an annual fee …
Neither Sears card has an annual fee, as most do. This helps you keep the card open longer.
Having cards active for longer might affect your credit score since it lengthens your credit history.
4. … But APRs are high, and there’s no true 0% intro APR
Both cards’ “special financing” options on significant purchases may cost hundreds in interest.
These promos don’t waive interest, unlike actual initial 0% APR deals. Deferred
The card issuer doesn’t charge interest for 12 months when interest is waived. The issuer might charge interest after 12 months.
Interest accrues when a loan is postponed for a year. You won’t pay interest if you pay off the purchase within a year.
If there’s even 50 cents left over, you’ll pay interest on the whole transaction from the day you made it.
5. The Mastercard offers a sign-up bonus
Shop in Your Own Style Mastercard® gives new cardholders limited-time perks.
Through January 8, 2023, the card offers a $75 bill credit for every $500 spent in the first 90 days.
That’s a bonus, as shop credit cards don’t generally have them, and it might help with an initial purchase.
The FM has acquired information on the Sears Card and Shop Your Way Mastercard® without the issuer’s approval or permission.
