I have a relative that has a Sears branded credit card. Does anyone know what would happen to it during the Sears Holdings bankruptcy / liquidation?
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My Kmart card was cancelled but I already had a Sears card so I didn't need two. I also had a Sears MasterCard for a time before I cancelled it because I really didn't need it. I didn't apply for it. It was offered to me preapproved via the mail &I took it. I never went for the SYW card because I just couldn't ...
Nothing will happen. The credit card is issued by Citi and the payments go to Citi. You still have to pay the bill because this is not an SHC collection but a Citi collection. As with many cards today, Sears, Walmart, Amazon etc. , it is a partnership with Citi where the retail store gets a payment from Citi to put the retilers name on the card and gets the customer information and interest from the customer and the credit card fee from the retailer.
If SHC goes BK the card will still be good and have to be paid and eventually Citi will issue a new Citibank card with no branding.
you pay the credit card or your credit score will go down. Pay the bill, you owe it to Citigroup, not Sears.
Your Kmart credit card was canceled? Mine was transferred to a Sears card after the merger. I guess it just depends. It might be closed, maybe they will issue you a regular citi card, maybe some other store that citi has a relationship with will issue a card. It all depends on credit, payment history, etc
It would be nice not have to pitch this stupid card to people that do not want this shît
If it's a SYW card. If it's a Sears Premier card like mine, I imagine it will get cancelled since I can only use it at Sears and Kmart. I even had the Kmart store card years ago before the merger. That one was cancelled.
nothing will happen to it and Citi will not cancel it. It is completely separate from Sears. They will let you use it as long as you want to.
I have the Sears store card open since 1986. No balance currently but if I had one, I would pay it the same as if the store were functioning. Citibank would be angry if I didn't and ruin my credit -- rightfully so.
The card will be closed by the creditor Citibank at some point unless I cancel it 1st. Since the comment of who closed the account doesn't seem to matter any more, I am going to keep it open as long as possible since it is my oldest credit card and therefore lengthens my credit history.
YMMV but this has been my experience with other store branded cards when the store has gone out of business and my credit is considered excellent.
IMHO- Don't be stupid and not pay. You owe CITI Bank, not Sears or Kmart. Your branded card will cease to exist. Most likely, CITI Bank may offer you a new CITI Card, if you have a good payment history.