Citibank has started mailing Sears Cardholders offers to convert their store branded cards to a traditional Citibank Mastercard, ending affiliation with Sears. The offer includes language promoting "peace of mind" for cardholders about their points and rewards. Also, interest rate averages 17.99 APR, far better than the nearly 30% on the Sears branded cards. The trigger for this offer is 60-90 days of no cardholder activity on a previously used account.
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This is just not the case. I have made not less than 34 calls to citi and sears Mastercard division to make a card upgrade or conversion since sears derelict business has gone downhill. NO one knows how to or will perform the card upgrade. No one!! It is infuriating.
@1evl Call the number on the back of your card and 'express reservations' about its future, and I bet you'll get the offer too.
Is this also being offered to SYW cardholders?
Anyone expressing reservations about Sears with Citibank Sears Mastercard are being offered a conversion to a Citibank credit card. I know because it happened to me. BTW, in 2017 forward a lot of new cardholders got Shop Your Way branded Mastercards instead of Sears. My guess is these were sent to people applying at Kmart.
The Sears store credit card seems to be trying to attract spending with balance transfer checks.
@wsa "Doesn't Citi pay a kick back to Sears when customers use the branded card?"
They used to, but last year Sears got desperate for a one-time cash infusion, and convinced Citi to make a ~$400 million lump-sum payment in lieu of the next several years of commissions.
Doesn't Citi pay a kick back to Sears when customers use the branded card? When customers start switching over to a regular card then I am guessing that kick back will also start dwindling. I have a Kmart branded card and received a letter that unless I start using it they will reduce the credit limit. Instead of threatening customers maybe it would have been better to send me a couple coupons to entice me to shop at my local Kmart....that is now almost 20 miles away due to all the closings recently. Appears that Citi has doubts about the chapter 11 being successful. The news this morning stated that the BOD of SHLD is looking at other offers for the remaining stores, not just Eddie's offer. Supposedly there are a number of other suitors that might end up paying more than Eddie's when you add them all together. If they go that route then liquidation is a certainty. We'll see what Judge Drain has to say. The Sears soap opera continues.