Sears Credit Card

Advertisement

Sears, an American chain of department stores, has been around for more than 130 years. This makes this American company one of the oldest enterprises in the retail matter. So, it could be expected that Sears came up with its own Sears credit card. This article will help you learn more about this credit card, so you will get to know about its conditions, advantages and disadvantages, and requirements you need to meet in order to qualify for the card. Enjoy!

All You Need to Know About Sears

Sears, which is also known as Sears, Roebuck and Company, was founded by Richard Sears and Alvah Roebuck in 1892. Actually, this company grew from a small retail store into a large corporation. Nowadays, there are almost 600 stores in the United States, which can be found in every American State, Puerto Rico, and Mexico. The headquarters of this company is located in Hoffman Estates, Illinois.

The company’s main product lines include electronics, tools, housewares, appliances, beauty products, jewelry, furniture, bedding, footwear, and clothing. The company’s revenues amounted to $13.8 billion in 2016, though the company was not profitable. Its parent company is Sears Holdings. If you wish to apply for a Sears credit card, you can do it in any Sears store or online. If you prefer to apply in a Sears store, you can locate the closest Sears store with the help of this page.

Types of Sears Credit Card

Same as many other retailers and chains of stores, Sears offers two types of credit cards to its customers: a usual store branded credit card and a card connected to one of the major networks (Mastercard). While the first Sears credit card allows you to make purchases only in Sears stores, the latter credit card allows you to make purchases anywhere where Mastercard cards are accepted.

Sears Credit Card

Same as other store branded credit cards, these credit cards from Sears may be a good option for someone who frequently shops in the stores of this company. Otherwise, there may be doubts regarding whether it is worth to apply for such a credit card. Below, we will analyze both these types of credit cards from Sears.

Store Branded Sears Credit Card

Annual fee: $0.

APR for purchases: 25.49% variable.

Credit card highlights:

  • Advanced notifications about events and sales from Sears.
  • There are special financing offers available.
  • This credit card also has credit offers.
  • Perfectly suitable for accumulating monthly savings.

As it was already mentioned above, the use of this credit card is pretty limited. Actually, you can use it only in Sears stores, as well as in other stores and services affiliated with Sears. They include Sears Optical, Sears Dental, Sears Auto Centers, and Kmart stores.

Sears Mastercard Credit Card

Annual fee: $0.

APR for purchases: 26.49% variable.

Credit card highlights:

  • Advanced notifications about events and sales from Sears.
  • There are special financing offers available.
  • This credit card also has credit offers.
  • Perfectly suitable for accumulating monthly savings.

Unlike the previous Sears credit card, this credit card can be used not only in the stores and services of Sears and Kmart, but anywhere where Mastercard cards are accepted – that is literally anywhere. But you can also notice that the APR variable is a bit higher here. But it shouldn’t matter that much, as the APR variables of both cards are a way too high. We highly discourage you to carry a balance with these cards.

Apart from the aspects mentioned above, having a Sears Mastercard Credit Card may be more beneficial than a usual store branded credit card from this company. The reason for that is simple: you get an extended warranty with the Sears Mastercard Credit Card, and that warranty may be prolonged up to a year more. Thus, once again, applying exactly for this Sears credit card is recommended.

Sears Sign-Up Rewards

Immediately after your application has been approved and you have received your Sears credit card, you will be offered to make a choice:

  • 6 months of 0% introductory APR period on purchases that you make on that very first day.
  • $10 off your purchase ($15 for the Sears Mastercard Credit Card).

Obviously, the first offer looks far more lucrative. Therefore, we recommend you not to make any big purchases at Sears before you sign up for a credit card. Once you have been approved and obtained a credit card, you can choose the 6-month long introductory period and make all the big purchases you wanted. That will help you save a lot of money.

Sears Monthly Offers

When it comes to the matter of monthly, ongoing offers, you will gain access to quite a wide selection of financial offers and discounts. It is worth to note that the collection of coupons and deals is a changing one. Besides, only those customers who have Sears credit cards can take advantage of these deals. Typically, those deals are available both in-store and online, and you can make a choice between two options: 0% APR period and a 5% off the price discount.

Typically, there are quite many products on Sears monthly offers, so you will definitely have something to choose products out of. Keep in mind, however, that you should pay your loan (credit line) on time and in full, if you have opted for the 0% APR period. If you won’t do it, such a thing as “deferred interest” will be applied to you. That means that you will have to pay the interest rate on the entire product price since the very first day, and that actually eliminates all the benefits.

Special Rewards Program from Sears

Additionally, you can also take advantage of the special rewards program from Sears, which is also known as the Shop Your Way Offer. This program simply allows you to get an even better cash back. So, you will get an additional (bonus) offer once per month, and this offer will allow you to get better discounts than those that you may receive thanks to the deals mentioned above.

Same as above, however, the company chooses several product lines or categories. For the goods from those categories that you will purchase, you will receive 10% of cash back for the first $500 spent on those goods. After $500 were spent, the cash back coefficient becomes 1%. You should also keep in mind that 90% of those reward points will expire within 90 days. The remaining 10% of the reward points will expire in a year.

There are other things you should keep in mind regarding this deal. For instance, such deals usually cannot be combined with other special deals from Sears, so you need to make sure what you are going to pay in the first place (and which deal/discount will be applied).

Things to Consider Before Applying for a Sears Credit Card

Before you will apply for your Sears credit card, you need to remember a few things about this card and how to use it. First of all, you have to pay your purchases off always on time and in full. The Sears credit card (actually both cards) charges you a late fee of $37, which is a paramount sum. There is also a returned payment fee that can be up to $37 as well.

Neither of those credit cards can be recommended for purchasing anything with credit funds. That is caused by the high APR variable for both of the credit cards: 25.49% for Store Branded Sears Credit Card and 26.49% for Sears Mastercard Credit Card. Neither of those figures are reasonable, and getting yourself indebted with such an interest rate may be a sign of the looming financial distress in your family.

Expectedly, the cash advance APR is even higher: 27.40% for Store Branded Sears Credit Card and 28.40% for Sears Mastercard Credit Card. The Mastercard card from Sears also charges you a 3% fee for foreign transactions, so using it anywhere abroad is not recommended.

Conclusion

One way or another, but there can be only one reason to apply for the Sears credit card: you must be a frequenter to the stores of this chain. If it’s so, then you can really benefit from frequent deals and save quite a good chunk of your money. If that’s not the case, we highly recommend you to shun this credit card.

That advice is based on a solid ground: you cannot do anything else with this Sears credit card. Borrowing funds from this card would be just unreasonable. Using it elsewhere without cash back and any benefits is not a good idea either. High foreign transaction fees, late fees, and returned payment fees make everything to discourage the customers from using this credit card.

You can also read reviews about other credit cards on this page

Advertisement