If you are an avid shopper at a Sears store, chances are you may find yourself wondering if you should apply for a credit card there. At first, the thought of shopping at your favorite store while receiving a discount can be quite tempting.
However, before applying for any type of credit you should always do your research first. Never just assume that a credit card is good based on the fact that you like the company. Always keep in mind that if you do not have the money yourself it is always best to wait and buy something till you do have the money.
Something that will be very important for you to know about store credit cards is the fact that it can have a negative impact on your credit score. Employees who work at sears will receive a bonus if you are applying for credit from the store. The employees will receive the bonus no matter if you become accepted or if you are rejected.
A lot of times you will find that associates may put you into all of the credit programs that are available in the store. The reasoning behind this is because if you are put onto all of their credit programs it will make them receive a much larger bonus. What is interesting is that sometimes this can be done with you even knowing about it.
It is because of the multiple credit applications that are needed that your credit will take a turn for the worse. Lenders will ultimately associate the need for more than one credit request as meaning you have problems with your finances. You will also want to be on the look-out for hidden fees and the fine prints. Making a large purchase at sears will often result in you receiving numerous financial offers that will involve no interest paid deals.
The most destructive thing that you will find about the no interest deals is the APR. A lot of the no interest paid deals will involve a promotional period that only last 12 months. After that 12 months if you do not pay off the item in full you can find yourself having a 25.24% APR. It is easy if you have APR at that rating to get greatly behind on your bill and find yourself having to pay hundreds of dollars that you do not have.
The biggest set-back in a Sears credit card is that it really has no major benefits to the customer. You will not earn any rewards while using a regular Sears card. If you meet the requirements for a Sears MasterCard, you will still find that the benefits if any are very subpar.
Another thing to note is that Sears’s customer service has a very bad reputation. You may find yourself having to pay late fees for things that you have actually paid on time. There is also a concern about the fact a lot of the representatives have not been properly trained in handling certain types of problems you may face.