Sears Card Plus Upgrage to Sears MasterCard

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Lagofamily
 
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Sears Card Plus Upgrage to Sears MasterCard

Postby Lagofamily » Tue Apr 28, 2015 9:21 pm

Hi everyone! I searched around the forums to see if my topic had been addressed and didn't find anything, so forgive me if this is a duplicate.

Here's the thing: I received a letter from Sears stating they are "upgrading" all Sears Charge Plus holders to the Sears Mastercard effective 05/31/15. There is an option to remain a Sears Charge Plus cardholder and not morph into a Mastercard, but it doesn't say for how long.

Has anyone else received this notice? Is there a benefit to accepting the change? Is it better to stay at the store card level and not let the card convert to a Mastercard? We have a good credit score and three MC/Visa cards, so don't really need another, and I don't want a ding to our score.

I appreciate your responses.


Vermonster
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Re: Sears Card Plus Upgrage to Sears MasterCard

Postby Vermonster » Thu Apr 30, 2015 8:39 am

I would call and make sure they are not going to do another hard pull for the conversion. I doubt they would, but best to be safe.

if it is a soft pull, then I see no reason to not switch. It should change anything on your credit report. Find out what the benefits are, and make sure you don't lose anything in the transfer.
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Nixon
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Re: Sears Card Plus Upgrage to Sears MasterCard

Postby Nixon » Thu Apr 30, 2015 9:25 am

Vermonster wrote:I would call and make sure they are not going to do another hard pull for the conversion. I doubt they would, but best to be safe.

if it is a soft pull, then I see no reason to not switch. It should change anything on your credit report. Find out what the benefits are, and make sure you don't lose anything in the transfer.


Easy solution to that. Keep all reports frozen.
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Brad Bishop
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Re: Sears Card Plus Upgrage to Sears MasterCard

Postby Brad Bishop » Wed May 06, 2015 5:06 am

I suppose that it sort of makes sense.

A little history, and correct me if I'm wrong.

Sears used to have two cards:
- Sears Charge - everyday items
- Sears Charge Plus - big ticket items, usually with deals like lower interest.

In the 1990s just about every "store card" was changed to a Visa or MasterCard. So Sears Charge became something like a Sears MasterCard but the Sears Charge Plus still lingered (25 years, it seems).

At this point, with higher limits on cards being common, anyway, it kind of makes sense that it just becomes another card. About 10 years back I bought a washer and dryer from Sears and they offered the Sears Charge Plus and I just said, "Nah - just put it on my Visa and I'll pay that off next month." It just wasn't worth even bothering. My Visa had a lower interest rate, anyway.



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