The Sears MasterCard Review
You might wonder what makes a Sears MasterCard more popular than the standard Sears credit card. The difference is the MasterCard logo which makes the credit account one that can be used anywhere MasterCard is accepted.
Advantages
The standard Sears credit card has some great benefits but can only be used for purchases made at Sears stores, at the Sears online shopping site, at Kmart and a handful of other retail stores associated with the Sears retail chain.
The Sears MasterCard offers the same benefits as the standard credit card with the benefit of wider use and the ability to make cash advances from ATM and banks around the world (if the account is one that offers the cash advance feature).
Balances can be transferred to the Sears MasterCard. You can even replace your old Sears card with a new Sears MasterCard and transfer that store-only balance to the new account.
Card holders can register for the Account Online feature by simply signing up for access. You can use account online to view statements, make payments, pay other bills online, change your profile information and can download reports on your credit card use and history of the account.
The account online feature is offered at no charge to anyone with a Sears MasterCard. Unless you choose to have a paperless account, you will continue to receive statements by postal mail in addition to using the online account features.
Sears has begun mailing out credit card offers once again. The changes in credit lending laws that took effect in 2010 cause a major change in the way credit cards are issued and managed by lenders. Many retail chains have changed the lender offering their branded cards and have change terms to suit the new regulations.
Sears is one of the largest retail chains in the U.S. with almost 4000 retail stores located in the U.S. and in Canada. There are four credit cards offered by Sears. The first is a card without a major logo such as Visa or MasterCard. This Sears credit card can be used only for purchases from the Sears retail store and online shopping sites.
The Sears MasterCard has replaced the standard Sears card for many consumers. Customers get the same great offers of special deals and interest free time periods for large purchases while also gaining the ability to use their Sears credit card for items purchased almost anywhere.
The Sears commercial card is often used by small businesses and by those who service homeowners and is especially popular for those in the construction and renovation trades.
The Sears home improvement credit account is well known for offering special interest only period for purchases of large appliances, the Sears Craftsman tools and for name-brand electronics. Homeowners who are remodeling a kitchen or setting up a new media room can save hundreds of dollars through specials offered for those with a Sears home improvement credit card.
Disadvantages
Retail chain credit cards have always carried higher APR than cards offered by major lending banks. This was due initially to the risk taken by a retail chain who backed their own credit accounts.
Some retailers changed the interest rates when they outsourced their credit management to major banks such as Chase, Citi or Capital One. Sears did not choose that path. The APR on Sears branded credit cards can be as high as 29.9% for applicants with average credit.
These are not credit accounts to use if you must spread payments out over many months or are uncertain of your ability to pay off a purchase during a special no-interest time limit.
Summary
The Sears MasterCard can be great for someone who frequently shops at Sears and Kmart stores. The branded appliances and tools offered by Sears are some of the best available in the marketplace and are popular with homeowners and handymen alike.
The special offers can provide significant savings on large purchases and on time-limited sales that offer 6 or 12 months interest free. If you like the brand, this credit card will be a good account to use if you pay off your balance monthly or within the special offer time frame.