Card Rating: 3 Out Of 5 Stars These cards aren't useful for most Sears shoppers, however, because you'll need to spend a lot of money at once to access the most useful rewards and financing deals. But they have no annual fee, so as long as you avoid interest they could potentially be pretty useful.
The Sears credit card is issued and managed by Citibank. Further, if your Sears card is a MasterCard, you will be able to continue to use at other merchants it even if Sears goes out of business. If you have a balance on your account, you will continue to make payments to Citi, just as you have for years.
The Shop Your Way Mastercard is issued by Citi, which received a score of 801 out of 1,000 in J.D. Power's 2020 U.S. Credit Card Satisfaction Study.
Yes. Even if you didn't choose to close the account, it will still have an impact. If you held the card for a long time, it can affect the average length of credit history, which is a factor in determining your score.
After being accepted, you can use your Sears MasterCard anywhere they're accepted. With every purchase, you'll earn points that can be redeemed on purchases made at Sears or Kmart.
Neither of the Sears cards charges an annual fee, which is typically the case for similar store cards. This can make it easier for you to keep the card open for a longer period of time.
The Shop Your Way Mastercard, issued by Citibank, is a co-branded rewards card for frequent Sears and Kmart shoppers.
The Shop Your Way Mastercard can be used anywhere Mastercard is accepted, which is pretty much everywhere.
You need a credit score of at least 640, which is fair credit, to get approved for the Sears Store Card.
Unfortunately, the store closing doesn't absolve you from paying off any remaining balance on your credit card. The card issuer, which is typically a bank that the retailer partners with, usually holds onto the debt, but they could sell it to another bank if they choose.
Purchase Visa gift cards in-store
Visa gift cards sold by Sears are issued by Bancorp and are pin enabled. These cards can be loaded to Bluebird/Serve at Walmart.
You can get a Sears credit card cash advance from pretty much any ATM that accepts Mastercard, both in the U.S. and abroad, once you request a PIN from customer service. Cash advances with the Sears card are very expensive, though.
Your Credit Card Balance Will Not Disappear
Unfortunately, a store closure doesn't get you off the hook when it comes to repaying your debt. You will continue to receive billing statements from the card issuer, and you'll have to repay all the amounts you owe on your card.
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