Is the Sears Card Worth Getting?
Like nearly all credit cards issued by retailers, the Sears card offers extremely limited benefits and zero convenience while charging obscenely high interest rates. While this card may be easier to get than traditional credit cards for consumers with a mediocre or limited credit profile, any consumer that can qualify for a general credit card offer will find better value, lower rates, and better rewards.
The Sears card is about as far from a low interest credit card as there is. All approved consumers are charged a 25.24% variable interest rate which can and will increase when the Prime Rate increases. This is 10 full percentage points above the current national average and more than twice what is charged by many major credit card companies.
The second issue with the Sears card is usability. While a Sears MasterCard is available, the basic store issued card can only be used at Sears or Kmart. This limitation is a major inconvenience and can be a costly one, as it adds another credit card bill to manage and could increase the chances of accidentally making a late payment.
The Sears card does come with some limited benefits, though these are vague. Online, they mention “special financing offers,” but not details are provided. This is very atypical and just not nearly as useful as the guaranteed low rates provided by a 0% APR credit card. Monthly coupons and the ability to make returns without a receipt are also listed towards the top of this card’s benefits. This is a far cry from the best credit card offers, many of which list 0% rates lasting for over a year, $100 sign up bonuses, or hundreds of dollars worth of free miles. With the Sears card, you get coupons and a vague offer of potential deals.
Given the lack of benefits and the absurd interest rate charged by the Sears card, most consumers would reap greater benefits from traditional credit card offers. Nevertheless, consumers with a mediocre credit profile or a limited credit history may find that getting approved for the Sears card is easier than getting approved for a typical credit card. This is truly the only benefit that would make the Sears card useful for anyone who wasn’t in desperate need of access to credit.
