Sears Gold Mastercard is offering 20%, (up to $550.00), for all amounts paid that are over the minimum payment due. The program states, 'we'll match 20% of the amount by which your on-time payments exceed total minimum due'. Mentions nothing about doubling your interest rates and even claims, 'This is an easy-money saving program for you'.

We have 'never' missed a payment or been late even one time since 2002 when we opened our account. We had a 12.83 APR until we signed up for their 20% savings program two weeks ago. Just received our statement and the interest rate on our account almost doubled from 12.83 to 23.24%.

Called Sears Customer service who gave me the run around for an hour while they transferred my call from one section to another. Eventually we were transferred to a section for distressed accounts. Tried to explain to the representative our account is not in default but part of the program we signed up for closes the account to purchases during the 4 month duration of the program we signed up for.

It is now clear when they close our account it looks like you are in default, (therefore you are now considered distressed), with all previous interest programs now void. This opens the door for them to charge whatever interest rate they decide at anytime. Next month, they could raise it to 30% without any notification whatsoever.

With no legal experience it appears to me this program is not only false advertising but a form of predatory lending practice as well. There needs to be regulatory action taken, 'immediately', to control the predatory practices credit card companies now consider normal operating procedures.

This is a credit card designed to screw you. They are waiting for your slightest flaw. I dutifully tried to cancel this card and pay it off in full over the phone and on the web site. This was not possible. So I did pay it off in three separate payments three days in a row. OR so I thought. I came to find that even though I paid off an $8034 balance in full and on time and had canceled my card, along comes a bill next month with a charge of almost $100 for interest!

The old adage of pay your cried card bill on time and in full does not work with these people. They charge you a daily balance, even though you pay the balance due in full and on time! In theory this bill could practically never get paid off from month to month.

Sears Gold Card is a rip off scab operation. Plus I had been a cardholder for over ten years! With on time payments.

I am disputing late fees, overlimit fees and finance charges with Sears Gold Mastercard. I have sent many letters and called there customer services, but in vain.