Hey guys;DW had this mastercard issued by Sears Canada for several years. Several days ago DW noticed her credit limit for that card was lowered from just over 10K to just above 8k. She called and the old limit was quickly reinstated.But, today the same thing occurred and despite a long wait on the phone plus the run around - explain the situation to one person and another and then yet another - no luck and it's (credit limit) now reset at the lower limit 8.5K.I understand Sears is in deep trouble and closing many outlets - could it also be cutting back on credit limits and failing to tell their customers? p.s. DW tells me monthly payments are always paid on time and when possible balance is paid in full.

Which bank issues the card?They are the ones that determine your credit limit not Sears

Don't know about your situation, but we opened a Sears Credit Card several years ago to get a discount on about $3000 worth of new appliances for a house we were remodeling. We never used the card again for anything. Fast forward about 6 years and we got a notice they were canceling our card if we did not use it. I suppose that's the ultimate downsize on the credit limit!Um... we still never used the card again. I suppose it's canceled now!

Be happy that they didn't ask for a loan. Dont worry about it too much as the card will be useless before long.

rjxj wrote: Dont worry about it too much as the card will be useless before long.Not really useless. The OP is from Canada. The card can be used as an ice scraper. :)

gbopp wrote:rjxj wrote: Dont worry about it too much as the card will be useless before long.Not really useless. The OP is from Canada. The card can be used as an ice scraper. :):B:B:B

Anyone have Sears MasterCard limit decreased | Good Sam Community

darsben1
Explorer
Jun 29, 2017
Which bank issues the card?
They are the ones that determine your credit limit not Sears
DutchmenSport
Explorer
Jun 29, 2017
Don't know about your situation, but we opened a Sears Credit Card several years ago to get a discount on about $3000 worth of new appliances for a house we were remodeling. We never used the card again for anything. Fast forward about 6 years and we got a notice they were canceling our card if we did not use it. I suppose that's the ultimate downsize on the credit limit!

Um... we still never used the card again. I suppose it's canceled now!
azrving
Explorer
Jun 29, 2017
Be happy that they didn't ask for a loan. Dont worry about it too much as the card will be useless before long.
gbopp
Explorer
Jun 30, 2017
rjxj wrote:
Dont worry about it too much as the card will be useless before long.

Not really useless. The OP is from Canada. The card can be used as an ice scraper. :)
ScottG
Nomad
Jun 30, 2017
gbopp wrote:
rjxj wrote:
Dont worry about it too much as the card will be useless before long.

Not really useless. The OP is from Canada. The card can be used as an ice scraper. :)

:B:B:B
Horizon170
Explorer
Jun 30, 2017
I have one CC with a 1K limit for ordering stuff on the I-net.
Cash for everything else. CC's just get some folks in trouble IMO.
Plus I don't need to leave a paper trail.
SAR_Tracker
Explorer
Jun 30, 2017
Horizon170 wrote:
I have one CC with a 1K limit for ordering stuff on the I-net.

Yep - Low balance debit card for just interwebs stuff. That way, if it's hacked or otherwise compromised, they only get a little. Oh, and it's from a different bank than our checking and savings.
toedtoes
Explorer III
Jun 30, 2017
I think if Sears goes out of business, the issuing bank will "absorb" the credit cards so it shouldn't cancel, but it'll end up changing. I have had 4 or 5 change like that for various reasons - make sure to check the interest rate, any annual fees, etc. You'll be given the option to close it if you don't agree to the new terms (but you'll have to pay it all off right then).

Like DutchmenSport, HomeDepot did that with me. I hadn't used the card for a few years (less than 5) and suddenly they just closed it. No notice, no warning. Oh well, I didn't really need it.
mobeewan
Explorer
Jun 30, 2017
Sears Canada filed for bankruptcy and is laying off and closing stores. No severance pay for laid off.
jerseyjim
Explorer
Jun 30, 2017
If you're gonna use it, use it now. Sears is is DEEP doo-doo (thanks to Eddie Lampert and mis-management) and, after 150 or so years will close.

Plus....at their outrageous interest rate...pay the thing off when you get the bill. Better yet...shred the thing and buy elsewhere or go cash.