Anyone have Sears MasterCard limit decreased

JaxDad wrote:

boston blacky wrote:
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.

Months back I got a letter from Sears saying my account was being transferred to Scotiabank. Sure enough shortly afterwards I got a letter from Scotiabank saying if I wanted to retain the credit card to call them. I did and after a few brief questions the CS rep said the cards are on their way.

A week or so later the new cards arrived and with a higher limit than before.

Yep. They usually sell the credit card portion to another bank and allow the current card holders to transfer into the new system. Usually, you get a better deal with the change (higher limit, lower interest, point rewards, or eliminated fee), but you have to watch because sometimes you will get an increased interest rate with the change. You always have the option to decline - if you do, you will be required to pay off the existing card.