This is not about your father's seersucker suit. It's about a caution to marketers of the potential backlash stemming from seemingly "innocuous" credit card "Notices of Change in Terms".... a practice that is spinning out of control.
The following arrived from Sears Credit Card Services a couple of days ago. Mind you, I never use the card, likely hidden under old bills in a desk drawer ....
"Dear Valued Customer,
Currently the credit card industry is facing unprecedented market conditions. As a result of this challenging business an economic climate, we are making changes to your card agreement. We value you as a customer and are working hard to preserve the broad availability of credit."
They go on to explain an increase the APR rate to 25.24% from 15.99%. Other service fees are increasing by 67%!! This is how they "preserve availability of credit"?!
While there is an opt-out provision from these increases, it forces the customer to close the account and stop using the card.
These antics are beyond the absurd. Sears is not alone ... other retailers are following suit. It's the perfect strategy for punishing your best customers ... in this instance having nothing to do with credit stability.
There is an obvious disconnect between corporate bean counters and marketing groups. The cost of recapturing lost customers alone will only add to their woes.
"Your card continues to offer valuable features and benefits including special savings events, special financing offers and more. Thank you again for your business."
I am speechless .... and now thankfully, card less.
The following arrived from Sears Credit Card Services a couple of days ago. Mind you, I never use the card, likely hidden under old bills in a desk drawer ....
"Dear Valued Customer,
Currently the credit card industry is facing unprecedented market conditions. As a result of this challenging business an economic climate, we are making changes to your card agreement. We value you as a customer and are working hard to preserve the broad availability of credit."
They go on to explain an increase the APR rate to 25.24% from 15.99%. Other service fees are increasing by 67%!! This is how they "preserve availability of credit"?!
While there is an opt-out provision from these increases, it forces the customer to close the account and stop using the card.
These antics are beyond the absurd. Sears is not alone ... other retailers are following suit. It's the perfect strategy for punishing your best customers ... in this instance having nothing to do with credit stability.
There is an obvious disconnect between corporate bean counters and marketing groups. The cost of recapturing lost customers alone will only add to their woes.
"Your card continues to offer valuable features and benefits including special savings events, special financing offers and more. Thank you again for your business."
I am speechless .... and now thankfully, card less.
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