It is essential to do your research for all of the benefits before you get a credit card. Especially if it is from a store since typically, you are bounded to the benefits from the store. If you are looking into a Sears Credit Card, there are many aspects that you should pay attention to.
There are two types of cards that Sears offers.
- Sears Card — This card can only work in Sears and offers special financing, exclusive savings, account protection and more.
All purchases are 10 points/dollar and can be redeemed at $1 / 1000 points.
- Sears MasterCard with Shop Your Way — This can work anywhere that MasterCard is accepted and will get you a lot more opportunities to save with all brands associated with Shop Your Way.
For the first year, you will get 5% back on gas and 3% back on restaurants and grocery stores associated. The first year of the card will bring you a lot of benefits, with no interest and continuous good deals.
You can apply for both of these online or any Sears or Kmart Locations. Just like any other card application, you will need to give your personal information to see if you are eligible and can get the card.
Both cards have an APR of 25.5 % for purchases and 27.4 % for cash advances.
Should You Get It?
Just like many other cards you get from other stores, it comes down into preference. It may not be worth stressing about another bill so that you save a few dollars at Sears. They do have a high-interest rate, just not on their expensive products, but that will also get you stuck in a loop.
Keep in mind that the APR is relatively high compared to other, regular credit cards that aren’t associated with a store. So maybe use this as your secondary credit card for when you will benefit a lot from and have another credit card to use for your main one. That will save you a lot since regular credit cards don’t have as steep APR, which will save you a lot in the long run.
So now its a matter of either getting an immediate return from a Sears card or saving money in the long run with another credit card because of lower interest rates. That decision is up to you and how much you spend at Sears.
So this may be a really good option for those who regularly shop at Sears since there are so many more benefits than a loss. This is primarily a great credit card if you frequently make more significant purchases from Sears since you get the most benefits from it. Just opt out of this if you only want an appliance and won’t shop there again.