I looked. It is still a Mastercard just with a really high rate. Cshittybank underwrites to the regular Sears cards too it is just that a "member" can only use those cards at Sears and typically have a much lower credit limit. I have a Harley Davidson card but it is still a Visa but at a much lower rate. I get Harley points by using it and for me that makes sense because I have two Harleys. The points are only redeemable at the stealership but I occasionally need some basic parts or services. The rates don't matter to me because I pay them off every month.
Basically, if I spend $1k at Sears/Kmart I would get ten dollars worth of points. Oh boy!!!!!!! But I did get $20 in digital fiats just for applying so why not? Right now I am at $700 in repairs for the family van so why not? I spent $135 yesterday on the truck. I got robbed on that deal because the computer said that I should get $16 in SYW points but I only got a $1.26. I guess I will have to call them. If you are VIP Silver and don't use your associate discount you should get more than a $1.26 on $135.
I have had to call SYW before because sometimes you don't get the points. I will play my little SYW game and keep everyone informed of what happens. It is such a convoluted system that I don't know if anyone really knows exactly what is going on. At some point everyday I am MOD for my shop I deal with it everyday. We have been able to solve everything so far but it takes phone calls.
Most "Members" have just given up trying to figure it all about there are a few customers(sorry eddie) that actually have studied SYW as much as possible. I have to know this stuff and I have a better grasp of it than pretty much anyone in full-line. I think the appliance guys are pretty sharp with it. Those guys seem to be pretty sharp in my store at least and they make sales.
What stands out as a serious issue is that the SYW program is the whole centerpiece of Sears miraculous yet no one knows exactly how it it is supposed to work. The Segno training is worthless. And now, I see my store is actually hiring some seasonal folks after running a skeleton crew all summer. Ostensibly they will be cashiers. How are they supposed to be up on every detail? They are all young and are going to be asked to run a cash register that is older than they are with minimal instructions. And then their job is to try to figure out the credit card chicanery AND SYW at the sales counter? It's retail!!!! How is that fair to them? They will quit once that whole SYW/ credit card issue is raised because they will not be able answer it accurately and that is not their fault.
I guess we will see what happens at least for the short term. We all know what is going to happen in the long term.