Sears may be a bit late to the game of providing greater purchasing security, but the company has announced a buyer protection program for those worried about losing their jobs. Starting Monday and until Aug. 1, the free program will cover home appliance purchases of more than $399. Here's the bigger catch: the coverage only applies to purchases made on a Sears card.
If you're employed and in the market for a new backyard grill, I could see how the Sears offer might be appealing. As long as the customer/cardholder was employed full-time for at least 60 days before buying the appliance, the program will credit 1/12th of the purchase price every month the person is unemployed. Still no luck finding a job after a year of searching? That's OK, Sears will take care of the remaining balance.
Sears is trying to look like the good guy helping out worried consumers who need new washing machines, but the fact that a store card must be part of the picture complicates the company's intentions. What's your opinion about the buyers program?
Promod
Freya
Just Cavalli
Given that it's difficult to get new credit lines now, I don't see how practical this buyer protection program is for people who don't already have Sears cards and who might have trouble getting approved for one. If you already have a Sears card, then good for you if you need to buy a large appliance and you can buy it there.
1i think it's great. sears is a company that needs to make a profit, not a charity. they're doing their best to help out the consumer while helping themselves as well.
2As I understand the Sears card is actually issued by Citigroup - so its not really Sears making any extra money on that part. I figure its only manageable to offer financial insurance through a single-payer system. Imagine having to negotiate the terms of this insurance and subsequent payments with hundreds of credit card companies ...
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