Scotiabank Closed My Sears Mastercard With No Reason!

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Aug 15th, 2016 3:03 pm

esfandiyar2002 [OP]: Deal Addict; Feb 16, 2014; 1465 posts; 872 upvotes; Prince George

Aug 15th, 2016 3:03 pm

Scotiabank Closed My Sears Mastercard With No Reason!

I have a Sears mastercard back in 2011.Last year,Chase bank terminated its agreement with Sears Canada and shortly after that, Scotiabank purchased/owned Sears credit card holders' portfolios. Months later,Scotiabank started sending new credit cards to Sears customers,but mine didn't change.In their new given card which I don't have,they replaced the logo and put theirs into new issued Sears credit card.I phoned them and they told me that it will eventually be released for all Sears credit card holders.It never happened to me ever!

Last month,I was checking my online Sears account and everything was normal.My credit limit was 2000 bucks from the beginning and that had no change.Since interest free financial instalment policy of Sears after owning by Scotiabank has been cancelled,I had no interest to purchase from Sears anymore.

Today,I have received a letter as a notice in which I have been told that my Sears credit card will be closed.I also noticed during answering machine before talking with one of the agent that my credit limit was decreased to 500 bucks without notice within last month!

I called their given phone in the letter for further clarification and the agent told me that I am in good/healthy mode but due to change in bank's internal policy,they will close my credit card next month.I was told that this letter is given to many people.When I insisted what is the reason behind this closing policy,he advised me that I should go in person to their branches and talk directly for clarification(That I doubt to have persuasive explanation)!

Now I want to know that act may affect my credit score as well?Should I ask for card replacement? The only reason that comes to my mind is that I have no bank relationship with Scotiabank and they may get no profit out of those Sears credit card holders who have no relationship with this bank,so it started to tighten up itself!

Any thoughts?

36 replies

Aug 15th, 2016 3:09 pm

thetipster: Deal Addict; Dec 13, 2010; 2520 posts; 1298 upvotes; ON

Aug 15th, 2016 3:09 pm

Scotia is old school, you have to go into the branch to get anything done.
I would go in and see if they can switch you to another card to transfer your credit history.
Don't be surprised if that's not possible and they just try to sell you a card with a fat fee. Personally I love their Scotia Amex Gold but you need to spend enough on restaurants, gas and entertainment to make it worthwhile.

EDIT: I recently discovered you can update your Scotiabank credit card by calling their credit card departments. You can make changes like cancel, switch to other products etc.

Last edited by thetipster on Oct 26th, 2016 10:24 am, edited 1 time in total.

+4

Aug 15th, 2016 7:56 pm

saiia91: Newbie; Aug 14, 2016; 1 posts; 2 upvotes

Aug 15th, 2016 7:56 pm

Just got the exact same notice.
We use the card religiously and now they're saying they're closing it and won't give me a reason as to why.

We've been cardholders for years. We never got an updated card from Scotiabank either.. I suppose our business isn't worth much.

+2

Aug 15th, 2016 11:21 pm

hvwkzq: Deal Fanatic; Aug 3, 2014; 6091 posts; 4354 upvotes

Aug 15th, 2016 11:21 pm

There are better banks and better cards.

eBay Promotion Abuse
Koodo unlimited data
Amazon price error

+5

Aug 16th, 2016 12:05 am

dotsandpixels: Deal Addict; Jan 31, 2016; 2300 posts; 2780 upvotes; Toronto, ON

Aug 16th, 2016 12:05 am

I am quite surprised to read the posts here about account closings. I applied for the Sears MC in 2013. Approved. I am a long time Scotia client as well with multiple products. I received the letter last week to switch to the new Scotia Momentum MC that is replacing my Sears MC by calling Scotia at the number provided. The notice stated that if I didn't reply with a certain time (I think a month) the account will be closed. Well, I called in and was informed that my new card will be mailed to me. I just received it today and all is good. It still has the 0% foreign transaction fee and all purchases are 1%(gas, grocery, drugstore and reoccuring bills) and 0.5% everything else.

It's a good card to keep for no annual fees similar to Amazon Visa for the foreign fees savings but that is it. There are truly better cards out there.

I don't understand why some are offered to keep the card and other not. Maybe as suggested by OP, it has to to with having an exisiting relationship with Scotia and not the usage of the card? I rarely used it but I am a long term client of Scotia with multiple product lines.

+1

Aug 16th, 2016 7:31 pm

EtE133567: Newbie; Aug 15, 2016; 1 posts

Aug 16th, 2016 7:31 pm

Received the same letter been with Sears MC since 2011

Aug 16th, 2016 8:49 pm

unknownone: Deal Addict; Mar 31, 2009; 1220 posts; 884 upvotes

Aug 16th, 2016 8:49 pm

I had a sears mastercard since forever, and was given the scotia momentum card to replace it. I ended up closing the account. Previously had only used the Sears card for US purchases to avoid the 2.5% foreign exchange fees, and in the meantime, I had got the Amazon visa specifically for that purpose.

I was surprised that the scotia momentum didn't have foreign exchange fees. Not sure if that is for all scotia momentum cardholders, or only for those who were sears card holders and grandfathered in? Seemed odd to me, because I had been under the impression that only chase cards had 0 fnx fees.

Aug 17th, 2016 2:59 am

LonesomeDove: Deal Guru; Jun 1, 2006; 12712 posts; 15973 upvotes

Aug 17th, 2016 2:59 am

unknownone wrote: ↑ I had a sears mastercard since forever, and was given the scotia momentum card to replace it. I ended up closing the account. Previously had only used the Sears card for US purchases to avoid the 2.5% foreign exchange fees, and in the meantime, I had got the Amazon visa specifically for that purpose.

I was surprised that the scotia momentum didn't have foreign exchange fees. Not sure if that is for all scotia momentum cardholders, or only for those who were sears card holders and grandfathered in? Seemed odd to me, because I had been under the impression that only chase cards had 0 fnx fees.

It was grandfathered in as they said all features of the old Chase card would be kept. Not all Scotia Momentum cards have the no fx fees. Only this one. At the same time this card does not have features of other Momentum cards.

I don't understand why some are offered to keep the card and other not. Maybe as suggested by OP, it has to to with having an exisiting relationship with Scotia and not the usage of the card? I rarely used it but I am a long term client of Scotia with multiple product lines.

I think I was offered the card because I used it a lot. I have no relationship with Scotia Bank.

Have a nice day!

Aug 17th, 2016 3:37 am

bluebellrose: Deal Addict; Feb 10, 2013; 4818 posts; 1356 upvotes; Richmond

Aug 17th, 2016 3:37 am

I used it like crazy during the last month of chase. Got a limit increase offer from Chase and scotia gave me a new scotia mc soon after the transfer. The card is crap but since scotia grandfathered it in, I'm keeping it. Plus a big perk is that you can use it in Cuba while the chase amazon can't due to us santions. Scotia did say only cards that were active in the last 6 months and in good standing would be converted.

I don't have any other scotia lines other than the basic black scene card and the ct options card used to pay tuition

scotia might also be tracking where the card is used. My brother and I mostly use our card for card not present transactions online. Those earn scotia the most in interchange

Last edited by bluebellrose on Aug 17th, 2016 4:43 pm, edited 3 times in total.

Aug 17th, 2016 2:37 pm

esfandiyar2002 [OP]: Deal Addict; Feb 16, 2014; 1465 posts; 872 upvotes; Prince George

Aug 17th, 2016 2:37 pm

dotsandpixels wrote: ↑ I am quite surprised to read the posts here about account closings. I applied for the Sears MC in 2013. Approved. I am a long time Scotia client as well with multiple products. I received the letter last week to switch to the new Scotia Momentum MC that is replacing my Sears MC by calling Scotia at the number provided.

As I went through Scotiabank website,they only provide Visa cards.I didn't see that type of card in their official website.

It seems to me that deal is closed.

Your text to link here...

My concern is that they decreased my credit limit from 2000 bucks to 500 bucks without any given notice in the last month.When I called the costumer service number to ask why my account is getting closed,I found out that my credit limit has already gone down!That doubled my anger/frustration.

The Scotia guy told me that on the phone:"We have the right to terminate your account at any time without further legal consequences.Read our agreement."

Agreement?What agreement?I only received a welcome letter last year while everybody's portfolios were transferring smoothly to the Scotiabank.

That is very insulting,because when I applied for the Sears mastercard,I made it through JP Morgan bank(Chase Bank) and in their opening account pamphlet that I had agreed with,I have not read that statement,and I didn't sign such an agreement.I didn't also give my agreement to Scotia bank to have that right to terminate my account,because I didn't get my credit card through them!

It's like chocolate melting(My credit card) under the sun(Scotia bank) beams!Am I supposed to be a child to give them that right when I actually real carefully everything before signing?

I should go to one of the branches to see why that happens,how they might resolve it. Fico(Credit score) will be dropped significantly when credit bureau sees that Scotia bank ceases account holder's credit card and drops hugely its credit limit!

Aug 17th, 2016 4:13 pm

KanataKG: Deal Fanatic; Nov 22, 2015; 7935 posts; 8938 upvotes

Aug 17th, 2016 4:13 pm

esfandiyar2002 wrote: ↑
dotsandpixels wrote: ↑ I am quite surprised to read the posts here about account closings. I applied for the Sears MC in 2013. Approved. I am a long time Scotia client as well with multiple products. I received the letter last week to switch to the new Scotia Momentum MC that is replacing my Sears MC by calling Scotia at the number provided.
As I went through Scotiabank website,they only provide Visa cards.I didn't see that type of card in their official website.

It seems to me that deal is closed.

Your text to link here...

My concern is that they decreased my credit limit from 2000 bucks to 500 bucks without any given notice in the last month.When I called the costumer service number to ask why my account is getting closed,I found out that my credit limit has already gone down!That doubled my anger/frustration.

The Scotia guy told me that on the phone:"We have the right to terminate your account at any time without further legal consequences.Read our agreement."

Agreement?What agreement?I only received a welcome letter last year while everybody's portfolios were transferring smoothly to the Scotiabank.

That is very insulting,because when I applied for the Sears mastercard,I made it through JP Morgan bank(Chase Bank) and in their opening account pamphlet that I had agreed with,I have not read that statement,and I didn't sign such an agreement.I didn't also give my agreement to Scotia bank to have that right to terminate my account,because I didn't get my credit card through them!

It's like chocolate melting(My credit card) under the sun(Scotia bank) beams!Am I supposed to be a child to give them that right when I actually real carefully everything before signing?

I should go to one of the branches to see why that happens,how they might resolve it. Fico(Credit score) will be dropped significantly when credit bureau sees that Scotia bank ceases account holder's credit card and drops hugely its credit limit!

Nothing you can do. I wouldn't waste your time.

You don't need to give your consent for Chase/Scotia to have your account sold off or closed. Doesn't matter that you didn't read the Scotia agreement, you automatically agreed to it by accepting the terms of your Chase card.

They will not likely do anything to resolve it other than offer to start an application for a new card.

Aug 17th, 2016 5:02 pm

dollarsign: Sr. Member; Oct 22, 2006; 749 posts; 599 upvotes; Ontario

Aug 17th, 2016 5:02 pm

esfandiyar2002 wrote: ↑ My concern is that they decreased my credit limit from 2000 bucks to 500 bucks without any given notice in the last month.When I called the costumer service number to ask why my account is getting closed,I found out that my credit limit has already gone down!That doubled my anger/frustration.

Perhaps stop dressing as a squirrel?

Seriously, this is the 3rd thread I've seen this in. There's a big difference between a costumer and a customer. One buys things. The other wears outfits...

Who knows. Maybe RFD has been taken over by furries...

+1

Aug 17th, 2016 6:21 pm

Fjr2005: Banned; Mar 11, 2016; 2081 posts; 893 upvotes

Aug 17th, 2016 6:21 pm

dotsandpixels wrote: ↑ I am quite surprised to read the posts here about account closings. I applied for the Sears MC in 2013. Approved. I am a long time Scotia client as well with multiple products. I received the letter last week to switch to the new Scotia Momentum MC that is replacing my Sears MC by calling Scotia at the number provided. The notice stated that if I didn't reply with a certain time (I think a month) the account will be closed. Well, I called in and was informed that my new card will be mailed to me. I just received it today and all is good. It still has the 0% foreign transaction fee and all purchases are 1%(gas, grocery, drugstore and reoccuring bills) and 0.5% everything else.

It's a good card to keep for no annual fees similar to Amazon Visa for the foreign fees savings but that is it. There are truly better cards out there.

I don't understand why some are offered to keep the card and other not. Maybe as suggested by OP, it has to to with having an exisiting relationship with Scotia and not the usage of the card? I rarely used it but I am a long term client of Scotia with multiple product lines.

run from BNS as fast as you can, everyone

Aug 25th, 2016 9:13 pm

esfandiyar2002 [OP]: Deal Addict; Feb 16, 2014; 1465 posts; 872 upvotes; Prince George

Aug 25th, 2016 9:13 pm

Well,after calling the customer service representative,going in person to one of the branches,and having chat with bank credit bureau for further clarification,nothing explained/done yet.

I have been told that they don't know why this closing account happens and they have no info of that!

Today,I emailed to the president of Scotia bank as my next move.

Funny things:

1)In branch,I have been told that Scotia bank terminated its agreement with Master card and they no longer give it to customers.In chat,the customer credit representative told me that Scotia will issue new Momentum Master card soon for everybody(but not me)!

2)In branch,I was told that my Sears two year credit history won't be damaged if Scotia bank closes my account. In chat,I was told that my credit score will be badly affected!

3)In branch,I was told to contact with Trans union to see what happened! In chat,I was told to speak with JPMorgan credit bureau!

That seems nobody knows what is happening and they seemingly hit me like a ping-pong ball!

What I believe to be true:

1)I have no relationship with Scotia bank.Probably they tossed me out!

2)I don't regularly use my Sears card.My last paid statement was in June.

3)I don't use my credit limit fully or even half of it.Every now and then statement out of $2000 monthly credit limit is used almost about 150-300 bucks. Not lavish spending may not pleasant to the bank(I have been told in branch off the record)!

Aug 31st, 2016 6:02 am

bluebellrose: Deal Addict; Feb 10, 2013; 4818 posts; 1356 upvotes; Richmond

Aug 31st, 2016 6:02 am

I was told Chase cardholder services are still handling all card inquiries for the sears mastercard by a scotia rep on fb messenger. I was wondering why did they send me yet another card lol. Maybe scotia didn't fire you but chase did.

Aug 31st, 2016 8:18 am

KanataKG: Deal Fanatic; Nov 22, 2015; 7935 posts; 8938 upvotes

Aug 31st, 2016 8:18 am

esfandiyar2002 wrote: ↑ Well,after calling the customer service representative,going in person to one of the branches,and having chat with bank credit bureau for further clarification,nothing explained/done yet.

I have been told that they don't know why this closing account happens and they have no info of that!

Today,I emailed to the president of Scotia bank as my next move.

Funny things:

1)In branch,I have been told that Scotia bank terminated its agreement with Master card and they no longer give it to customers.In chat,the customer credit representative told me that Scotia will issue new Momentum Master card soon for everybody(but not me)!

2)In branch,I was told that my Sears two year credit history won't be damaged if Scotia bank closes my account. In chat,I was told that my credit score will be badly affected!

3)In branch,I was told to contact with Trans union to see what happened! In chat,I was told to speak with JPMorgan credit bureau!

That seems nobody knows what is happening and they seemingly hit me like a ping-pong ball!

What I believe to be true:

1)I have no relationship with Scotia bank.Probably they tossed me out!

2)I don't regularly use my Sears card.My last paid statement was in June.

3)I don't use my credit limit fully or even half of it.Every now and then statement out of $2000 monthly credit limit is used almost about 150-300 bucks. Not lavish spending may not pleasant to the bank(I have been told in branch off the record)!

Like I said, you're just wasting your time. They aren't going to do anything for you other than apply for a new card.

Aug 31st, 2016 7:09 pm

esfandiyar2002 [OP]: Deal Addict; Feb 16, 2014; 1465 posts; 872 upvotes; Prince George

Aug 31st, 2016 7:09 pm

bluebellrose wrote: ↑ I was told Chase cardholder services are still handling all card inquiries for the sears mastercard by a scotia rep on fb messenger. I was wondering why did they send me yet another card lol. Maybe scotia didn't fire you but chase did.

Could you please pm me that messenger?I wanna be contact with.They may provide some answers for me.

Aug 31st, 2016 7:10 pm

esfandiyar2002 [OP]: Deal Addict; Feb 16, 2014; 1465 posts; 872 upvotes; Prince George

Aug 31st, 2016 7:10 pm

superfresh89 wrote: ↑ Like I said, you're just wasting your time. They aren't going to do anything for you other than apply for a new card.

Ya,but the point is I don't want to apply for their card,I need to know the real cause!

Sep 1st, 2016 2:01 am

bluebellrose: Deal Addict; Feb 10, 2013; 4818 posts; 1356 upvotes; Richmond

Sep 1st, 2016 2:01 am

esfandiyar2002 wrote: ↑
bluebellrose wrote: ↑ I was told Chase cardholder services are still handling all card inquiries for the sears mastercard by a scotia rep on fb messenger. I was wondering why did they send me yet another card lol. Maybe scotia didn't fire you but chase did.
Could you please pm me that messenger?I wanna be contact with.They may provide some answers for me.

I posted on their Facebook page and scotia told me to send them a pm and when I did the Scotia rep told me to ask Chase cardholder services for my question. i was wondering why did i get sent a 2nd scotia card. She told me Scotia reps can't access our files still. Maybe scotia didn't fire you but Chase did. Don't have a relationship with them either. Only a ING account that sits collecting dust with only 100 dollars in it. And a black scene card along with a ct options mastercard.

Oct 25th, 2016 10:51 pm

gymix: Newbie; Apr 25, 2008; 22 posts; 13 upvotes; Markham

Oct 25th, 2016 10:51 pm

esfandiyar2002 wrote: ↑
superfresh89 wrote: ↑ Like I said, you're just wasting your time. They aren't going to do anything for you other than apply for a new card.
Ya,but the point is I don't want to apply for their card,I need to know the real cause!

i have the same card and no relationship with Scotiabank. I have a 36 month payments for appliances I bought from Sears (2 more years remaining) and have used the card heavily when traveling to US in the past few months (because of no currency conversion fees). I have not had any changes on the account since transferring to Scotiabank and have even had the credit limit increase offer by them. As some have commented, Scotiabank does not have MC in its Momentum offering, so Chase has probably sold the card business to Scotia, once Sears has separated from Chase, because Chase has realized that they don't have much interest, or financial justification to keep that business anymore and have done it underpriced, which is probably the only reason why Scotiabank has accepted to take it over. Since then, they have probably decided to shut most of it down (because they don't have to keep it if they don't find it financially beneficial to them), except for a small number of customers who did use the card a lot and have been giving back enough to BNS in form of spending with their sponsors, or could not terminate the card, because of the deferred monthly payments, like in my case. So, they are probably going to get out of the Sears/Chase MC business completely as soon as they can and will in the process probably try to attract the premium customers to switch to the other Scotia cards, while just getting rid of those that are not of much value to them. Therefore, there is nothing wrong with you specially, they just don't have interest in keeping you as a customer, so as said before, you will just waste your time, because most of the CSRs you would talk to, would have no clue of the real reason and the ones above them that know, they will never tell you the actual reason, if my guess is correct.

+1

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