Sears Bank in Canada


The Sears Bank in Canada was established in 2003. The sole purpose of this institution was to process and handle all Canadian credit card accounts that were issued to customers of the popular Sears & Roebuck Company.

Though the primary function of Sears Bank Canada was to process credit card account information, it also assisted in other services that were related to the Sears industry. These services included the Sears Card, Sears Club, Card Assist, Sears Passport to Travel, Sears Welcome Home, Sears Connect, Family First, New Outlook and Insurance Services.

Though the institution was referred to as a bank, it did not handle day to day financial transactions that one usually associates with a banking facility. The Sears Bank Canada was only in service for approximately two years, from 2003-2005 when it was purchased by the ever growing JP Morgan Chase company.

Although there were previously other products issued by Sears Canada Bank, at the moment there are only two credit card products available which are the Sears MasterCard and the Sears Card. Actually, Sears Canada Bank came into existence in 2003 and was established as a financial institution by the OFSFI (Office of the Superintendent of Financial Institutions). Then in 2005, Sears Canada Bank was bought out by JPMorgan Chase, the bank that now issues the 2 credit card products of Sears Canada.

Same Issuer Different Cards
Both the Sears MasterCard and the Sears Card may be issued by the same bank, but of course only the MasterCard can be used at any merchant that accepts MasterCard while the Sears card can only be used at Sears and their partner stores. Both have a rewards program along with other perks. The Sears card actually earns double points at Sears while normal rewards at their partner merchants that include Ticketmaster, Pharmasave and Petro-Canada.

Sears Card Rewards Program
As mentioned, the rewards earned while shopping at Sears are double every day, and those points can be donated to the Boys and Girls Clubs of Canada, converted to PETRO-POINTS, or redeemed as cash value towards merchandise purchased at Sears. The point conversion value is 1,000 points will be good toward $10 of merchandise at Sears and you can even use those rewards at Sears Travel.

Sears MasterCard Rewards Program
The MasterCard Rewards earned are one for one. Spend $1 anywhere and get 1 Sears Club Point in return. Whether you use this card for food, gasoline, entertainment, clothing or any other item or service you buy, you will continue to accumulate points that can be redeemed. However, just like the Sears card, when you use your Sears MasterCard at Sears you will be earning double points as well. One of the great perks to qualifying for a Sears MasterCard is that there are absolutely no annual fees.

Benefits of Sears Canada Bank Cards
So many credit card companies charge a fee to have an extra card. With either the Sears MasterCard or the Sears card there is absolutely no fee for an extra card. One of the huge benefits of holding a Sears card is that it is good at a great number of partner stores. The full list is on the Sears card Canada website. You will also get an extended return merchandise period of 90 days instead of the standard 30 day return policy. Cardholders have access to special coupons and savings that arenít available to non-cardholders and there is an array of services for cardholders-only such as Sears Insurance and SearsConnect Wireless with long distance.

A good many merchants are now offering MasterCards as well as their store cards, especially if they have bought out banks or are affiliated with large financial institutions, but many of those merchants donít have the reputation or history that goes along with the name Sears. Add to that the fact that JPMorgan Chase is now the issuer of Canada Bank credit cards; it is a combination that canít be beat. Since JPMorgan Chase is the largest worldwide financial institution with more than $1.8 (USD) in assets, you can be assured that either Sears Canada Bank credit card has the amenities and services you would expect from such prestigious entities.


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