I have two Providian cards, one of which got bumped up to the 29.9% rate, as many of you might recall. I am hesitant to close out the accounts entirely, as they are my two of my oldest tradelines. I still don't know why I got bumped up, having never made a late payment and always paid well over the minimum, many times paying off the card each month (although the past year or so I have carried a balance). Can't figure why one card got the rate hike and the other didn't, either. But at any rate...PFB didn't work to get a reduction (they wouldn't even look at my credit report again), so now I'm trying to figure out how to approach these accounts. Since correcting all of the errors on my credit report, I've been approved for much, much better cards with good rates. How can I get Providian to take another look? When they made this determination, there were errors on my credit report...now the errors are gone. Any input? Thanks, L
I didn't get the 29.9%, but one of the cards I have with them is still at the old 23.99% with CL of $2,900 and hasn't had an increase in over a year. The other one got upgraded to Platinum 16.99%. They are my oldest cards also. I just let them sit, charge a little bit once in a while and pay it off as soon as it posts to the account. That is just to keep it open. I'm just waiting to see what happens. There doesn't seem to be any logic to what they are doing.
We have two accounts with them also. The older has the 23.99 rate. We have used it a couple of times in the past 6 months for large purchases but haven't carried a balance. It has a grace period. (This is the account they bumped to 29.99 in December, we paid off the $7600 balance immediately, they then sent a letter saying the bump was "in error, sorry for any inconvenience.") The other was also at the 23.99 but with no grace period, it has been totally unused since we paid it off in January. Just got an upgrade on the 2nd card to 16.99% with a 2.9% on purchases till January, and a grace period. The first account is still at 23.99. We have PFBed, called, written directly, bitched and moaned and nothing seems to make any difference with them. Interestingly, we have never asked for anything on the 2nd account. Guess with Providian, total non-use is what speaks volumes. DemPooches One other thought - When you have a high balance, they tend to pull ARs like clockwork. That might be the way to have them get your new scores if you have some purchases you needed to make anyway.
DemPooches, I paid them off when I got the notice as well. Then I ran it up to around $2,200 hundred last month and will pay it off this month. I guess I'll cut it up, but not close the account. Hopefully at some point they will review the terms :::sigh::: L
Cutting them up and keeping them open seems like a good idea. If you have other credit available I can find no reason to deal with them. They are so unforgiving.
My $.02 I have 2 accounts with them, 1 account had 23.99%, the other 0% for an entire year. (I believe that was in error, but woohoo for me!) I am being told that both accounts will go to 29.99% this month. I am almost done paying off the card with 0%, and the other card I will be transferring the balance. This is a hot topic for me, and the only pattern that I have seen is if there wasn't much activity with the card, you didn't get the rate increase. But, if you used the card often ---even if you paid well over the balance all the time, you received the increase. Honestly I think they did it to get rid of "riskier" accounts in their portfolio, and it is working! I can only assume that they will decrease the interest rate at a later date if we ride it out. I personally will be riding it out by sock drawing the cards to never see the light of day until I see a SUBSTANTIAL decrease in %. The best thing to come out of what I call the "Providian Fiasco" is finding this board. Thanks Providian!!!
My Citicard came today and since I no longer had room in my wallet for more credit cards unless some went, both of Providian's were cut up...lol. It felt sooooo good! LOL. L
