I'm a newbie and wondering about PFB. A number of people on here have mentioned that when unhappy, they've PFB'd. Does it work often, a little or next to never? I ask because I've had a Providian account for over 2 years and I've never been late. Admittedly, I paid off my balance every month (and avoided a finance charge by exploiting a flaw in their system) so they only got the $59/year out of me. Lately, I've been running a small balance to see how they react. Today, I requested a lowered interest rate and removal of the $59/year fee. Basically, they told me to pound salt. I really don't want to cancel the card because they are my longest TL (I lived overseas for years) and I always get dinged for length of credit history. Any thoughts?
As far as PFB goes, it depends on the company you're writing to. Capital One happens to be quite receptive. Mr Cooke is their consumer advocate. On the other hand, I've heard Providian is somewhat difficult to deal with PFB or not.
PFB is an incredible resource, I have had luck with AMEX, Cap One, and B of A...... but you're screwed with Providian. They are circling the drain, headed for their own bk in the near future. No one is getting an cl increases and interest reductions probably won't happen either. Enjoy the card while you can, it probably won't be around much longer.
I just PFB'd them a few weeks ago, asking for permanent removal of the yearly fee (NO) and a CL increase without the stupid fee (YES). When your yearly fee rolls around, call to cancel the card, you'll get retention and 99% chance they'll waive the fee to save you as a customer.
I had a situation almost exact to yours w. Providian. Calling customer service did nothing. So I PFB, and they waived the annual fee, lowered my apr from 23 to 15, and upped me to a gold card. Definitely try it. I also just used pfb to get a 300$ CL increase.
