A fairly in depth article about the recent history of Providian and its current goals and marketing strategy appears in the current issue of SF Weekly. An interesting read for current cardholders and those intending to apply. Among other things, the article states that Providian's rate hike from 23.99 to 29.99 is part of an agreement worked out with federal regulators. Providian is seeking to move away, if not run away, from the subprime market and is trying to position itself in a mid-level niche between prime and subprime. The company is also under new management, the former officials having left in disgrace after all the crap they pulled including a great deal of insider stock selling when they knew that the company was in trouble but hadn't yet gone public with the bad news. http://www.sfweekly.com/
So does this mean they want subprime people to close their accounts because of the usurous(sp) terms? L
The way I read it, if you're still with Providian (i.e. haven't been transferred to Chase) AND your APR is still 23.99, then you're one of the middle customers they'll be keeping. If however, you got the dreaded "your rate is rising to 29.99%" letter, then you might want to start packin' your bags.
My apr on both cards is 23.9. That's why I'm paying them off next month and introducing them to the sock drawer permanently (or at least until I get a much, much better rate). L
I just sent a PFB to Providian, telling them to stop disgracing me with their.. we will color your card 'plat' instead of gold, and give you a 1k line increase for a low low $99!! sign up now!! Give me a break.. and according to the reps, I can not even get a lower APR, I am at 16.9%, I made a mistake on giving them another chance after they lowered their APR, these guys are a joke, Customer Service is horrid, i told them, that their cards will not be used anymore... Sock Drawer, and I am putting a lock on that drawer.
What about the SOCKS??? Somebody said they put the credit card in a cake pan 3/4 full of water and put it in the freezer... It takes a VERY LONG TIME TO DEFROST!!! ...and you can't CHEAT...by using HOT water...
As George has correctly pointed out, this may excessively restrict access to your socks. Flip-flops anyone? Saar
Speaking of cake pans...I have a CHOCOLATE CAKE on the dinner table that needs help being consumed!!!
Ok, solution, socks are now being moved to the boxer drawer, cards going in 'drawer previously full of socks', lock going on, key being discarded!
