I just got in the mail an increase on my GET smart visa apr to 29.99%. (I got real dumb when I took this card last summer). This is not due to account delinquency or anything btw. Forgive me if this has already been posted. I dont read the board much anymore (very busy). I am paying off this measily card and trashing it...they are so stupid.
They are trying to STALL the BK...so the money has to come from you... I would call to close the account IMMEDIATELY after you pay it off... Then follow up with a letter...and request that the account be reported..."ACCOUNT CLOSED BY CONSUMER"...PAID/NEVER LATE...BALANCE $0.
You see, I didnt even know they were headed to bk but I just read it on some older post. I closed my old providian accounts last year and was foolish enough to take this getsmart visa. UGH! I hate them..........I hate them...... I only owe a few hundred dollars on the card so it is GONE Baby! In fact I am doing a cc debt consolidation w/ my lender for the business.... I am closing a lot of these bad boys w/ this loan. Thanks for listening. I love you guys.
Be careful! I think it was Marie who had indicated that if you close too many accounts in a short period of time your score will take a big hit. I think 2 every 6 months was okay though. Ozzy.
I just got that letter today, too. The weird thing is that my bill came today, as well, and according to the bill, they're still charging me 23.99% (not that that's a great rate either). I'm concerned about closing the card though. I'm hoping to buy a house next year, and I only have 3 cards. A Capital One that's 2 1/2 years old, this Providian that's 1 year old, and a Citibank that's 6 months old. I want to have the oldest accounts possible by next year. I'll keep the card, but I'm going to stop using it. ellen
EVERYBODY GET ON THE PHONE RIGHT NOW (do they have a toll free #?) AND CALL THEM AND TELL THEM WHAT YOU THINK ABOUT THEIR 29.99% INTEREST RATE!!! They were VOTED the worst card to have by LOAN SHARKS INC. USA...and LSI agreed to NOT charge their customers that high of an interest rate... ...RE-FI WITH YOUR LOCAL LOAN SHARK...HE WILL GIVE YOU A BETTER DEAL!!!
I have yet to receive any rate hikes. For the posters here who got the rate hike, can you post answers to the following question. Are you close to your cl as a whole based on your CR? If you carry a balance with Providian, do you only pay the min due? I am trying to figure out if the reason for the rate hike is risk management and that they are pulling soft inqs. to see if you are close or even late with other cc account. I noticed that Providian pulled a soft inq on 4/12/02 on me. Best regards, Mirage
Thanks, whyspers. You're right, I wasn't reading carefully, I went directly to the numbers. I know that others have gotten this letter, so I was ready for it. Mine says that the 29.99% rate starts in December. I am going to pfb them. They really must not want to do business with people that use the card and pay on time. My other cards have lowered their rates for me. ellen
Mirage, I fluctuate from between 40% and 80% usage. For the first two years I had the card, I paid it in full every month (several thousand). The past year or so, I haven't paid in full, but always pay at least the minimum, plus interest, and most times pay double or triple payments. L
The way I was reading all of the press about this move was that anyone who had the 23.99% rate was going to be switched to the 29.99% rate.
Mirage, I just checked EX & EQ, and they haven't pulled a soft inquiry since december. My TU report from 3 weeks ago doesn't show a recent soft inquiry either. My overall credit ratio is 10% used. On the Providian card, I have a limit of $1800, and usually charge $150-$300 per month, and pay it down to $10 balance. Last month I did charge a lot of it in an effort to get them to increase my credit limit. My balance last month was $1,142, and the day it was availble online, I made a payment of $1,132. ellen
FIRST USA "JACKED" me to 22.49% for NO reason...so I "JACKED" them by closing all 3 of our accounts with limits >$72,000...
I got the letter today saying it will go to 23.99 in August. The letter tells you that you can opt out and by cancelling the card and keeping the rate you have right now intil its paid off. I only recieved it for my visa card. I have a limit of 5800.00 and only have a 1000.00 on it. I have a mastercard with them also so I will probably get a notice for that too. I say screw them! They gave me a chance when no-one else would but to hell with them!! I always paid way over the minimum due. Csr said that they had a criteria that had to be met and I didnt fit into it.
I don't think they would, George. I think like you said, this is the only thing standing between them and bk. Either people will pay off their accounts and close them or they will pay the 29.99%...either way, Providian gets an infusion of cash. At this point, I don't think it matters to me if they would lower their rate. That they would do this to their cardholders (who I might add, have never been late, always paid more than the minimum, etc.) is enough for me to say never again. No more sub-prive for me. L
