I just read a post on Credit Card Freedom that a man had a Providian account and Chase recently purchased it. Does anyone know about this? Is Chase purchasing Providian's credit card portfolio? Dani
Dani, In the 1st qt of the year, Chase bought the prime segment of the Providian portfoilio. Tuesday, a group led by J.P. morgan and Goldman Sachs bought the subprime accounts. Providian will service these accounts for the next year. It's hard to see how they'll survive with just mid market accounts. I can't believe they are having great success opening new accounts given the publicity they've generated. No way on earth I would trust them enough to run a balance.
I'm confused. So JP bought the subprime accounts, but Providian will service them for the next year, what happens after that?
Kellie, I imagine at the end of the 12 month period, the group who purchased the accounts should have there own service center up and running and will handle processing themselves.
