Providian Cancelled My Credit Card!

THEY ARE GOING OUT OF BUSINESS~~~THEY CAN DO ANYTHING THEY WANT!!!

The people they are keeping (for a short while are getting "JACKED" to 29%)!!!

RUN AWAY FAST!!! DON'T LOOK BACK!!!

 

BOSTON,

After reading your post I pulled my original account agreement that was sent to me with my Master Card (rev 09/2000). Section 9 on page 6 states:

The Card Cancellation.

You will return the card to us at our request. The card expires at the end of the month shown on it. We have the right not to renew the card. At any time after at least 30 days notice to you, or without notice if permitted by law, we may cancel the card and your credit privileges. If your card is canceled or not renewed, finance charges and other fees will continue to be assessed, payments will continue to be due, and all other provisions of this Agreement will remain in effect.

It says they can cancel with less then 30 days notice if permitted by law. I guess to answer your question, you need to determine if there exists a law that stipulates they must give you 30 day notice. In section 15 on page 9 it states "No matter where you live , this Agreement and your Account are governed by Federal law and New Hampshire law.

I hope this post at least answered part of your question.

 

I live in NH and let me tell you, I have searched high and low for "NH consumer rights" and they just don't exist!!!
Our lovely governor SUPPORTS Providian. To think this biatch is running for senate this year....Thank GOD I vote

 

I'm really freaked out with all this stuff I'm reading about Providian. I have 2 accounts with them. One is at 0 but my VISA has a $3500 balance at 16.9%. If these nuts decide out of the blue to jack-up my APR to 29% as GEORGE would say I'm going to have to do some serious BT's!

 

Re: Providian Cancelled My Credit C

MiamiBlues
That's where I was all summer. Watching everybody else get the letter, and waiting for it happen to me. But, I was hopeful it wouldn't.

Good Luck. hehe. close 'em. Down with Providian!

 

Re: Providian Cancelled My Credit C

Did you ever get the letter?

 

Miami-
I *think* if you get one of those letters you may be able to close the account and keep your current terms. If you keep it open you are saying you accept the new terms. Again, I THINK!

 

I think your right too. It just gets me how these crooks have made lots money off us charging annual fees, credit line increase fees, selling us useless services we never use for cl increase and then toss us to the side like a candy wrapper.

If you don't pay your bill or your always late then fine...cancel the account. But don't pick on the poor soul who's paying you as agreed, trying to re-establish his/her credit and pays you loan shark interest rates because no one else will give them a chance. Its not fair but then again who said life was fair.

Just venting.

 

What i want to know is:
Say you got the card 9/00 and you get a letter today saying they've closed the account yadda yadda..... well last month you paid your $69 or $89 annual fee, well that fee is for the NEXT year not the last, is Providian refunded or prorating the difference?????

 

Re: Providian Cancelled My Credit C

Oh yes. I received it Saturday. It did not brighten my whole weekend.
I called their Customer Service and was told that I have until Nov 1 to close the account or accept the new APR. If I close the account, I have until forever? to payoff the balance with the current APR (which is still high at 23.99 I believe).
They are checking credit reports and determining customers unworthy. Yet, my credit is better than when I started with them! My Providian profile is excellent, I've always been a good customer. I receive more card offers now than I did when I started with Providian, so it's time for them to go.
Oh, and the thing that bugged me most about the APR.. the regular and defaulted APR are the same!
amending account agreement to:
a) add a grace period for purchases if your account does not already have one
b) increase the apr on your account
and
c) add a provision regarding the default apr

apr is prime rate plus 24.24%
default apr is the same.

and if you pay on time and their review of your credit history satisfies them, in 12 months your apr will be prime rate plus 19.24%

Down With Providian!

 

Re: Providian Cancelled My Credit C

KHM,
My letter seems to arrived just short of my annual fee time. So, I think, although I have no real proof, they may be sending off the letters before, as part of an annual review of your account.
For example, my review is determined to be Dec 2003 for the 19.24% interest rate, and my cutoff date for cancelling is Nov 1.

Ducky

 

Re: Providian Cancelled My Credit C

Boston,

What was the limit on that card and what % was the available balance on an average. Were you paying anual fees?. Just curious what made them to cancel

 

Re: Providian Cancelled My Credit C

My situation is also the same with limit of 1000 and I hardly use it as I dont have grace period on it. I may get that letter also pretty soon.

 

Re: Providian Cancelled My Credit C

I expect to get the letter too. I don't have an annual fee, but I have 24.9%. my balance is only $10, because I BT the rest this month. I was hoping to keep it for my ratios--I don't care if they jack it to 29.9, because I'm never using it again. I just didn't want to close it, I've only had it since May. I'm hoping to keep it at least another year. We'll see now....

 

Re: Providian Cancelled My Credit C

I think I may be in the letter getting club also. My husband got a letter that stated "congratulations, because of the way you've handled your credit we're going to let you be a customer for one more year". Basically even if we get by this year, the whole thing starts over NEXT year.

Who wants to keep wondering when they're going to close us!!!

I think we all need to dump them before we get the letter? If we wait it shows "closed by credit grantor" instead of us right?? I'm going to call them today. My rate increase takes effect in Dec but I thought we only had by last April or May to keep your old terms if you wanted to close it with a balance.

Newstdt

 

Re: Providian Cancelled My Credit C

For those of you who have the secured card, do you remember how long they have to refund your security deposit after you cancel your card? I can't find my paperwork.

 

Yeah, but don't you still have no personal state income tax in NH?

-ingenue