Yes that is my interest rate on one of my cards. I just called Providian (UGH!) to ask them to lower the interest rate and the woman said no then instantly tried to sell me some vaca package. If I close my acct with them owing a balance will my rate go up? Has anyone done this and what happened? KHM
Did you talk to someone in retention? I just opened a mastercard by invitation and had that crappy rate. I called two days after I activated my card and I got it down to 21.99. I know that's still high, but the rep was right - I had just opened the card. I still sent a letter to PFB requesting them to match the current rate that i have for my Providian Gold Visa and Getsmart (16.9). They haven't responded yet...
I don't think it was retention, I asked who I would speak to about getting a lower rate, she said her then immediately said nope its a fixed rate can't touch it. Would you like to buy BLAH BLAH BLAH, I hung up. KHM
Maybe you can try calling back and asking for the Retention dept. If they ask if they could help you first, just say you were "considering" closing the account. How long have you had the card? How's your payment history? I always say " I would love to stay a Providian customer, but this interest rate is really high and I have cards with much lower rates. Is there any way we could negotiate a lower rate?" It may only go down a little, but then you could always fire off a letter to PFB or call a month or two later.
Sounds like the same ignorant woman my husband got when he called to activate his card! Kept trying to sell him credit protection. Told her no three times then she tried to slip the protection in "and I've included the blah blah blah protection on your account." At that point he blew and was nearly screaming at her! The only reason he didn't hang up was because he wanted to confirm the account was activated. BTW hypothetically let's say CC rates went up to say 29.9% (Aspire type rates), would the 23.99% still be a fixed rate or would Providian decide it's no longer a fixed rate? LOL
Don't ask for retention... say you want to close your card. they'll ask why... you say interest rate... then they'll transfer you. Then, when you have retention.. they'll ask why you want to cancel. Tell them you have a friend who has a similar credit history and they have 16.99 and you've got 23.99... see if they'll drop it. They may offer 19.8... hesitate and say you really wanted to leave some balance and so the 16.9 is what you really need... then when you have the interest rate reduced... Tell them the other thing that really bothers you is that huge annual fee. Seems odd that there's an annual fee and such high interest even at 16.9. Tell them your friend also got the annual fee refunded... see if you can get that too. The combination of the 2 will save you some good money.
Don't bother w/retention-send them an email via Planetfeedback. Worked for me-from25.99% to 16.99%. 3 calls to retention accomplished nothing. It took them about a week to respond.
