<HTML>"The Providian Financial Corporation, one of the nation's largest credit card companies, agreed yesterday to pay $105 million to settle class-action lawsuits brought by its customers, who said they had been signed up and billed for services they never ordered." Read the full story <a href="http://www.nytimes.com/2000/12/29/business/29CARD.html">here</a>. ***The New York Times requires registration to read current articles. However, registration is free and only takes a few moments. </HTML>
RE: Providian Settles Lawsuit, It doesn't matter. Providian is still a scum of the earth credit card issuer. Not quite as bad as CCB, but almost. They are the ones who pioneered many of the business practices used to screw card holders that are used by other credit card issuers today including: 1. We're going to check your credit report every month and if you are late with someone else, we'll jack your rate up. 2. We won't tell you what your interest rate is going to be until we get your credit report and decide. (Risk based pricing). 3. We'll stick change of terms notices in your bill and make them look like throw-away ads for cheap luggage and other crap you don't want so you will throw them out and not read them. 4. We'll sit on your payment until it's late, so you get a hefty late charge and extra finance charges. 5. We'll send your bill out 3 days before the payment is due so you can't possibly pay it on time. To name but a few....
RE: Providian Settles Lawsuit, I agree with your Rolo. I've been with Providian's Gold card for over 6 months now, and I've never had a single incident that J. Edgar described occur to me in that time. I've gotten their bills with ample time to pay, and I've found they credit payments rather quickly. I've never had "hidden" changes in terms or any other similar tactic tried on me by them. If anything I've found them to be exemplary. While I understand there were problems in the past, they appeared to have reformed quite honestly. William
RE: Providian Settles Lawsuit, I agree with Rolo statement.Circumstances change due to customers increasingly file lawsuits. But,maybe a yr ago that might have been their tactic toward cardmember as J.Edgar discribes. As for now,Providian has paid a penalty for their notorious acts.I believe, but I may be wrong about their aggressive toward future consumers rolo wrote: ------------------------------- I have not had those problems with providian,so I have to disagree.
RE: Providian Settles Lawsuit, The San Francisco District Attorney would disagree. A year or so ago, Providian's tactics were notorious and the scandal, investigation, and lawsuits forced Providian to change. rolo wrote:-------------------------------I have not had those problems with providian,so I have to disagree.
RE: Providian Settles Lawsuit, I have been with Providian for 5 years and have never experienced any major problems. My statements have been received well in advance of the due date, payments are credited promptly with & without the payment coupon and customer service has been great. Nothing has been added to my account without my permission. I'm not saying that the complaints made by consumers are not valid (something must have been wrong), but I wanted to share my experience as a satisfied customer of Providian.
RE: Providian Settles Lawsuit, Most of the 'problems' with Providian occured in the 1996-1998 time frame. Since then, they have shaped up somewhat. My main point was the Providian pioneered many of the bad business practices that are now common place in the credit card industry: risk-based pricing and not knowing what your interest rate will be when you apply for the card, cramming charges onto bills for unwanted or useless services, poor customer service, undue delay in posting payments, resulting in late charges, etc. They may have cleaned up their act after getting their assets cleaned out a little from fines and lawsuits, but I will never apply for another card from them.
RE: Providian Settles Lawsuit, I think you're right, J. Edgar. Providian broke new ground. Certainly, a dubious distinction. And from what I remember reading on the old board, many will never forget Providian's record of customer abuse. Too bad CCB isn't headquartered in San Francisco.
RE: Providian Settles Lawsuit, Amazing thing is, the attorneys for Providian are thick in the middle of the CCB CA class action...and seem to be ok with the wimpy settlement that bascially allows CCB to walk without spending a dollar... Hopefully the fact that a new judge has been assigned will put fresh eyes on Rocco's antics...
RE: Providian Settles Lawsuit, Don, when will I receive my offer of $50 toward a new Cross Country Card? I can hardly wait for another opportunity to spend months in Hell with my friends in "Customer Service." What a settlement! Offer CCB more chances to raid my checking account, melt down my answering machine, and test the limits of my sanity (what little they left me with, that is).
