Just called Providian retention number (800) 215-7318 and the first thing the rep said was "Account Benefits...I understand you want to close your account today". I was like, huh? NO! Then she stated, oh....this is the line to close your account but I can help you with other issues as well. I hung up. I was charged a $59 annual fee today. Also received a $100 increase as well. I'm trying to see if I can get the waived, etc.
MP$40, Yes, they often say that re "understand you want to close your account today". I always answer "no, I do not, but I have a question about _____". It's no big deal to call them directly, though some reps get irritated and tell me to call the main number next time. They are waiving annual fees in addition to line increase or interest rate reductions. When your next 120 day review comes up - ask for a fee refund along with one of the above offers.
Yep...your right. My next increase is next month since I received an increase in March and it hasn't been 120 days yet. I'll call in a month and ask for an increase plus the annual fee refund.
Thanks so much, all of you! I called and got what I wanted, which was the refund of my line increase fee. I wonder though, if you can just call and ask for a refund, why does Providian even charge these stupid fees anyway? But thanks again! I feel good!
Re: I just called and they told me flat Call back? Call and listen to the reps opening greeting. If they sound funky, hang up and call back. Keep calling until you get someone that souds upbeat and cool. I like talking to male reps...that's just my stragegy. Also, you know you can't just call up and starting hammering them w/ demands. You have to put on a dog and pony show for them!
Because for every 1 credit saavy person, there are 5 credit newbies. Hey.....my numbers maybe be off but you get the point. Until I found this board, I didn't know how easy it was to do half of the stuff pertaining to credit, etc. I didn't even know you could call and ask for a lower apr, I didn't know you could dispute inquiries, etc. But it seems like I'm still learning something new every day.
That's the point of calling it a "RETENTION" line: It's the people who try to RETAIN you as a customer when you've already complained to the regular customer service people and said you were going to quit your account. They don't want you to quit and will basically bribe you not to go away. When they answer the phone saying, "Hi, I understand you want to close your account today," you should answer, "Yes, that's right, because my other credit cards don't charge me an annual fee and such high interest rates." Then be quiet for a second, and watch the "retention" person do everything he/she can do to change your mind and stay. The last thing you want to do is say you aren't thinking of closing your account because they'll wonder why customer service sent you to them. Plus they won't have any incentive to sweeten the pot for you. Remember that customer service only sends people to retention as a last ditch effort to keep you as a customer. Doc
This only works if you *are* willing to close your account if they don't offer you anything. I never say "close it" unless I have the wherewithall to actually do so if push comes to shove. While some may differ with me, I personally believe, based on my discussions with retention reps and some posts on CreditNet, that Providian is "computer-controlled" in terms of benefits offered to a person's account (i.e. if the computer says "no go" then you can forget it, unless evidently you're talking with someone in the Executive Office). Furthermore, I believe the flexibility of what is offered on any given account is based on the "category" of the account when it was opened (i.e. if you opened the account under super-subprime conditions, it will be difficult - if not impossible - for Providian to make changes overriding the computer's offers). The benefit of retention is that they will be more forthcoming about lower interest rate/credit line increase offers than regular reps, and they will give you increases without your having to pay for them. So, I call them to cut through the fluff of lazy or unknowledgable reps.
Re: Called Providian Retention Numb Marci, respectfully, I disagree with you. You don't say, "Close my account." You say, "Yes, I'm thinking about closing my account soon because of the high [fill in the blank] charges." Retention personnel usually receive bonuses for keeping customers. This whole business about calling retention people and saying, "Uh, no, I'm not going to close my account" doesn't make sense to them and really doesn't benefit you. When I called the retention line, I basically said I was thinking about dropping Providian because the 24% APR was so outrageous. I mentioned that I really enjoyed Providian otherwise and that it really saddened me to think about leaving, but that other credit cards were offering far, far better rates. I even said something about the Fed dropping interest rates, etc. The retention guy lowered my APR (Providian Gold) from 24% to 17%. Major reduction! He also said that I would be up for a credit line increase soon. I thanked him and basically said that he had changed my mind and that I would definitely stay and that I certainly didn't expect them to be so flexible. (Yawn, I expected them to be so flexible. Years of experience with retention people teach you how to play their game.) Doc
Re: Called Providian Retention Numb Yes, a rep once told me this, too. He also said that he'd like to give me what I wanted (at that time a credit line increase) so that he could get his bonus, but he was prohibited by what the computer offered me at the time b/c I was within their 120 waiting period. Fair enough. But I've gotten benefits to my accounts after I told these reps that I didn't want to close the account. My account is in a position to be closed easily (a person with a zero balance not threatening a closure is still a more serious risk than a person with a $4000 balance who routinely pays the minimum yet threatens to close), so generally the reps have overlooked my motivations for calling and given me what was available.
Re: Called Providian Retention Numb First thanks to Marci, PsychDoc and MP$40. Good info from all of you. Doc, say the retention rep opens with "Accounts benefits...how can I help you today?" and you respond "Yes, I'm thinking about closing my account soon because of the high [fill in the blank] charges." and the rep counter with "Ok i can help you with that..." or something other than an offer to change the unfavorable term. What do you say then? Do you think saying "Well, I really have liked the service I've gotten from you, so I it would be possible to raise my limit?" is a good thing to say? Or would you recommend somethingn different. Also, what do you mean by dog and pony show MP$40? PS Sorry to be crossing threads...
Re: Called Providian Retention Numb Dog and Pony show....you know.....play the roll, act the part, do and say whatever to appear to be nice and pleasant so that you can get your way. Schmooze a little, kiss butt, whatever you wanna call it. My last *Dog & Pony* show was when I called Macy's for an increase. I was super nice and stated that I was getting married and needed to purchase some bride's maid dresses! HA! The rep liked me so much that she continued on to inquire about my wedding, what colors I chose, and all sorts of other stuff! I got nervous there for a sec but pulled it off. Hey...creditor's mislead people all the time so me telling a little white lie to get an increase is peanuts. What I told her was true...that I am getting married and everything....I just left out the fact that I had no fiance and no wedding date set YET! ;-D
Re: Called Providian Retention Numb That makes a lot of sense. My account actually did have close to a zero balance when I received the big APR reduction. I'd say something like, "Hi, the customer service team transferred me to you because I've been considering closing my account and will make a decision about that in the next few weeks. The problem is that I love Providian and the great service but the APR [or annual fee, or extremely low credit line, whatever] is just so terrible compared to my other cards. The customer service line said that I should tell this to you, so here I am." Actually, Marci makes another good point. Since they're probably on commission and have a desire to lower something on your account for that reason, within the bounds of what their computer will allow, you might be able to say just about anything to the retention people and get results (Q: "Hi, my wife mistook my Providian Gold card for a knife sharpener, and now it looks like an accordian. Can you help me regain my sanity?" A: "No, but I can lower your APR.") Bottom line is that somewhere in this thread lurks wisdom regarding all the different and evidently effective ways that people achieve success dealing with retention people. You may as well give 'em a call and try your luck. Doc
Re: Called Providian Retention Numb LOL Say, could that constitute a "misrepresentation of a material fact" ? Nahhhhhhh Saar
Re: Called Providian Retention Numb Marci ? You stated that a person calling retention with a paid to date account is more important to the issuer than someone who owes them 4000 bucks?Where do you come up with that logic?
Re: Called Providian Retention Numb Marci,to expound on my last post,would you be more interested in a customer who owes you nothing,or one that owes you 4 large?
Re: Called Providian Retention Numb Brad, I know you directed the question to Marci, and I'm sure she'll answer, but I wanted to field this one too. I do agree with Marci that a retention representative is more likely to do more for someone with a low balance (say, 10-40% of their credit line) than with a high balance (> 60%). The reason is pretty simple. If you only owe them $50 and have a record of good payments, it's clear that you could pay off that $50 very easily and move along to some other company. On the other hand, if you owe $4,000 and your record of payments indicates you usually pay only the minimums, the retention rep would surmise (probably correctly) that it wouldn't be very easy for you to come up with the 4K and just resign the account. Remember that retention people exist to prevent you from bolting as a customer and going somewhere else. If you look pretty mobile, they'll do what it takes to keep you. If you look like an indentured servant, there's less of a need to open the cookie jar for ya. Doc
Re: Called Providian Retention Numb Brad, Doc answered your question perfectly. I'd also add that you have to remember that all those "account review" inquiries on your CR are maintained by the issuers, so that when a retention rep is talking with you - he or she is also looking at the last credit report they pulled on you. They can see what your options are wrt other credit cards based on other open accounts and new hard inquiries pulled. For example - my Dad had an AWFUL Aspire card with 27.7% APR. When I found out about it, I immediately applied for a Citi card for him and he got approved for $18K. Later when I called Aspire to cancel that card, I told the retention rep that I was appalled at how predatory they were on an innocent man with perfect credit ( I really let them have it) and that he would be taking his business elsewhere. Note - I did NOT tell the rep the name of the new card. But he said, "Well miss, you should know that Aspire offers Visa accounts and you wouldn't want to only have a Mastercard account to depend on". He would not have known this had he not looked at my Dad's credit report, seen either the Citi inquiry or tradeline, and known that Citi was phasing out it's Visa cards. I was truly impressed with his last effort pitch, but I still let him have it. You know, projecting from my own experiences in sub-prime land.
Re: Called Providian Retention Numb You both made good points.What I was trying to say was that retention also does not want you to file a BK on them.
