My fiancee received a Providian pre-approval for a $3000 credit line @ 0% for six months, with a defaulted rate of 28.99% and a fixed rate of 24.99% after the six months. Right now she has a fixed 5.75% (we both work as bill collectors at the same place so she has a card as well) with a $1000 credit line and she has a 16% card with sears with an $800 credit line. They both are at about 80% ratio, so she says she wants to go ahead and get the $3000 limit, balance xfer both cards to the 0% and pay it off before the interest rate shoots up. I hear bad stuff about Providian though, so please advise me.
Hey, I know only she can make the decision, but you could point her toward these recent posts: Tell her good luck though.. ;-) http://consumers.creditnet.com/straighttalk/board/showthread.php?goto=newpost&threadid=34545&pgnum=1 http://consumers.creditnet.com/straighttalk/board/showthread.php?goto=newpost&threadid=34554&pgnum=1 http://consumers.creditnet.com/straighttalk/board/showthread.php?goto=newpost&threadid=34527&pgnum=1 Don't forget to do a search for 'providian', you will be up for awhile ;-)
Does the pre-approval come with a no fee BT? For the small amount she would Bt, any fee would eat up the interest rate savings. I'm not sure I be in any hurry to have a Providian card.
Hi ccollector - I closed my card about a yr back - at that time, they sent me a new T&C - that I would be jacked to 23.99% - for no given reason - unless I paid off balance and closed. I was perfect - sometimes - at that time - carried a balance - but only for maybe a month each time. They did not make enough on my acct - so they snapped me the increase. All their offers lead to getting a BALANCE into Providian's jaws, then jacking that cash to 30%. Hey, a 30% return is fantastic - for Providian; a savings acct pays 1-2%. WARNING: It could happen that you "pay it off before the 6 months" but there likely will be charges somehow. aarff - dogman
Re: Fiancee received Providan pre-a I received a similar offer approximately one year ago. My credit is better now. They are hiking my rate from 23.99 to 28.99. I strongly advise against Providian. With my new terms my regular APR and Defaulted APR are both 28.99. I've never done anything negative on my account, I was told it was based on a review of my credit report. Yet, I'm better than I was when they gave me the card. Down With Providian! I'm starting to feel like I should have a little party when I finally pay off my last balance. Ha! Wash those scumbags right outta my hair. Ducky
