I have finally been done in with my Providian/Get Smart Platinum card. I was always please with my APR of 7.99 and service. My 8000 line was adequate. Today, I receive a change in terms.... It you have or apply for another card that they do not like APR and line can be adjusted. It their cost of business goes up, so does your APR. Further, any increase or decrease in your income must be reported. Failure to do so can violate your terms. That will be the day. I hope all creditors are not going this crazy. MBNA Gold Options also notified me today that the cost of and advance check is now 5% or 50. whichever is higher. Now we have to be defensive in getting new credit or keeping old than ever before. They do not care if you pay on a timely basis--now they want to know if you pee in a straight line, if not, up, up APR and down, down credit line H
Can someone PLEASE explain to me when it was written into law that creditors can now police us?!?!?!? This is really getting ridiculous! I am really about ready to say screw them all and cut up all the cards. Everyday it is something new. For me, it started with Citibank, then Providian. I shutter to see who will be next to change my terms because I changed my address!
I think MANY will follow you...JUST HAVE ONE or TWO VISA or MC or AMEX or DISCOVERCARD THAT HAS ON-LINE PAY...THAT HAS MILES or CASH BACK...AND CLOSE EVERYTHING ELSE... If that KILLS F.I.C.O. I guess it will be KILLED...
Unfortunately, they can make (or change) almost any rule they want as long as it is outlined in their credit card agreement. The only thing a consumer can do is vote with their feet. If enough consumers do this...the credit cards will listen eventually (or go out of business). Dani
If you APPLY for another card, if THEIR cost of business goes up, if you income INCREASES... C'mon now Providian. Those terms are absolutely ridiculous.
i had getsmart for about 8 mos, $1k cl... always paid every month on time... about 3 mos ago i get a letter saying my interest rate is being raised to 29.99%. i immediately cancelled the card and will never do business with providian again.
I've gotten a few of these rate jack-ups, etc., but I'm leaving the credit lines open, to keep my usage/available credit ratio as low as possible. Juniper and Fleet are cut up and in the trash, AMEX Optima is unactivated in a secure file (they didn't jack me, so I didn't cut them up). All are paid in full, and represent a total of $20500 in available credit (until one of them decides to lower my credit line due to non-usage or something). Daily use is AMEX Gold and a credit-union issued MC, each paid in full every month. The key to a good FICO score is not applying for credit and not using credit. I'm quite happy to comply and deny CC's any interest income that they might otherwise have earned ;-)
Hi BigH - another CLASSIC SIGN of a company in serious financial trouble.... Watch out - the barrel has been loaded and cocked- if your wife or significant other opens a preapproved account in youor name, Providian has you! I cannot believe they are threatening prime customers to this extent. FRIG EM! I am glad the only thing I have from Providian is a paid account in good standing. aarrff - dogman
It sounds to me that they do not want people to have "too much" available credit, and if you get a credit line from someone else, they will lower yours with them to protect "everyone's interests". Maybe they feel you will be diagnosed with a terminal illness and max them all out.......Who knows? You can't win for losing. Pretty soon, no one will be able to get ahead, they are trying to not just police their own accounts, but everyone else's as well, they don't want your eyes to be bigger than your stomach, financially speaking, so to say. Since when were they experts? Consumers seem to be the ones getting smarter while all these big businesses and corporations seem to be realizing they have put their futures in the hands of financial ingrates that shouldn't be in charge of counting quarters from bubble gum machines. Just my observation. By the time my scores ever get above 600, there won't be anyone left.......
Way to go George... I too recently closed 6 credit accounts and I will close more if necessary until they stop to play dirty games... George...George...George...hoooraaaayyyy... We are closing the accounts... This is not joke...I am serious...
I got the same notice from Providian today - on the MC account - the second account I opened with them. Not too long ago they updated my terms, gave me 19.99% on purchases, still the 23.99% on cash, and a grace period, then the next month they gave me a whoppin $500 CL increase. I never use this card. So, I get this notice that they are watching me, and if they don't like what I do, they can change my terms, blah blah blah, and in the same batch of mail, they send me two big blue cash advance checks, all made out to me, with big letters saying ACCESS YOUR PROVIDIAN ACCOUNT! Subtle, huh? I bet they would try to fish with nothing but a hook, hehe. Citi just gave me a $1,500 CL increase. Again. They watch me too.
I got the notice too. Funny thing is I just received the Get Smart card in May and just noticed that the date of expiration on my card in next May-- only 1 year on a card is pretty short. I am guessing that by doing that they can make the decision in one year whether to keep me or drop me. Plus, last month I was denied usage of my card cause I used it twice in one day- reason they sited, "too frequent usage". I was no where near my credit limit. Boy, providian really knows how to make its customers feel valued!
