My boyfriend has a Providian CC with a interest rate of 27%. He has been a loyal and on-time paying customer with them since 1999. He assumes that because he received a judgment against him from American Honda Finance Company last year that that might be the reason for the interest rate hike. (Currently, he is in court fighting the judgment.) When he called them to have it lowered, customer service stated that he has had two late payments within the last 12 months that that if he continues paying on time for the next six months, they interest rate will be lowered. The six months has come and gone and the rate hasn't been lowered. Is there any other CCs out there that he can switch to just in case if he's not able to have the judgment removed and Providian still refuses to lower his rate?
I've had my Providian account for just over 5 years. I called them a few months ago asking for an interest-rate reduction...I have never made a late payment with them. They told me that they were unable to process consumer-requested APR reductions. I had called a year prior and they were able to give me an interest-rate reduction...when I asked about it they said that their policy had changed. I went to Planet Feedback and contacted Providian. They called me back and informed me that there was no way to reduce my APR and that if in the future I qualify for an APR reduction that they would contact me. One month later they lowered the credit limit on my Providian MC (4 years old) but didn't touch my Visa. I thought the timing was a bit odd. My goal right now is to pay off my Visa (I paid off my MC through a BT right after they pulled that stunt) and then just let it sit since its my oldest CC TL. I agree with the previous poster...switch companies, its doable. Good luck.
