Planet Feedback - Providian

Discussion in 'Credit Talk' started by Jim, Apr 6, 2001.

  1. Jim

    Jim Well-Known Member

    In January, I received a $3K, no annual fee, 25 day grace period gold card from Providian. The apr. was 23.99%. Outrageous. My 3 other visa cards are now 13.9% each. 2 of the 3 are fixed apr. and the Cap One is variable.

    When I accepted the pre-approved offer from Providian for the card, I knew that I would start doing things to get that apr. lowered over time. Therefore, I called retention when the card arrived and tried without success to negotiate a lower apr. No surprise that I could not negotiate a lower apr. as I really do not want to cancel the card until I have used it for 2 years as a "credit builder". The Providian card is one of 9 active tradelines I currently have.

    Last week, I wrote an E-mail to providian via Planet Feedback and complained about the apr.I received a response today. Here is the response:

    Apr. lowered to 19.8% effective in 1 - 2 billing cycles from now. A 4.199% reduction is welcome, but I have to laugh at this stalling game. You see I am in the middle of the 2nd billing cycle right now. So the new apr. will be effective 90 - 120 days after I started using the card. I was also informed that my account will be reviewed every 3 months for further rate reductions. What this means is that I will be contacting Providian every 3 months to see what I can get out of them. I don't expect to receive any further rate reductions without asking for them.

    Overall, I am satisfied as I intend to pay the balance off on the card every month and as I said it is only the 2nd billing cycle on the card. Also, My Chap 7 BK was only discharged 26 months ago so from the Providian viewpoint, I am not exactly super prime credit YET.

    Congrats to Chet on his 16.9% on his Providian card. This is the rate I am after when I negotiate with Providian again in 3 months.
  2. Cadillac408

    Cadillac408 Well-Known Member

    Re: Planet Feedback - Providia

    16.9% is what I have on my Providian Gold also. I don't unerstand why they put you at 19.8%? I went from 23.99% straight to 16.9%. I negotiated this rate sometime this year I think (can't remember exactly when). I've had the card since June 2000. Just recently got a free $1k increase that I had to call retention for.
  3. Jim

    Jim Well-Known Member

    MP$40 Your post is encouraging

    I believe that the extra 7 months you have been with Providian got you the lower apr. Were your other terms the same as mine? If you don't mind me asking.
  4. Cadillac408

    Cadillac408 Well-Known Member

    Re: MP$40 Your post is encoura

    No, I have an annual fee (got it waived first year though) and I have no grace period. :(

    Also, this card shows up on my reports as SECURED. I had to send the application back w/ $49 fee to secure the card I guess. You think I should call to see about unsecuring the card and getting my $49 back???
  5. Chet

    Chet Well-Known Member

    Re: MP$40 Your post is encoura


    I got a flat 16% (not 16.9)

    I fought hard for that extra 0.9% :0) (not really)

    I have not yet applied for the Nordstrom card - but I plan to when I get an opportunity to get to Nordstrom's. I will apply directly at the store.

    Although, I did apply for the GM Card and was denied. I think you may have posted asking about this card. I was debating whether to apply for the Household card (Creditnet has a link to apply), or apply for the GM card (there both offered by Household credit services).

    Obviously I made the wrong decision!

  6. To: MP$40

    To: MP$40 Guest

    Contact Providian

    You should have an unsecured card by now - In my opinion.

    Cap One unsecured my original classic card at one year. $99 for a $1,000 card and never reported it as secured. Since Cap One is a competitor, I bet Providian is similar.
  7. Jim

    Jim Well-Known Member

    To: Chet

    Sorry about the 16.9 vs. 16%. My error.

    I am very disapointed that you did not get the GM card. Somehow, I got the impression that the card is less difficult to get so I applied on-line. I expect a rejection now. I am supposed to be on the credit wagon but I got cocky after success with Cap One, Target and Providian in the last 2 weeks. Oh well, live and learn. 3 steps froward and 1 back. LOL
  8. Chet

    Chet Well-Known Member



    They stated "derogatory public records" as one of the reasons. Also Jim, when I got the rejection letter, they said "We appreciate your interest in the GM Platinum Card".

    I had no idea that I was applying for the platinum card. I applied at

    Did you apply for the platinum card? Where did you apply?

  9. judyputy

    judyputy Well-Known Member

    Re: Jim

    Just to comiserate with you... I have had my Providian Gold card for 6 years now and JUST got them to lower my rate to 19.4. I can't have the 16% rate because of some crap about the rate being higher since they took over the card from First Union. Whatever. I have called and called to never get any satisfaction.

    I have also tried the close my acct scam and they closed it in a flash. I then had to say I was only asking about closing it, I really didn't want it closed and they had to re-open it. I have paid off half the balance by doing BT's to other cards. I am going to try next week to negotiate a lower rate AGAIN using the fact that I am getting rid of the balance so I can give back your card, but who knows if that will work either.

    I won't close it because it's one of my oldest tradelines. So I will eventually pay it off and just play with it. Maybe when they get NO money they will deal with me. Don't feel bad though, you aren't the only one getting yanked around by them.

  10. KelTex

    KelTex Guest


    Same boat as you Judy. Like the card, but they will not budge; in fact, recently raised my interest rate to 25%!!!

    My strategy is to make big payments on this in the next 3-4 months to about 20% of limit, then see if they aren't ready to negotiate.
  11. Chet

    Chet Well-Known Member

    Re: Judy

    Judy, did you have a $0 balance at any time that you tried to negotiate with them?

    I had paid my balance down from about $2,000 to $0. It seemed that having a $0 balance may have made the difference for me.


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