Providian and PFB

I knew someone that had this card. His interest rate started at 19.99% and moved all the way up to 28.99%, without any payment problems. They claimed his credit history was the reason for the increases (had credit problems in the past, but were resolved before this card).

I suggest to cancel the card. Providian sucks anyways.

 

I say close it. There is NO reason to have a 20%+ providian if you already have cards that are prime. Do yourself a favor and get rid of those leeches.

 

I vote for closing it as well.

BUT--on your BT, I have something for you to think about. You have 0% for six months. You said you were going to pay it off in three. Why? I would pay minimums for five months, then pay it off just before the rate expires. You could put the money in the bank or get a 90-day CD and MAKE some money. You're getting free money. Make it work for you. Don't spend it, keep it somewhere getting interest until the end. As long as you pay the minimum payment, you'll be fine.

I'd take as much money as I could get at 0%, put it in the bank or a CD and take as long as possible to pay it off. That's how you build wealth. You make other people's money work for you, not have your money working for someone else.

 

But how much can you get? Citi will send a check to you that you can deposit in your account.

Besides, every little bit helps.

 

Sometimes, Citi will send you a check and not treat it like a cash advance. When I receievd my Citi Platinum Select, I had Citi mail me a 4k check. It was considered a balance transfer for 0% for 1 year. There was absolutely no fees associated with it at all. Call them up, its worth it!

 

Exactly what I meant. If you get a BT offer from Citi, you can call them, get a check sent to you, and it is considered a BT and gets all the terms of the BT. I do it all the time--I'm getting ready to get another $5K on my AT&T Universal (Citi) card for 3.9% for the life of the transfer.

You can't get the check payable to you online--you have to call. But they're very pleasant and accommodating. Just say you saw the BT offer online (or in the mail or wherever) and you'd like to get a check payable to you. They'll go over the terms of the offer to make sure you understand, and they'll tell you how much you have available. Many times the offer comes with a line increase, so you can get more than you expect. Just make sure you leave enough of your credit limit available to cover the interest for the month, since it accrues from the time of the BT (they'll tell you this). Several days later, the check is in your mailbox.

I then set up AutoPay, which deducts the minimum from my checking account on the due date. No worry about ever being late. You can still make payments for extra if you want, but when I have this low of a rate I never do. This becomes a worry-free account for me.

I think this is one of the best things about a Citi card. I wouldn't pay for a cash advance either. But I sure don't mind using their money for nothing!