Marie stated in "Lower APR from Providian" that they refunded her annual fee, but won't do so every year. Is there a distinction between refunding and waiving? Has anyone been successful in getting the annual fee waived, so that it never comes up again? Also, is it better to negotiate for different things (waiver of annual fee, lower interest rate, higher credit limit, grace period for purchases) at the same time, or to keep your requests separate and four months apart, as Marie suggests? My annual fee won't occur again for another 10 months, so I guess I could split things up if I had to.... Appreciate your posts, Marie. Since you reminded us about negotiating, I realize that it's getting to be that time for me as well. I've been with Providian for over a year now, with never a late payment....
They told me they cannot waive the fee totally, they can refund it every year. At least for classic and gold accounts. And yes, you can negotiate multiple items at once, it all depends on your history with them and what other accounts you have. But if you have that much until the next fee, you should concentrate on APR reduction and line increase
A waiver would be a permanent change of terms: no annual fee ever. I've just gotten the 59 refunded (in full) this year. I also was given a MC w/500 limit 2 months ago and as soon as it arrived I immediately called and nicely told them how disappointed I was to see the old, bad terms since I have great credit w/them on my Visa. IMMEDIATELY he refunded the 59, and he asked would I like to go from 23.99 to 19.8. I sounded disappointed, so he went to 16.9. All in one call and I am always as nice as I can be to Providian. I have been told, several times, that they can only REFUND one annual fee per card EVER. One refund. But I'm guessing I can get terms upgraded in the next year and not have to deal w/it. Or I'll cancel them. I'm a "TWEENER" now.. in between Prime and SubPrime and I know it so I really push my SUbprime cards. Maybe too much, but the worst thing they ever say is to wait a month and call back. Getting Providian to do something nice for me is like clockwork. Every 120+ days I call again!!!
Marie, Thanks so much for the further details. This is an important issue for me. It sounds as if you got the annual fee refunded after it was already charged. Maybe if I call in advance every year, I can get it waived every year? And how did you find this nice guy? Was he in customer service or retention?
This nice guy may have been retention. On the MC I really wanted to cancel it b/c I'd gotten better offers in the mail. The 59 was charged, of course and then rebated. This is a "little" request, I think. Interest is little too. the 120 day thing seems to apply for only line increases/ gold/platinum upgrades. I was once told I couldn't get gold b/c I'd just gotten a line increase so thus far I've gone for line increases... but I'm now trying for actual gold (I have gold status but not the card). By the way, I see this as a huge game! I put updates on Outlook every 122 days (and I make sure I've counted the days correctly) so everything's in my favor when I call. Know the system and work it actively. My goal is not to leave Providian but to get it close to a Prime card. I truly appreciate them taking a chance on me and I'm loyal... but I've increased my expectations of them and since I know I'm between Prime and subprime now... I push every card I have. By the way, I've always gotten my requests from Providian for increases... Capital One and Household say no lots.. but I call them every 2 months b/c I can't find a tried and true rule for them. Capital One has twice broken their 6 month rule and increased me but I did have to go to retention with them! Unlike Providian, Capital One looks at every little request equally. Very conservative... which is probably why I like Providian so much more!!!
I waited to take out a Gold card without a fee. The first offer form providian came about a year after my chargeoffs. It was hoorible. A year later the same mail offer waived the fee. I accepted. I still have that hoorible 24% interest. If I were you pick a priority. annual fee or lower interest. Then negotiate.
If you have an offer for no annual fee EVER then take it even with the higher interest rate. In my exp, they go down on interest rate easily. Have a goal of 16.9 in the next 4-6 months from now!
What apr. are you at now? If you don't mind me asking. My Providian gold card has no annual fee, a $3K limit, 25 day grace period but that same 24% apr. In 2 months I plan to negotiate the interest rate. Well try to negotiate anyway. LOL
RE: What apr. are you at now? 16.9 of course. I have a classic card, 17 mos, 5600 limit and the day after my 1 year anniversary I called and asked about the interest rate. 23.99 was what I had for a year. The guy offered 19.9 so I asked how much better he could do because, my credit score had improved quite a bit in a year and I was getting preapproved offers from other companies in the 14s and 15s (My capital one is 15.9). He finally gave in to 16.9 which didn't make me jump... but it was better and he told me that was their best rate. period. I've since realized it really is. If you've had the card a bit and you've got a good pay history w/Providian call and ask. The worst they'll tell you is to call back later! And if they lower it, keep asking until you get 16.9. By the way, I've got a new MC (3 Months old) and 3 weeks after I got it I called and complained about the rate and the annual fee. I'd had 14 months with a Visa, perfect record, 5600 limit on the visa... and they sent me the old 59 annual fee/ 23.99/500 limit card for my mc. Gimme a break. In one call I got the 59 refunded and the interest rate to 16.9 (which is simply the same rate as my other card). Actually Providian went down with little discussion... so good luck. (I did have to wait 12 mos for the first rate to decrease, but after that I think they believe I have proven myself with them) HAVE FUN!!! Oh, and if you have more than one card and they've already gone down on the first, do the second too!!!!!
