Providian has sent out notices to Amend the Account Agreements to include Arbitration Provision. They do mention that you can say NO to the provision by writing that you want out within 45 days. Any thoughts on this from the experts?
Lizard, I thought you only had the First Preimer and Chase cards. You have Providian too? What sort of deal did they give you?
I consulted my attorney (roommate) and she didn't really see a problem with the aribitration agreement. It's interesting that they give you the option to opt out of the new terms. All credit card companies should do that (let you opt out of certain things).
what I'd like to know is what happens if you decide to opt out? The notice said that you'd continue under the current terms but do they then flag you as a potention source of trouble and cut you loose the second something looks bad? Okay, so I'm paranoid ;-)
I have the same worry. If I asserted my full legal rights, Providian could decide not to grant me any more line increases. On the other hand, I may not want much more credit from them at my current 24% APR. If I ever succeeded in upgrading my Providian Visa to a Platinum Visa, I would want to keep the card for a long time, and therefore would NOT want an arbitration provision in my agreement. But if I refused the arbitration provision, I could probably never get a Platinum Visa.
