Providian Cardholders

Discussion in 'Credit Talk' started by Terry, Nov 8, 2001.

  1. Terry

    Terry Well-Known Member

    Here is what I found out from the Executive Offices. Providian approved me for a Gold card in April of 2001 with a 750 CL, APR 23.99.

    I wrote them about my interest rate and credit line increase. I received a letter in the mail today. They did lower my APR to 19.99. That is OK I guess, but as for the increase, no go.

    The executive offices informed me that they do a promotional inquriy for increases, and you are either approved or declined. I guess I can accept that as I have my new Chase card with a much lower APR. I wanted to keep the gold card to take advantage of the Gold Benefits.

    I logg on to creditexpert to see if they pulled a credit report. They did in 9/2001. It was a soft inquiry. My score is the low 600's. It would appear that newer customers of Providian won't get the large increases of the past, unless the fico score is high enough. A friend of mine experienced the same thing. We opened our accounts the exact same day. He was approved for the classic card. He didn't get an increase either, and they did a promotional inquiry.

    I think I am going to work on reducing the interest rate rather than increasing my line. I am going to pay off the balance, put the card away for about 6 months, and write again for a reduction in interest.

    From what I can tell the older accounts will continue to get increases as in the past.

    I just thought I would share with everyone.
  2. Cadillac408

    Cadillac408 Well-Known Member

    Great info! Thanks!

    I have the Providian Visa Gold card since June 2000. Then in March 2001 I got a pre-approved offer for their MC. I accepted. Increases on the Gold have been cool. Started at $300 and currently is $2550. The MC started off at $1k and is now at $1700. I have not received an increase on either account for quite some time now. I just recently paid the MC off and plan to close at the one year mark. I will work on paying off the Gold card and close it at the 2 year mark. Providian has helped me rebuild my credit and I am thankful.

    I'm still trying to figure out what the deal is with increases. At first they were real generous and now increases are practically non existant! The only thing that saddens me some is that I paid for all of my big increases except for 1. I will never pay for an increase ever again.
  3. keltexx

    keltexx Well-Known Member

    Try planetfeedback on the APR- I went from 25.99% to 16.99%. Customer retention did nothing for me-only planetfeedback worked.
  4. Bill B

    Bill B Well-Known Member

    Yes it seems as tho 16.99% is the lowest they will go i guess..I have there regular gold card with a %6,500 limit..Account been open for 39 months and never late..When you PF them someone will call you from there excutive office...
  5. SD

    SD Well-Known Member

    I sent Providian a PFB letter about a month and a half ago, and on Monday, received a UPS 2nd day letter (big envelope) from the executive offices in Pleasanton, CA.

    I've had my Gold visa since 11/00 and just received my MC in 10/01. I asked for my APR to be dropped from 23.99 to 16.99 (like my first card), and also to waive my annual fee. I mentioned that I still didn't see the annual fee waived on the first card, too.

    The letter came from Kashann someone and stated that my account was just opened and they dropped it to 21.9% (I had called and spoke with retention). They want to see how I handle this account and will start evaluating after 4 months, so please give them time. As for the annual fee on the first card, they don't have anything on file saying they were going to waive the annual fee, but will review thru November (my one year anniversary)and as a "courtesy", will waive the annual fee once it posts to my account.

    Just thought I'd share...

    Oh! My first card is way overdue for an increase, but i still have not received a thing. I called twice to ask about it. First time, I was told that they will forward to a supervisor and I should receive a letter within 10 business days (never did). Second round, told it wasn't guaranteed and I should just wait. No increase on my Getsmart card either.
  6. direct

    direct Well-Known Member

    I think that due to the current state that Providian is in regarding their large charge-off rate and stock dropping to below $3/share, they will not be anywhere near as generous with credit line increases as they were last year.

    I think that anyone that got in early on their pre-approved gold cards should use the cards as stepping stones towards rebuilding towards prime and then dropping providian if they do not want to renegotiate to prime rates and benefits for the existing cardholders that pay their bills on time.

  7. DaveLV

    DaveLV Well-Known Member

    The BT check I just got from Citibank will pay off both of my Providian accounts. My Visa with them is due for renewal at the end of December, so when it renews it will have a zero balance. Just before the end of December I will call them and ask to be upgraded to a prime card. If they refuse I will go for a refund or permanent removal of the annual fee.

    If they don't upgrade me to terms close to what I just got from Citibank I will still keep the cards open (for the $12,000 in combined credit limits to count towards my ratios) but I will never again use them.
  8. tom2129

    tom2129 New Member

    I love this info, I've had my GerSmart card since December. It's only my second card, since rebuilding my credit. It was nice not to have to shell out any cash for a deposit. They gave me a $500 limit to start, and I thought that was generous. It's good to hear how they've changed though. It's too bad to hear that this is the case. Perhaps, after a little more work on my credit it won't matter, and I'll be able to dump them after a year.

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