Re: Providian - Interesting News It I have to testify that Providian never has caused me one minute of duress and has given me with their card the chance at spending power. I have used the online payment service for two years and no screwups, no probs. The customer service seems worse than Citibank and others, but they have always been courteous and friendly.
Re: Providian - Interesting News It Careful, guys...I got my wrist slapped yesterday for being too positive about a credit issuer, LOL!
Re: Providian - Interesting News It Voyager, I said that I liked a billing feature on one of my cards and someone cracked wise about it. Look for the Hecht's thread from yesterday. No biggie. I for one welcome positivity on this board! The love has returned to Creditnet... )
Re: Providian - Interesting News It Should we add to "no happy dancing?" perhpas "no posting of compliments" and "no praise of CCC's" hahahahahahaha!!! thank goodness love has reutrned to creditnet. <happydancing on the sly>
Re: Providian - Interesting News It NEW RULE: No wrist-slapping is allowed. RULE REVISION: The ban on happy dancing is now rescinded. LI'L REMINDER: Self-appointed rule-makers like me should be card-whipped with Cross Country Bank secured plastic. Doc
Re: Providian - Interesting News It Those who are praising Providian at this of all times are missing an important point: PROVIDIAN IS LEAVING THE SUBPRIME BUSINESS BECAUSE THEIR MODEL DOESN'T REALLY WORK. They overcharged good subprime risks to pay for the bad risks, just so they could maintain their artificial "growth" rate and keep the earnings scam going on their stock. The whole thing was a fraud, and as a result Providian can't help anyone out of subprime hell anymore. Thank God the Federal regulators are stepping in to make sure these impostors don't throw any taxpayer-insured deposits down the toilet. The last thing we need is for U.S. taxpayers to bail out another bogus "success story."
Re: Providian - Interesting News It If this is true (and I'm not saying it isn't) then it confirms what the prime-only lenders think of us. I've always said here that I don't think I will slip back into my old habits when it comes to my credit. Statistically, I may be wrong. Maybe there is something to the theory that past performance is predictive of future performance when it comes to credit.
Re: Providian - Interesting News It [QUOTEThose who are praising Providian at this of all times are missing an important point: PROVIDIAN IS LEAVING THE SUBPRIME BUSINESS BECAUSE THEIR MODEL DOESN'T REALLY WORK. They overcharged good subprime risks to pay for the bad risks, just so they could maintain their bogus "success story." [/QUOTE] There is no good subprime risk. Good and subprime on unsecured loans of any kind do not compute to be good risks. Providian made its mistake by not changing its mix fast enought of subprime v. prime as Capital One has done. I believe it has issued enough prime to have valuable receivables and will probably merge with a larger issuer in the future. They may way sell its subprime and underperforming accounts to a collection agency? Does any one else think so?
Re: Providian - Interesting News It I just receive the Providian Gold, 0% til 4/02, No annual fee, 23.99% after, mainly got it just to reestablish credit. In the fine print, $9.95 charge for phone AND online payments!
Re: Providian - Interesting News It Was that a 3x5 insert or part of the actual cardmember agreement? Supposedly, that was supposed to be a typo, but if it was part of your cardmember agreement, I think Providian is going to slyly implement this online payment pretty soon. For what it's worth, Providian is a good company to rebuild with. Just keep your balance really low, if you choose to revolve, and pay early after your statement cycles.
Re: Providian - Interesting News It Don't forget the really nice feature of this card, A GRACE PERIOD , something providian doesn't like to give out. I got this offer after months of getting the "clear" offer (no intro rate, no grace period). I agree with marci, if you don't carry a balance after the first 6 months, this is a pretty sweet deal for sub-prime. BTW, The 9.95 has always been part of the offer. They're just waiting for the right time to implement it. Typo my a$$.. -Roman
Re: Providian - Interesting News It I have heard Clark Howard, the consumer advocate on radio, say over and over again that any credit card company can charge any interest they want. There are no federal regulations concerning the interest rate, he said. Would the experts here please explain why Providian would be busted by regulators? Is Clark Howard wrong, or is there a misunderstanding on what the government can or cannot do conceringing credit card corporate practices? For sure, the new bankruptcy laws were lobbied heavily by the cc companies and were scheduled to be put into law at one time.
Re: Providian - Interesting News It They have been reined in by regulators because, they are a bank with FDIC insured deposits. The Treasury Dept. does not want a possible bank failure and as a result, have told Providian to start shoring up the balalnce sheet and to start leaving the subprime market. This has nothing to do with interest rate charges on credit cards and everythning to do with keeping the banks doors open.
Re: Providian - Interesting News It HA! Most people here on Creditnet are good subprime risk. People that have had rainey dayz and are now rebuilding and becomeing more credit savvy. As I've said on other post I like Providian because they let you rebuild with REAL limit's. Name one another card that will give someone regular increases like they do. I've gone from 1K to over 10K in limit's with there cards. No one in there right mind would keep SUBPRIME interest, and customer-service after they go prime. Not to mention the stigma associated with wipping these bad boys out at a counter. Should Providian sell my account to a collection agency. I DONT THINK SO! I pay the freeKin bill. Should they deny me the lowest interest rate by bluffing retention as I've learned from creditnet members... NO I'm making them money.
Re: Providian - Interesting News It It's in the 12 page account agreement. Actually, it does say "may", here is the quote: "If you use our Paysmart service to make a single payment by phone or online from your personal checking account to your credit card Account, we may charge a fee of $9.95." Not exactly good language in a binding agreement, may!
Re: Providian - Interesting News It Shelling out $300,000,000 to settle class action lawsuits for behavior such as this without 'admitting guilt' is fairly damning.
