Went to the mailbox and I got this check from Providian for $1,000. Yeppee....NOT. It is "just another way to access my credit". But I have to use the check to buy something. I dont get cash advance fees though. I think just reg APR. Who in the world sat up and thought of this one. Are they trying to be like AMEX checks.........NOT!!!! YOu gotta love Providian. roni
Scandalous! That's an interesting anecdote, Roni. A lot of people don't realize that Providian has pushed cash advances on people for a long time. I worked as a temp at one of their many California offices about 10 years ago, before they chose the Providian name. They had an entire floor full of telemarketers who would call cardholders all afternoon and evening, trying to get them to accept cash advance checks. There was a list of excuses they could give the cardholders, like using a check for car repairs, a vacation, or remodeling a home. "Would you like me to mail you a check for $3000 right now?" At that time, Providian (then called First Deposit) was a lot like First USA: they required prime credit to obtain their subprime card. There was no annual fee, and the APR was "only" 21.9%, but you had to accept a certain cash adsvance amount, I believe $2000, before they would even send you the card. Then they counted on you spending the proceeds instead of using them to pay off the balance. First Deposit had both their own collection department and their own "law office" right there in the same building. I could tell a lot of accounts went through that route. Ten years ago, First Deposit basically tried to take people with good credit and overload them with subprime balances so that they could never again obtain prime credit. In that way, they hoped to create a captive market for their outrageously expensive subprime credit. Now Providian tries the same approach, but usually with people who are trying to establish or rebuild credit. They haven't been dishonest with me, but they're often very tricky. Be careful with Providian, guys.
Providian belongs in the credit card hall of shame along with First USA and Cross Country Bank. They've already paid their $300,000,000 entry fee. They are scum.
RE: Scandalous! Wow! Thanks for all that info on Providian. I know they are scum. But they were the first card to give me a limit that I could actually rent a car with. LOL. I am up for another annual fee in May. If I dont get a gold offer soon, lower apr to 15% or an instant $1,000 increase. I am cutting them. I have not been late at all. roni
