Providian! Leave Me Alone!

Discussion in 'Credit Talk' started by RichGuy, Jun 4, 2000.

  1. RichGuy

    RichGuy Guest

    Those people at Providian are unbelievably persistent. Based on a perfect payment record for five months, they are throwing more credit at me than I can afford or even want. Up to a point, I wanted this, so that my available credit would reflect my income, but Providian is going beyond that point.
    Having offered me their typical $500 initial limit, "guaranteed," they raised me to $700 after four months. Then within the last month, they offered me $1000 more for a $99 fee. I accepted, and they quickly offered me a $1000 MasterCard. The reason is obvious: there is another $59 annual fee on the new card. They want me to pay $118 in annual fees.
    Until you say no to Providian or make a late payment, they recklessly throw new credit at you. They want to become your primary source of credit, so they give you more credit sooner than anyone else, extracting heavy fees in the process. As I have said before, no one should ever depend on Providian for most of their credit. Avoiding their plans for my credit future, plans that include virtual slavery to my credit cards, requires me to say no to this bizarre offer. Actually, I was so astonished that I never considered accepting it.
     
  2. Kathie

    Kathie Guest

    And the problem is? Just saying no is a fairly easy option whenever someone is trying to sell you something. How dare they reward you for being a good customer. :)
     
  3. BarryN - C

    BarryN - C Guest

    RichGuy,

    It is called marketing and "grabbing" market share. I would much rather have this company aggressively seeking your business than say, oh, Cross Country. I hope you'd agree to that.

    How long have you had your Providian account? You make it sound like you have been a "slave" to their empire your entire life. Though I must admit, I enjoy your prose and your will to say "no".

    Peace,

    Barry

    RichGuy wrote:
    -------------------------------
    Those people at Providian are unbelievably persistent. Based on a perfect payment record for five months, they are throwing more credit at me than I can afford or even want. Up to a point, I wanted this, so that my available credit would reflect my income, but Providian is going beyond that point.
    Having offered me their typical $500 initial limit, "guaranteed," they raised me to $700 after four months. Then within the last month, they offered me $1000 more for a $99 fee. I accepted, and they quickly offered me a $1000 MasterCard. The reason is obvious: there is another $59 annual fee on the new card. They want me to pay $118 in annual fees.
    Until you say no to Providian or make a late payment, they recklessly throw new credit at you. They want to become your primary source of credit, so they give you more credit sooner than anyone else, extracting heavy fees in the process. As I have said before, no one should ever depend on Providian for most of their credit. Avoidin....
     
  4. RichGuy

    RichGuy Guest

    The problem is that some people will say yes to similar offers, when they can't really afford the credit.
    The problem is that if you let Providian "sell" you these high-interest and high-fee cards, your high credit limits will disqualify you from receiving no-fee and low-interest cards, perhaps forever.
    The problem is people who think that a $1000 card with a $59 annual fee and 24% interest is a "reward." Actually, it is a very costly way to develop a credit record, and can never substitute for a balanced portfolio of real credit cards.
     
  5. RichGuy

    RichGuy Guest

    Perhaps users of this message board are unique, but most people would agree that my future and my entire life are different and distinct concepts.

    Strength and Honor,
    RichGuy
     
  6. BarryN - C

    BarryN - C Guest

    Well Put!

    Peace,

    Barry
     

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