Well, after paying off my Providian MC balance, and then paying some interest the next month because there was no grace period, I was finally ready to close the account. Meanwhile, they thought it would be really clever to take advantage of my paying off the account. Instead of offering me a lower APR, they offered me a lower credit limit. From $1500 to $250, with the annual fee still at $59 and the APR at 24.49% (I'm not sure where that number came from, and they probably aren't sure either, LOL.) After I got the notice, I waited for about a week and then closed the account yesterday. I'm sure they don't understand why. After all, I'm a subprime borrower, right? Why don't I just accept that fact and pay 48% per year in interest and annual fees forever? P.S. (59+(.245*250))/250 = 120.25/250 = 48.1% If the balance is less than $250, the rate is even higher.
Good move guys. I have no idea why anyone would want to be with Providian :/ Click here for more on Providian's shenanigans
I have some great cards now, but I'm stuck with Providian because its my oldest. I took great pleasure in closing all of my other subprime accounts, but I'm going to be stuck with Providian for quite a while yet.
I was in the same boat. Had the account for nearly 3 years, never a late payment, but stuck with 28.49%. (Got jacked up from 23.99 back in November). When I called them to close, I was transferred to a special retention department, where they immediately offered 21.99%. I said "No thanks", to which the rep delayed me again and came back with an even lower rate of 16.99%. I offered to keep the account if she would waive the annual $59 fee. She said that they could not waive a fee which hasn't been charged yet, but to call back next month when it hits, and they should be able to waive it. Otherwise, I have 30 days to cancel the account without paying the fee. So, I decided to hold onto it for now. Three years of positive history with a good credit limit to boot. At the very least, it improves my used/available credit ratio. What I found funny was they none of these offers were forthcoming when I had the account maxed out. But as soon as I come up with the cash to pay it off, they get real friendly.
They have waived my fee for the last three years, but I have had to call in the month it was charged, just like you said.
