Received an offer for 3.99% apr on purchases made between May 2003 and November 2003 statement dates. Also they enclosed 3 balance transfer checks that also fall under this APR. After Nov. the rates go to 16.99%. I have not been a fan of Providian, but at least they are offering something decent for a change. I guess they figured out that I had no plan on using their card. I have a balance on one credit card so I think I might transfer it for the life of this offer.
Yep. Providian presented at a UBS Warburg financial services conference in NYC today and I like what they have to say. Many analysts are upbeat on Providian and are confident they can mount a comeback. Compared to the usual offering of 23.9% APR and a low credit limit, the new offers are looking quite good. I got a pre-approval for 1.9% for 6 months and a goto rate of 14.9%. My initial line was $2500. Not bad, oh yeah, and no annual fee, something Cap. 1 still charges me
I received an offer from Providian in the mail, too: a $4,000 check to access the credit line on my PVN Visa with an APR of 7.99% good until 9/03 and no cash advance fee. It's not the best offer, but considering it's from PVN, it's an incredible deal! Just to give you an idea just how out-of-this-world this offer is, consider that my purchase APR is 18.99% and cash advance APR is 23.49%! I've been with PVN since 5/01 (PVN was the 2nd cc I opened after Cap One, 1/00). My BK-7 was discharged 10/98. I think I was selected because I always seem to go along with PVN's wild-and-crazy offers! (Some would call them usurious and predatory; I call them par for the course). For instance, I was approved for the classic PVN card with the "smart" chip. I should have stopped right then and there. Then, I accepted their offer of $49 for a $1,000 LOC increase. Step right up, folks! Pay as you go credit! No fee is too large and no increase is too small! Get away, kid, you bother me!!! (LOL!) Plus, I used their cash-advance check (about 3.5 Gs) and took 8 months to pay it off, thereby allowing them to make a fair amount of interest. Yes, I now know that I shouldn't have involved myself in such shenanigans, but that was then, and this is now... My consolation? At least I didn't have to deal with PVN selling off my account to Emerge and its customer service located India! (HELLO!) But it hasn't been all bad... Last December, I asked for a LOC increase (free this time), and I received $1,200 which took me over the $5,000 limit and into gold card status (btw, I just received the new card and it looks pretty spiffy-- smoky black transparent plastic with tacky gold lettering-- kind of reminds me of the Crazy Horse strip-club in Vegas... don't ask )! Anyhow, in retrospect, my relationship with PVN has been pretty good (knock on wood). They have credited my payments on time, given me LOC increases, lowered my purchase APR from 23.99% to 18.99% this year (LOL!), permanently waived my annual fee, and have quickly investigated (and credited) my account for unauthorized charges... As my 2nd oldest individual TL since my BK (I have other TLs where I am an AU dating back to late 80s), I have to say that I've been happy with PVN despite the blood-curdling rates! I'm sure if I had gone over my credit limit or paid late, or if they had somehow "lost" my payments or played games with me (as has sadly been the experience of others on this board), I would not be singing the praises of PVN. But given my circumstances and PVN's comportment, I would say it's been all right (knock on wood again). They provided me with an unsecured cc when I felt so sure nobody would approve me that I never even considered applying... Yes, like my father before me, I too had decided that I would make my way through life "paying cash only..." But one day, this pre-approved application arrived in the mail, I signed, and bam! now on my 2-year anniversary, I guess I'm feeling a little maudlin looking back at where I've been (600s), where I'm now (700 Fico), and where I'm going (750+ and mortgage). It's funny how attached somebody could get to a flimsy piece of plastic, but I guess that's just how it's gotta be with me and PVN. MisterX <sniff!> :*( P.S. Of couse, I will use the cash-advance check. NOOOOOO! DON'T DO IT!!!!! AHHHHHHHHH!!!!!
I couldn't agree with you more. I've been with Providian since 1/00 and they've been very good to me. Sure, they gouged me fairly hard when I first started with them but the terms have certainly improved. I've gone from a $300 limit to $7,400 and they give me pretty much anything I ask for. I'll admit that some of their cash advance checks border on the sublime but hey, you could do a lot worse. I put them and Capital One in the same comparative boat and I think Cap1 comes up snake eyes. While you may not like everything about Providian, they're up front and honest about it. I think Cap1 skates very close to the ethical line; it may be legal but is it really ethical?
That is true. Providian does have the tendency to tell it like it is, for better or worse. At least, I know where I stand with them Problem with Cap. 1 is that everytime I call, the answer is different and it depends on who answers the phone at the time. Even then, it is hard to discern fact from fiction.
