Without any warning, Providian raised the apr. on my Gold card from 16.9% to 19.8%. I discovered this when I paid the bill last week. My apr. had been reduced to 16.9% last summer as the result of a PF letter that I sent to the Executive office. On Friday I contacted a Providian rep. who could find no evidence that my apr. had been 16.9%. She asked me if I would like to speak to a Manager. I said yes but hung up the telephone when the telephone call got to be 10 minutes in length and I was still on hold waiting for the Manager. I really could care less about Providian. I will probably cancel the card in March as I have so much prime credit now and too many accounts. The account will be 1 year old in January. It seems to be the season for credit card tricks. LOL BTW - I have no derogatories in the last 3+ years with any creditor. I am aware that what Providian did was probably ilegal. Providian also appears to be in financial trouble. Jim
Illegal?????? There is nothing illegal about them raising your rates, it is in the terms when you accepted the card. They can raise it for whatever reason they come up with so to speak, fair no but this is providian we are talking about.
Jim, If you have better rate card than Providan,dump Providan just like my borther. My brother used to have Providian secured Visa with $39 annual fee. He dumped Providian when he got pre-approval from Citibank. If you can prime card or you have prime card with no annual fee or better rate, dump Providan. Ron.
After reading Mile unpleasant comments with them for 6 yrs of relationship, I had to closed both of my accts with Providian. Like Dogman previously said.... Any cards that came out from Tilton NH, your cards terms and conditions will stay indefinately, another words... you never be a prime customer with them, very sad, but true! Herman
Hernan, That's true just like Capital One. I started out the subprime card and I ended up subprime relationship with Capital One. I sticked with the subprime terms until I closed the account two yrs ago. Ron.
Hi Ron, I closed my Cap One card recently, there is no doubt about your experience with these Bozos, one has to be practical with their circumstances. Herman
Herman, I had a Capital One Secured Card for three yrs. They finally unsecured my account after two yrs. After that I request to waive annual fee and APR reduction. They gave me lame excuse that we cannot give you because the type of account that you have with Capital One. I was so angry that I closed the account two yrs ago. I received a Kmart Card pre-select offer and they give me $5500 with 11.9% fixed APR. It is no annual fee. Just like you said you started out the subprime, you stucked with the subprime terms until you closed it. When you can get priome card, you can get rid of subprime because it serve its purpose. Ron.
I just put in a call to Providan...actually 2 calls to make sure I was receiving the right info. Currently the apr on my Gold Visa is 16.9% and on my MC (zero balance luckily) is 23.99%. I asked them if they knew of any rate increase, etc. and they both told me no. They stated that apr's are based on performance. If you are late x2 in a 6 month period, it goes to the default rate of almost 30%. Something still doesn't sound right and I don't trust them. My main goal right now is trying to pay off or BT the remaining balance on my Gold Visa. I will close both cards at the 1 and 2 year marks (March and June).
Acutally it is she ROFL And since she had some experience and advice to add to this thread, yes she can
Thanks for your interest guys. In regard to Providian, I did not expect this much discussion. This is simply a subprime card that has worn out it's welcome in my wallet. I was actually happy to get the card 1 year ago when my credit reports looked terrible. Not like now. GEORGE - I was not given 30 days notice of the apr. increase. Probably ilegal under Califonia law as I said. Possibly under Federal law. However, I am not an attorney and am choosing my words carefully. Also, GEORGE - congrats on passing 5,000 posts!!! Saar - I am a polite man by nature. LOL But I am going to be firm with Providian when I cancel them. This apr. increase was outrageous. MP$40 - Watch your statements very closely since you too live in the Golden state with me. Maybe Providian is out to get us Californians. - Just kidding!! Jim
I called today just to see if they'd messed with my accounts. I was also told repricing was happening to those who deserve it. I don't believe them. I am watching my statements like a hawk. I put $2 charges just for activity to report and then pay them in cycle. I want to earn the extra fico points... Everybody better watch their statements. ((
I'm glad I finally closed my account with Providian. I had a 16.9% rate also. I bet they would have tried to raise my apr too. Unfortunately with Providian, subprime will remain just that, no matter how well you have paid on your account or how long you have had it. It's really unbelieveable. I really did like them, but they are clueless. Use it for what it is. Building or rebuilding your credit. Then dump it.
