Got a two page letter from Providian today that was signed by a person responding to my Planet Feedback message: Dear Ms. Whyspers: This letter is in response to the correspondence we received from Planetfeedback.com regarding the recent notice of your Account Agreement amendment, in particular the annual percentage rate change. I apologize if your account has been a source of confusion or frustration for you. I would like to take this opportunity to address your concerns. We would like to point out that like many businesses, we evaluate our products and pricing from time to time to make sure that they are competitive in the current market. Due to the rising costs for all issuers of credit we have made adjustments to our annual percentage rate structure. Our records show that we sent you notification that we were changing your APR from 23.99% to 29.99%. Although we do not want to lose your business, without the closure of your account, we were unable to exclude your account from the current annual percentage rate adjustment. Please be aware that the account agreement states: We may change any part of this Agreement or add or remove requirements, terms, or conditions after notice as required by law. If we change the APR rate, the new finance charge calculation will apply to your whole account balance from the effective date of the change, whether or not the balance includes items posted to your account before the change date and whether or not you continue to use the account. If you do not wish to accept these changes to your account, you must notify us in writing (please include your name, address and account number) at Providian, PO Box 660574, Dallas, TX 75266-0574 or you may contact customer service at 1-800-356-0011 by May 6, 2002. If you choose to send a written notice, please allow sufficient mail time for us to receive it by the deadline. Cancellation after the deadline will not prevent the change in the terms from becoming effective. Please be aware that your account is subject to further review and there may be future adjustments to your account terms. Should there be a change in your account terms, you will be notified by mail. Should you choose to close your account, you will continue to have the terms that existed on your accounts prior to April 2002. We take each customer's concerns very seriously and our management team reviews them regularly to continually improve our products and operations. We appreciate the time you took to raise your concerns. Should you have additional questions regarding this matter please contact me at the above letterhead address. Sincerely, Signature Executive Office So...I guess that's that. Their card is now moldering away in my sock drawer (although I'm thinking about putting it in the bottom of the dirty sock hamper) with a zero balance. L
I got a letter about the interest rate too when I wrote them at pfb. The weird thing was I wrote asking them to waive my annual fee and they called me about that one. They were really nice on the phone and waived did what I wanted. The letter said pretty much the same thing your's did. "too bad, so sad. " Kim
I incorporated both in my PFB letter also. They called me, couldn't/wouldn't do anything about the rate and my annual fee won't be assessed until around Sept so "Tiffany" said they can't do anything until it hits. Who knows how bad things will be by then, I just hope I can get it reversed. Did your annual fee already post on your account before they waived it? I'm literally going to just use the card to fill up my tank or something once a month and pay it off so I have that payment history on my credit reports. Newstdt
Incredible! They would rather have you close the account or not use the card than come off those terms. It's hard to imagine what their purpose is. I think they're on drugs.
Well it was weird. I saw the fee on my bill so I wrote via pfb. The girl called and said she couldn't see it so she waived 2 old over limit fees which amounted to about the same. I was happy, but I checked and it was on my bill. I don't know how she could miss it, but I didn't care at that point. Kim
I got a letter but it wasnt about changing rates on the apr. It was about late fee's and stuff up to $29 i think..My apr is at a fixed 16.90% still (Which is way high)
I can see no advantage to carrying a Providian card other that if its an old trade line. Funny thing, they closed me a year ago and wouldnt reopen my account. and my current apr on a balance is 23.00%.
Providian was first to grant me a card after my credit took a big dive. Then, 2 months later Cap one offered me credit. I have 3 cap ones and an old Providian account that is closed. I think everyone can get out of Providian hell in a short time. I really dislike them.
I don't understand - you mean if you have a Providian card on your report you could be declined for that reason (although I'm sure they wouldn't state that as a reason!)... or do you mean they don't wanna offer new credit to existing Providian customers whose accounts they purchase?? Ozzy.
