Psych Doc, I'm absolutely certain that Manny Hanny was bought by Chemical Bank rather than Chase Manhattan. Then Chemical bought Chase and changed its name to Chase. However, this added degree of complexity proves your point even more strongly.
Since Citibank was on my bk, there goes my $8500 limit Providian credit card, the only high limit I will see for many years. Citi will punish me for sure when they complete their systems integrations. Hope the takeover rumors are false!
As far as I know, YOU WOULD NOT BE DUMPED...even if CITIBANK did buy PROVIDIAN... They buy the portfolio "AS IS" ...(they usually can't even change the existing terms)... HOUSEHOLD sold my "CLOSED" account to FLEET, they immediately JACKED it to some interest rate like 24%++ (because they have a closed account penality rate)...I did have PRIME minus 0.15%...I made them put it back. I NEVER DID GET ALL MY RIPPED OFF INTEREST BACK (I EVEN SENT THEM THE MATH)...
An article I received from ConsumerAffairs.com: Providian Flames Out October 19, 2001 "Credit-card giant Providian's stock price lost half its already-diluted value as its chairman resigned and admitted the company's business model is a dud. The company said it will reduce credit lines and raise interest rates for many of its customers. For years, Providian has fueled a high growth rate by pursuing what's called the "subprime" market, meaning consumers with a poor credit history. But the high fees and soaring interest rates were overshadowed by an equally high rate of credit losses. With the economy in a slump, the firm's credit losses continued to climb and Wall Street lost patience with chairman Shailesh Mehta, whose resignation was announced today. At a conference call with financial analysts, Providian vice chairman David Petrini said the company will suspend lending in five of nine segments in the sub-prime market and dramatically reduce credit line increases and reprice some lending lines to account for increased risk. Petrini also hinted at layoffs as he said the company will "rationalize our cost structure." Providian said it will concentrate on higher-income consumers but analysts noted that market is highly competitive. A more likely possibility is that the company will be taken over, analysts said." I have an excellent record with Providian, and have moved into the prime market, but planned to keep my VISA with them because it is my oldest account...wonder what they will do to my account?????
Oh NO!!! I better find another cc to do a bt before the interest rate goes up. I'm already at 18.9% I don't know what cc company to go to. All others denied me. And citi AA approved me but my cl is only $1k. =o(
