Is it worth getting a secured providian card? No grace period, $59 annual fee, 23.99% APR. I am not eligable for the unsecured (probably because Fred Meyer updates my charge-off every month, showing a current charge-off)... BTW: What a conversation! They have to talk all day!!! That must be a exhausting job!!! Thanks! Dustin
If you're thinking about going secured, I would recommend Capital One. They have a $39 annual fee, 19.8% APR, and I think a 21or 25 day grace. Plus, you can get more than what you put in as your deposit.. For example, on approved credit, you could get a secured w/ Cap One: $500 for $99 deposit, $400 for $49, or at the worst, $200 for $199. Providian, I think, will only give you a limit equal to your deposit. Hope this helps. BTW, I don't know your credit situation, but after you get established w/ CapOne maybe Providian ill give you a Gold card or something with a much higher limit. Good Luck!
Dustin wrote: "Is it worth getting a secured providian card? No grace period, $59 annual fee, 23.99% APR." In one word: No. If you still take it, you probably deserve it. Capital One should be your first preference in secured cards. Saar
I disagree. Providian has been nothing but great to me. I've received their Gold card a year ago ($49 secured w/$300 limit) and I've gone from a $300 limit a year ago to over $2000 today. I've never had a single problem with them. I do carry a small balance, and will occasionally charge to a high balance and pay it back down. Whatever Providian's problems in the past, they've been nothing but good to me in the present, and I recommend them.
Now is the time for ME to disagree. While in SECURED status, Capital One is much better. After 6 months of credit building w/ a secured Cap 1, Providian upgraded its solicitations and offered me $3K limit and no annual fee. This time I accepted, but I'm saving it for emergencies, since it's still almost 24% APR w/o grace period. Had I accepted Providian's first solicitation (after one month of credit history), I would have paid $89 annual fee and $49 processing fee. All this before the card was used once. The secured Cap 1 has served its purpose the best possbile way. $29 annual fee and no processing fee, 19.8% interest (later brought down to 12.9%), and enjoying a grace period from day one. Customer Service was very good to me. Do your own math. Saar
