Hi all - glad again that I paid off Providian and dumped them with their hassles. They just showed on the San Fran Chan 4 NEWS that Providian Financial, due to their need to make profits - after increased HIGH RISK defaults - will now charge an annual rate of 29.9%. This will happen to their current cards that carry 23.9% - I do not know if it affects all cardholders or just defaulted cards. Well, at least these days, Providian is upfront about it....not like the time a couple of years ago when I opened my statement and saw I had purchased the Providian Card Policy - whatever the hell it was! arrfff - dogman
29.9%?! They got JOKES.... I'm glad I paid off my Providian MC that had a 23.9% interest rate. I do still have a balance on my Gold Visa at 16.9% but I'll probably be paying that off in the next 3 months as well. Both cards will be closed at the 1 and 2 year marka (March and June).
We had carried a balance on Providian for 3 years thinking that eventually we'd get some good terms with them. After a perfect payment record, we got that 29.9% notice in December. We sent a PFB letter, got a follow up phone call saying "that's tough, take it or leave it." We promptly paid off the $7600 balance and now charge $5 a month to make sure something is reporting. We felt very fortunate to be able to do that. but I know there are lots of folks who just got stuck with the new rate and have no option except to close the account to keep the old terms. I have a feeling if Providian survives, it's going to take them a LONG time to rehab their reputation.
Talk about messed up....what about those people who don't have the option to transfer the balance somewhere else or pay it off right away? So they have to close the account and stick with the old terms? Well now they don't have a card to use. See...this is the type of stuff that literally makes me sick. It's like it was a set up....Providian lured customers in with a not so attractive interest rate but an easy way to get and build credit with their generous limit increases. Now people have struggled for 2 or 3 years to make something out of nothing and this is what they get? Wow...totally F***** up!
The thing is a set up with the CREDIT Indst.CRAs and the whole gang of bandits. It's like it was a set up! [/QUOTE]When you get involved with thieves you get robbed legal or not legal.
