Providian tries to make a deal

Discussion in 'Credit Talk' started by JB, Jun 8, 2001.

  1. JB

    JB Well-Known Member

    A few months ago, I got three new prime cards including a Bank of America gold card. So I decided to close out my subprime Providian Visa and Mastercard accounts.

    I called and the woman asked why I wanted to close my accounts. I told her that I had prime cards and did not need subprime cards now. She says according to our records you have had the Visa card for 20 months and are entitled to 16.9% interest (currently it is 23.9%). I told her I was not interested and closed the account.

    I know that had I not closed the account or even called, they sure as heck would not have notified me that I was entitled to a 7% drop in interest rates. They would have let me continue on paying 23.9%

    I want to encourage everybody to contact Providian and see if you are entitled to a better rate than what they are currently offering.
  2. fingrrrl

    fingrrrl Well-Known Member

    I got the 16.99% rate from 23.99% just by asking and not saying I wanted to close my account. It can be done.
  3. dave

    dave Well-Known Member

    I opened my Providian account five years ago. I have a 10,500 credit limit with a grace period but cannot get them to reduce the APR below 19.8. Even if they gave me the 16.9 rate, I don't know if it would make much difference because it would still be my highest APR card. Every card on which I carry a balance is below 10%.

    Incidentally, I just received a call from Proviidan promoting a rewards program that costs $49 per year. It sounds alot like the one Nextcard has. Anyone else gotten a call like this? I didn't go for the deal since I don't charge much on this card.
  4. mj

    mj Well-Known Member

    I just spoke to a Providian rep- here's what I was told.

    Only retention (not a service rep, not a supervisor) can lower rates. The retention rep doesn't know what rate they can offer you until they start the closing process - when they ask you "why are you closing" they key in a reason code from a list. Based on that, plus your scores (internal and bureau), plus your charge volume, balances carries (overall profitability to the bank) the system comes up with an offer.


    Now, for my problem. I got the GetSmart gold ($2k @ 20.99 - YUK!), but I wanted the clear Visa (I know, it's only for the cool look-- AMEX, WHEN WILL MY BLUE BE TRANSLUCENT!). I got that card, too, but $1k at 23.99 (DOUBLE YUK!)

    I closed my Providian Gold ($3800 @ 16.9) last year because I have a ton of prime stuff- but I want a chip-Visa card, and it seems like Providian is the only one I'll be able to get (FUSA is a big fat NO and Fleet doesn't seem to want to transfer my MC to a V).

    They can't merge GetSmart and Providian cards - so I was told to call for retention and see what they could offer. I was also told that Providian (clear card + the other "sub-primes") is more flexible with rates. GetSmart (the new Aria) has three programs, where Providian has unlimitd programs.

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