I just got a letter from Providian stating that they are changing my interest rate from 23.99% to 16.99%. They are also giving me an intro APR of 3.99% good to February 2003. In addition, they gave me three balance transfer checks that would post as purchases, also at the 3.99% intro rate. The account includes a 25 day grace period and no annual fee. Providian pulled a soft inquiry a little while back on my Experian report and I wondered if they were going to do something to my account. This was a nice surprise. I am not worried about Providian going belly up. If it does happen, hopefully a prime credit card bank will buy my account.
Ok... I'm happy for you Now... gettting down to business... Did they pull your Experian around June 6? Mine was and I haven't heard a thing yet... How long have you had their card? Limit? payment history? how often do you use the card? Providian Visa or MC? or GS?...... Did you have the blue std card or gold before the upgrade? Did they upgrade you to Plat or just change your current terms? Was there any fee attached? I'm a bit irritated with them for never upgrading me... so that's why the 20 questions for you details details please!!!
Ok, I was pre-approved for the account in December 2001. It is a Providian Smart VISA account. I got the clear ruby red smartcard. My credit line is $1,000 and I have used it every month and paid it off every month. I have charged up to $900 and never been late with the payments. The account was opened with no annual fee and a grace period and Gold card benefits. The soft inquiry appeared in late April 2002. The account was upgraded from a Smart VISA Premier (Tier 4) to a Smart VISA Prestige (Tier 2). My credit line would have to be $5,000 or more to be a Smart VISA Premium (Tier 1 or Platinum). There was no fee at all for this upgrade.
Is there going to be an annual fee for your credit card still. I just cancelled providian just because of that fact. I didn't feel I should have to pay to charge. They counter-offered to lower the interest rate by 3 points to 15.99, but I said forget it. I will never do business with sub-prime again. They were there when I needed them, but they can f-off now.
I never had an annual fee to begin with my account even though the letter said my account is now upgraded with no annual fee and a 25 day grace period. My account always did have a grace period as part of the pre-approved offer.
