Providian

I've read many posts on this board on how you can get things waived and lowered, etc. from Providian. I was told by some of you that I should wait 6 months-1year before I start making such requests. I'm really looking forward to receiving this card, but the fact that there is no grace period and the APR is 23.99% is killing me! I'm scared to even charge anything on here, but I'm gonna have to in order to build my credit. Has anyone out there had their APR lowered or a grace period offered early on in their Providian experience? Thanks!
P.S. I have a gold card w/ a $500 CL

 

It's not likely that Providian will lower your APR any time soon. I know, it sucks. The only thing I can suggest is that you only make small purchases and pay the balance off in full. At least this way you will build a credit history and not go broke until you are in a position to bargain with them.
Hang in theree--it will get better, just not right now!

 

Be sure to keep in mind that if you pay your balance in full each month, Providian will not have any incentive to lower the APR or waive the annual fee. Think about it, pay in full, no finance charges; no annual fee - no revenue for Providian. My suggestion would to revolve balances each month for a while, but keep the balances low.

 

Well, I have another question...
Let's say I charge something for $100. The interest starts at the time of transaction, right? So the minute I get home I decide to send them a check for a $100. Should I actually send them a little more b/c the interest just keeps accruing everyday until they receive my payment in their office, correct? I've never understood this " no grcae period" deal. Can somebody explain in detail? Carrot? Thanks!

 

If you want to pay in full each month, why not try for an AMEX Personal Account?

 

Well, I don't know if I'll get apprved. I don't have any positive credit. Just one charge off that I'm working to get removed since I have no idea where it came from, and a paid collections. I didn't aplpy for the providian card originally. I received an offer in the mail saying I was approved. I may not pay the whole balance, due to what you suggested. However, that still doesn't answer my question about having no grace period and how the interest accumilates. Aren't they gonna be making money off of me regardless if I pay it off in full or not, especially because there isn't a grace period and the interest is so high?

 

Yes, you will need to send them extra because there is no grace period and interest accrues when you make a purchase. Even if you pay your balance in full each month, Providian will make money off of you.

 

With no grace period interest begins to accrue at the posting of the transaction. True, Providian will make SOME money, but minor income compared to revolving your balance.

 

Thanks guys!!

I appreciate your input.=0]

Sachi