Worst limit increase offer ever?

Discussion in 'Credit Talk' started by Mike, Aug 25, 2001.

  1. Mike

    Mike Well-Known Member

    Can anybody top this one for the worst credit limit increase offer ever?

    Today I got a letter from First National Bank of Brookings SD for an offer of a credit limit increase, and I quote.

    "Congratulations! You have qualified to receive this offer for a $100 credit line increase. When you request and accept this credit line increase offer, a $40 credit line increase fee will be billed to your account.

    To make this letter even better it goes on to say. "Just think of the added purchasing power this increase will give to you!" What a freaking insult.

    Next Febuary this account will age to 2 years and will happily be dumped and the card melted by blowtorch!

    Anybody had an offer worse than this?

  2. RichGuy

    RichGuy Well-Known Member

    That's hard to top, but technically I have received a worse offer. When I first got my Providian Visa, they offered me a credit line increase--provided I accepted their "credit protection" program, which cost the amount of the line increase.

    Credit protection is always a rotten deal, but especially when introduced as a way to get a line increase. The net new purchasing power would have been zero.
  3. Zaphod

    Zaphod Well-Known Member

    Well I've got one the opposite way! I had my Providian Gold card for about three months and the automatically increased the limit from $250 to $750. Then 30 days later I received a letter from providian to increase my limit $10,000 for $49 bucks! So of course I jumped at this offer! About 20 days later I received a letter from Providian stating that it was a computer error and should have been $1000. I called them on it spoke to several reps then got to a credit manager and stated I have it in writing and legally they have to honor it because I had already signed it and accepted the offer before they realized their error. After about of 30 days of going back and forth they finally honored it and I know have a Providian Gold card with a limit of $10,750! Talk about the luck!

    ---> Zaphod
  4. Mike

    Mike Well-Known Member

    Re: Worst limit increase offer ever


    Quite a story. Isn't the world of subprime fascinating?

    Just be careful. I couldn't imagine what it would be like if you maxed this thing out and then had to take 30 years to pay it off at the interest rates Providian charges.


  5. Zaphod

    Zaphod Well-Known Member

    Re: Worst limit increase offer ever

    VERY TRUE Mike! I would never think about even getting this thing up to 5% of the limit with that pathetical APR of 24.99%. If that ever happens someone should come down and SHOOT ME!

    ---> Zaphod

    GEORGE Well-Known Member

    Re: Worst limit increase offer ever


    It is still my lowest BY FAR!!!!!

    WAS $2,025...NOW $2,225.

    NEXT LOWEST $5,000.
  7. Marie

    Marie Well-Known Member

    Re: Worst limit increase offer ever

    you can easily get it to 16.9 for the asking. It may take 2 calls over the course of a couple of months but we've all proven Providian is easier to get better terms with than most subprimes.

    call and ask for an apr reduction :)
    then still never charge much on it :)

    Oh, I once paid 99 for 1000. that's my worst because it's the only offer I've ever actually paid for. I still cringe when I think how badly I wanted to reestablish my credit 2 years ago.

    paying for increases. ugh.

    now I sign them, send them in, change my mind, get the fees refunded

    GEORGE Well-Known Member

    Re: Worst limit increase offer ever


    But my question how do they "LEGALLY" get away with it?

    Is it a "FEE", like an annual fee?
    Or is it "INTEREST"? (the APR for that month is like 120%)????

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