Cold Deal: Providian Card Holders - HIGH RISK ONLY?

[ODYSSEY]

Providian is changing most, if not all accounts, APR to 29.99% as of August 2002. I received a letter yesterday stating the following:

Linky to Letter

I have called customer support. They confirmed that this is true. It was a bank decision that has no bearing on customer accounts and/or credit history.

I'm now losing my 14.99%, regardless never having a late payment or making generous payments. The lady on the phone agreed with me when I said: "You are about to lose a lot of customers." I tried to suggest keeping my current APR, but she stated the I can keep the account with the new terms or close the account. Which I did place my account in closed status. Nobody with good credit should ever pay 29.99%. Not like I don't get better offers in the mail every other day. Now who to pick?

Remember you have until May 6, 2002 to contact Providian.

ODYSSEY

EDIT: Letter came separate from monthly statement.

EDIT2:From what I have read (posted below) this is for accounts marked as high risk. Even if your account isn't high risk anymore (been in good standing for 3+ years, have had many credit increases and APR reductions) you may still find your being rate raised. IMHO choice is to drop this loan shark... I mean credit card company.

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AnandTech Moderator

 

[ScrapSilicon]

your link ..no workee <edit> link workee..jpg bad scan

 

[MamBo]

I'm getting providian junk mail every day They have too get money to cover these kind of advertising

 

[ODYSSEY]

Linky does worky. Just give it a few. It busy.

 

[dentalboy]

they are not worth the deal except if you are a high credit risk

 

[ScrapSilicon]

as this is this wrong forum (OffTopic is where it should be..) and when I click your link

<< The page cannot be displayed >>

and have called Providian(seems they have had quite a few calls in the past 40 minutes about this...hmmm...) it only applies to certain accounts(criteria-based) as usual YMMV..paddy please

 

[puppyfriend]

It doesn't apply to all Providian cards, only the GetSmart/Aria ones. Mine is still 0%.

David

 

[littlezipp]

Anyone have the AT&T Universal Platinum card, I got 4 ads from them in the last month, and was wondering if anyone knew anything about them.

 

[Emulex]

universal bank is now citibank pretty much they bought them out.

I love my citibank card, $25K credit line, prime+0.9% variable APR. Excellent superb customer service..

 

[gooseman]

littlezip, I have the citibank platinum select dividend card (I think that is what it is called). they are the same as at&t. Excellent card with excellent perks plus you can't beat their customer service. I also happen to have a providian card and just found out that my interest rate was going up to 27.99%!!! I called them up and closed the account and let them know that I felt they were nothing but common criminals!! Not like the CSR on the other end of the line cared but it made me feel better.

 

[Mje]

The only thing I don't like about providian is that they try to sell you 500 things when you call cs. I have the Platinum Visa. I'll probably cancel it when my 0% apr is up if they won't extend it for me.

 

[ODYSSEY]

Linky here about Providian
Another Here

I suggest that everybody find somebody else. This company just seems to not care about their good customers. I've emailed Providian about my concerns on their ethics. But I feel they will just fall on deaf ears. Seems that you are still maked high-risk with Providian even if your account has been in good stating for years. I got this card when I turned 18. I was building my credit. Now three years later they just want to screw me over. I've never once in three years have had a missed payment on any bill. Infact my credit is rate above average now. Not one blemish listed on my report. It just seem Providian doesn't care how many customers they lose. Does anyone know how good Captial One rates? I have a great offer infront of me, but I would like some input first. I don't wanna get stuck with another Providian again.

Mods lock if you would like. But I feel all members should be warned about such company that operates in this manner.

ODYSSEY

 

[Kiyi]

Capitol One is one of the best I have talked with. Their rates are good compared to others and the fees don't try to gouge you to death. If you are in the market on building credit, these are the better ones to join.

 

[sworshs]

I had a Providian Platinum card for about a year. Those bastards did not tell me that they do not have the normal 25 day grace period... I was charged interest from the day one of the purchase! The interest charged was a small print at the lower left corner. After I realized what they've been doing, I cancelled the account right away! My account was cancelled two months ago, but today when I was at work, out of curiousity, I ran that credit card through, it is still active! I called the company, and the CSR are couldn't tell me why! They confirmed the credit card was cancelled.

So for those of you who cancelled, check again after a few month just to make sure.

 

[orion19981]

its for all cards, i have 2 visa and mc, they seeed like a great company but just went to pot. anyone even with bad credit can get in at that percent, im fast looking for a good card to switch both too, i had gotten the letter a month or more ago

 

[puppyfriend]

I just looked at my Providian agreement. My card seems to have the standard credit card grace period, if you pay the card off every month you won't get charged interest. Having said that, the only reason I have it is because of the 0% offer.

I've been a 12 year CitiBank card holder, but I mainly keep it for old times sake. Their greedy fees constantly piss me off. Although when I call up and complain about them, they almost always waive them because I've had my card so long.

If I had to choose only one card, it would be a CapitalOne card. The only reason is that they don't charge for use outside of the US. Providian, CitiBank and damn near everyone else charges 3%. They claim this is for currency exchange cost, but VISA already charges you 1% for this. They're just gouging you. CapitalOne does not, they makes them tops in my book.

David

 

[Massimo]

Called and cancelled my Providian AND my GetSmart. They said that the interest rate was going to change to be prime+19.99%!!!

That is OUTRAGEOUS!!!!!

Thanks for the heads-up.

 

[ODYSSEY]

Also found out that credit card companies can charge up to 35% APR. Just do a search in google.

ODYSSEY

 

[Massimo]

I thought different states have different limits...

 

[tazmania99]

Thanks for reminding me that I need to close my Providian account. I applied because of their transparent card design. It looks so cool. But once I knew they just offered me 21.99% APR, I've never attempted to charge with this card. Their service is terrible and the APR they offer is well-known higher than anybody else. Providian is one credit card issuer that mainly target high-risk customers. They have to charge such a high APR to cover their risk. People who still hold Providian cards must be in trouble with their credit history or current credit status.

One more thing worth to mention here. If you don't need the Providian checks, make sure you call them for not sending you any. Years ago Providian sent a few cash advanced checks to my friend but someone stole them and used them at a large department store during X'mas. My friend never knew that until he received the monthly statement. He called Providian and tried to dispute the charge but Providian refused to do so. The case is still not settled yet as of today.