Providian = bad!

[skreidle]

For the last several months, I've been getting mail from Providian, urging me to apply for their card and transfer my balances over there--0.00% for the first 6 months -or- 3.99% fixed on transfers, then 9.99% (variable). Great for transfers, pretty good regular rate--I have 7.99 and 8.99 on other cards, and ignore any offers over 9.99% anyhow.

Christine was leery, though--not due to anything negative she'd heard, but because she hadn't heard of this company before. So, before I considered them further, I asked Google about providian credit. And lo, what should over half of the first ten results be, but "predatory," "desperate? think twice", "Class action," "offer stinks," "proposed settlement," "consumer protection," and "consumer complaints!" Quality!

Yeah, I have a trash can full of Providian advertising now. Wonder if I can convince them to stop sending them?

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The rain looks like it's clearing up! (Huzzah! Weather.com seems to show it's moved on!)

Comments

[visgoth.livejournal.com]

Providian specializes in dealing with people who are bad credit risks.

I don't think they are an inherently bad company, I just think that their primary clientele has forced them to have some rather harsh and inflexible policies.

They seem to be trying to re-vamp their image, but for those of us who have a fair to good credit rating, there are probably better and more accommodating companies.

Even some of the "better" companies screw you. And when given a second chance they may not fix it.

[skreidle.livejournal.com]

Heh.. nice icon. :)

I don't know why they're barking up my tree--the only marks on my credit record are "a lot of [college] debt vs. my income" and "not many years of credit record--only 7 or so." Other than that, I'm sparkling.

Fucked up about BoA, too--though I have gotten notices about rate increases, and later talked them out of it (post-deadline) via the ultimatum, "change it back or lose my business." However, -random-? That's seriously fucked.

[visgoth.livejournal.com]

Well, Providian *is* trying to change their image, so they are probably going after less risky customers and easing off on some of their terms.

Hell, I get offers for rates in the mid 20's now and then, but I also get offers for cards in the 5-7% range about once every 6-8 weeks.

[skreidle.livejournal.com]

Nice! Lowest I seem to get (for long-term rates, not intro) are about 7.9, with most in the 10-16 range.

[visgoth.livejournal.com]

Yeah, I don't count intro rates anymore, because they generally only apply to balance transfers, and we seldom carry a balance for more than a month or two now.

[skreidle.livejournal.com]

And in that scenario, interest rates don't much matter, since you're paying very little interest.

[skreidle.livejournal.com]

Ooh, quick survey of my available cards tells me one of my cards dropped from 7.9 to 6.9%, and has enough balance to take over from MBNA's unfortunate upcoming increase. Goodbye MBNA, hello again CapitalOne!

[skreidle.livejournal.com]

Come to think of it, I need to decide whether I'm calling MBNA on their notification of "we're changing your APR from 8.99% fixed to 10.99% variable, as of September statement date," or giving them the finger and taking my business elsewhere. They say "you can only opt out in writing, and then not charge anything more to the card," but they're generally more flexible vs. ultimatums.