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]

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!