Providian
Credit Card / Washington Mutual BankProvidian Credit Rebuttal in defense of Providian by 1 yr account holder St Louis

Hi I have not read all the posts on this topic, only reporting a positive experience with Providian Credit card.

With in the past week I called customer service at Providian. I had one agenda and it was to lower my interest rate on my credit card which was at 25.99%.

I called customer service prepared to make my case intelligently and nicely.

My case was:

I am currently paying 25.99% interest on my credit card
I have 0 late patments on any of my bills showing on my credit report.

I have a very high credit score ranked among the top 10% of the USA.

I have used my providian card and occaisionally carried a balance.

I have never been late on my providian card payments.
Providian is providing me with a free fico score once per month and it has consistently gone up for one year, which they could plainly see.

I was provided a credit limit increase of 250% about 4 months ago without asking for it.

The first rep I talked to told me:
I would be offered a interest rate decrease in the mail if Providian felt it would be warranted. I asked, what are the requirements for receiving an interest rate reduction? Customer rep could not answer that. I was persistent, but very friendly in saying that I am not happy with being charged a high interest rate with 2 cycle billing and having a very high credit score. The rep asked me to hold on a minute and he transferred me to another rep who had more power to control accts (not a manager!).

I reiterated everything with the second rep and she was very friendly (named Laverne). She was not pushy, she did not try to defer questions and she was direct and to the point. About 2 minutes later, I was immediately offered a 1.99% interest rate for 3 months which would then increase to prime rate plus 2.74% which would be 9.99% variable rate.

I went from 25.99% interest to prime plus 2.74% with one relatively easy phone call. I AM NOW VERY HAPPY and have only been an account holder for 11 months.

Providian is now owned by Washington Mutual Bank, I dont know if this makes a difference or not, but I have had zero problems and am happy with this card.

I only write this because I see some negative headlined posts and felt the need to defend when I have been treated very fairly.

If you think Providian is unfair because they will sock you with high interest rates upon paying other bills late, realize this MOST CREDIT CARDS DO THE SAME EXACT THING! This is not earth shattering and if you think about, whose fault is it if your interest rate goes up? Yours and yours alone, Im just sick of people always blaming others for their problems. I mean lets say you pay your mortgage late, you could always call your mortgage lender and explain to them when a late payment will be in and if it is reasonable, say 10 days late, they wont give you or your credit any problems? So again I ask, whose fault is it if your interest rate goes up?

Thanks for reading,
Mike

Company: Providian
Country: USA
State: New Jersey
City: Mt Laurel
Address: P.O. Box 660548, Dallas TX 75266

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