Complaint / review text:
Interest from 16.99% to 29.99% overnight!...
I "had" a providian account that they made peachy keen to me until I decided to close it. Now they state they are transferring my account to Mastercard of Old Bethpage, NY and the interest rate went from 16.99% to 29.99% in one statement!
I do not recall ever signing any agreements other than the default of going past due with them OR any other creditor. (In which I have not!) I have always paid them on time and more than the minimun amount. Now I receive the first MC statement showing a 29.99% interest rate and a minimum due of 72.00! My finance charge alone was 73.54. How is that ethical!? I could never pay it off! This company should be investigated. I do see on my Jul 16th, 2001 statement, that there was a court ordered notice to a class action suit pending against them. This is something I think they [Providian] are good at doing and I do not see why our government is allowing these things to happen.
The focus is on terror... Look here at home at what the corporations are doing to us citizens! Yes, it IS the economy and this is just one of the reasons why! Some people are given a second chance only to be slapped in the face when they make the decision to do "whats right" with their credit. (acknowledge that they should close their accounts). A sad story I know, but, it can happen to you too! I pay my bills! Who is next? Which company wants to push the limit? I'm sure that this letter will not move anyone in any office to act on it because it is "not them" it is affecting. Well, I do tend to act on it and I urge others to do the same. It is not only down right gouging, it is UnAmerican! RWH2