I have been a customer of Providian for over 5 years. I have maintained this account in good standing for the entire time. Over a year ago, they negotiated my interest rate from 19.8% down to 14%. Now, my interest rate has jumped from around 14% to 29%.
I made the mistake of handling everything online, that is, reviewing charges, making payments, etc. I did not see the opt out insert that apparently was in my statement a few months ago. I did not see it, and, consequently, did not opt out within the 60 days apparently alloted.
This is a company that emails me when my statement is online. They acknowledge my online payment by email. They have never notified me by US mail that I have made a payment. They, obviuosly, have my correct email address.
At the very least, if they were going to do something this drastic, if not notify me by email, they should have sent the opt out under seperate cover. The fact that they slipped it into statements knowing many would not catch it because of today's prevelance for doing everything online, is, in my opinion, a demonstration of bad faith and should be considered fraudulent behaviour.
I am, now, locked into this sky high interest rate and not in a position to pay it off anytime soon. My payments go almost entirely to interest, never making a difference of more than 5 to 8 dollars in my balance.
I have gotten credit card offers of excessive interest rates and ridiculous fees in the mail. All I had to do was tear them up and toss them in the trash. That is where Providian and this situation belongs - in the trash.
I hope there is a class action suit. I will be on it in a heartbeat.
Only fly-by-night, seedy companies operate in this manner. Welcome to the cess pool, Providian.
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