I obtained a Providian VISA card in Oct 1998 and have been a good customer. Last month I learned that my interest rate had been raised for reasons I have yet to determine. How much was it raised? 10 points!
I called Providian to inquire when and why this rate change took place. I was told that I was sent a letter in June explaining the change. I explained that I never received such a letter. They said they would send me another and that they could not discuss the reasons with me. I asked to speak with a supervisor and received the same response. So now I am waiting on this letter.
In trying to determine why my rate was raised I examined myself. I do have a bankruptcy in my history. It was discharged in Dec 1997. Providian granted me a VISA 10 months later. Therefore they knew of my bankruptcy BEFORE issuing me credit. Maybe I've been late in paying. No. I have NEVER made a late payment to providian. Perhaps they are nervous about people that only pay the minimum payment. Well, that doesn't apply to me because I always either pay the full balance or pay nearly double the minimum.
Well I can't figure out what their issue is. And apparently I am not the only one. Makes you wonder what sort of troubles may be brewing behind closed doors at Providian.
I must thank them, though. I was so aggravated I immediately went out to my bank (a real bank) and applied for their VISA. Keep in mind that my bank declined me in 2001. This time they offered me a Platinum VISA with an OUTSTANDING interest rate and a credit line that beats Providian. I'm transferring my Providian balance to the new card and cancelling Providian. Without Providian trying to screw me I wouldn't have attempt to get a credit card from my bank.
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