Closed account and sold it to Emerge...
I have read several of the reports and feel for these consumers. I, too, was a victim of the Providian / Emerge credit swap.
I had been with Providian for a little over a year and had added a couple of "insurances" to my account - just in case. When my husband and I decided to look into a mortgage for a second home - we called our credit card companies and removed all the "extras" so more of our payment would be going to the interest and principal instead of having the added expense of the extras.
Within a month (before the next statement) I received a letter in the mail saying that my account had been closed, had been sold to Emerge and that they would be collecting the payment but I would not have any usuable credit limit. Besides the fact that I did not receive a statement from Emerge until almost 2 months later and they charged me a late fee for the "missed" payment, the interest rate was 29.9%.
I totally feeled ripped off. Like any other consumer, I got busy with my life and may have been late by a day or two on 1, maybe 2, payments but I always paid and always paid much more than the required payment.
Well, in the long run, I got the better of them (if you can call it that) - I used some money from an equity account I have and paid the account off. I guess they didn't get as much "interest" out of me as they thought they would.
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