Providian credit card - raised interest rate to 28.99% after 2 years despite every payment on time and paying more than the required amount

Providian credit card - raised interest rate to 28.99% after 2 years despite every payment on time and paying more than the required amount

Providian - Poor Business Practices

My experience with Providian was very similar to Jason's (Complaint #2 - May 2003). They raised my interest rate to 28.99% after 2 years with every payment on time and more than the required amount. I also called and emailed and was told that I did not meet the required criteria, that I would be contacted by them when I met the requirements.

I asked that they cancel my account, which they promptly did. They did not ever offer me a replacement card, but I found it strange that they would so willingly write off a good customer with out any attempt whatsoever to retain the account holder. I also received the email with the criteria for lower interest rates - to which I have met every standard.

There seems to be no rhyme or reason to this business tactic, except for the short term. For the long term, you can bet that I will never use Povidian (or MBNA) again. I am also in a position to recommend loan companies ( I sell new construction), and I will make sure that all customers, and potential customers know who the bad credit companies are.

THANK YOU complaints.com for giving me a forum in which to warn people against companies that are unscrupulous. This site is becoming very popular! 3 customers have referred this site to me in the last 2 weeks!

k. d

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