Don't Go Here...Please Don't!
Written: Feb 22 '03 (Updated Feb 26 '03)
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Pros: Generally available for $49.00
Cons: Racketeers of the worst sort--you'll bow to "add on" pressure and regret the day!
The Bottom Line: Providian is the card from Hades. Those of us with imperfect credit don't deserve to languish you know where for the rest of our lives!
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| legar's Full Review: Visa Classic (Providian Bank) |
In an ideal world, all of us would have perfect credit and receive unsecured cards with low interests. Unfortunately, many of us through our own weaknesses or through pure circumstance encounter difficult financial stretches in our life.
As a result of these bumps in the road of life, we find our credit damaged--and, in this plastic world of internet and rental cars, emergencies and heartfelt desires, we all need credit cards, even if we have to go with high-interest, secured cards like the Visa Classic offered by Providian Bank.
When the offer came from Providian to secure a Visa Classic for just $49.00, I did consider the idea carefully. For one thing, I'd seen several ads where the hidden fees meant the whole initial credit limit was tied up before one even received the little bit of plastic. For another, I knew that the interest rate was high, and that they engaged in energetic telemarketing--all negatives.
I also knew that given my spot of credit problems, I would not likely get another card, and that much of what I wanted to do online required a credit card. So I sent the $49.00 and promised myself not to fall for any of the trickery I expected to encounter.
The Providian Classic Gold Visa Card arrived with an initial credit limit of $300.00; because the card was secured, I did have that amount accessible initially. Payments were reasonable; I regularly sent more than the $10.00 or $15.00 dollar minimum, and was doing quite well, thank you. And then the trickery began.
"Trickery" may be a harsh word for aggressive sales pitches day and night of wonderful-sounding programs. I knew that I should say "no," and I didn't. Soon I had their "rewards" program, a health benefit, and card security, travel benefits--only, there were no benefits.
You see, these programs generally only offer benefits once--ONCE!--but are billed every year. Your credit limit increases with each add-on, but so does your minimum payment, and so does the high interest. My current rates of interest are 29.90 APR on both the total balance and for cash advances. There is a cash advance finance charge on each statement although I have not withdrawn cash on that card in more than a year, and only did so in limited fashion before that.
Even with those sweet-sounding "special offers," for a couple of years, I did all right, and in fact, am still "current"--but have not been able to get my limit down to use my card. My fault, not theirs--I knew better.
But here's the real crux: they won't work with you to prevent problems. As a teacher, I get paid once a month--three days after my payment there is due. And because, due to those add-ons, I'm over my limit--they won't change the payment date.
Capital One and Household, both of which I have since received on a non-secured basis, went out of their way to work with me on a date I can manage. Providian first told me they would reduce the late fees, since my payments were routinely just 3 days late, and they agreed to change my date. When I checked on why they hadn't, they blamed the problem on a "new" representative who didn't know that they wouldn't change the payment date until I caught up.
No matter how I argued that I would never catch up if they kept charging a late-fee--which has gone from $29.00 to $35.00--for a payment that went in three days late every month because of my pay date--they simply didn't care, and suggested I call their collections department--even though they agreed that I usually exceeded the minimum payment and paid just those three days late.
In addition to their inflexible payment policies, their fees for cash are ludicrous--$10.00, plus any ATM charges, and of course, the 29.90% finance charce already mentioned--I gave up using that card for advances long before I stopped using it altogether.
I know that many transactions today require credit cards, and that some of us with less than perfect credit may have to start by dealing with companies from Hades. But try some of the others before you come here--I can't imagine many companies more eager to ruin their customers than Providian.
Recommended:
No
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Epinions.com ID:
legar
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Member: Leslie Garcia
Location: Laredo, Texas
Reviews written: 85
Trusted by: 20 members
About Me:
I'm an elementary school teacher, mother, and published author, currently living in Laredo, Texas.
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