Positively Providian
Written: Aug 12 '00 (Updated Aug 13 '00)
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Product Rating:
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Pros: Great customer service, no irate calls.
Cons: high interest rate.
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| pyallen's Full Review: Visa Classic (Providian Bank) |
This covers both the Visa Classic, and the Visa Gold card offered by Providian. As far as I can tell, the only real difference between the two (in our case) is the credit line.
Four years ago, we had to file for bankruptcy, which totally wiped out our credit. Actually, it went beyond wiping it out, and placed us squarely in the *shudder* bad credit risk category. For two years we were shunned by all purveyors of credit. Not only did we suddenly stop receiving mass mailing of credit card offers, our tentative questions about obtaining credit at certain places were met with derisive laughter.
Apparently, two years is the magic cut off point for scorn from credit issuers, because we were suddenly deluged daily with mailings from every bank or finance company in the US eager to offer us a "way to rebuild your credit". I quickly learned that the more exclamation points they inserted in their marketing material, the more outrageous the terms. For ONLY $500.00, you can once again have the credit you deserve!!!!. Well, if I had an extra $500.00 laying around, I wouldn't NEED their stupid credit card, now would I?
We got an offer from Providian, for the Visa Classic. Rather my HUSBAND got an offer. After telling him quite plainly that we didn't need a credit card (which got us in trouble in the first place), he promptly filled out the information, enclosed his check for $49.95 and received his card with a $400.00 credit line. I told him, quite emphatically, that this was HIS card, and as such, he was solely responsible for making the payments in a timely fashion. His method of doing so was to stick the bill in the top of my computer hutch, where he apparently assumed that osmosis would enter the amount into my MS Money program, and magically transfer that amount to his Providian account. Approximately 12 months after getting the card (and hearing furtive phone discussions with "wrong numbers" occasionally), I opened one of his statements. His $400.00 credit line had inflated to an astronomical $850.00 balance. Why? Because every month he paid NOTHING, and was charged a $27.00 over the limit fee, and a $27.00 late fee. They occasionally worked up enough concern to call and quiz him about his lack of responsibility, and he would authorize a checking account transfer of 50 bucks or so. They never asked for a huge payment to make up the difference. Now, I feel that this is solely HIS fault, and can no way be blamed on Providian. I do think they've been completely fair with him (more so than I would be if it were me he owed money to). If fact, they never made frequent phone calls demanding payment, and if he DID make a payment, of ANY amount, the next bill wouldn't show an over the limit fee (even though he was still WAY over the limit), and if he paid it before the due date (ha!), the late fee wasn't charged. The minimum monthly payments stayed low, unlike Capital One, who add any over the limit amount to the minimum payment.
Four months ago, I was offered a Visa Gold card from Providian. Being much more dependable at bill paying than my husband, I jumped at the chance. Once again, for a processing fee ($59.00 this time, charged to the card), credit was once more available to me. I got a $2000.00 credit line, which just irked my husband to death. He still gripes about his measly little $400.00 opening line. I've made three payments since then, all on time, and all for more than the minimum amount. Providian excels at credit payments to your account quickly! Last month I didn't mail my payment (due on the 12th) until the 5th. It was credited to my account on the 10th. I've been absolutely amazed at this phenomena, since you can mail a payment to Capital One the day you get your statement(and it's not due for another 28 days), and it will show up credited to your account one DAY after the due date, every, single time, leading to a late fee every month.
The yearly fees are reasonable, $29.00, I think. The interest rate IS high, 23.9%, but I don't expect any better after a bankruptcy. You can access your account info online, including all your statements, and you can make a "fast payment" online. This is great for me, because there are many times I'd like to make an extra payment at some point during the month, but since I've already mailed in the regular payment, I have no statement to enclose. I hate just sending a check and hope they can read the account number that I've crammed into the memo section of the check. Customer service has been great. They've always been friendly and courteous, and more than willing to work with us. You can call an 800 automated number for account info. The menu gives no "speak to a live person" option, but by using some common sense and pushing "0", you get a real person.
After three months, you account is reviewed and you may be offered a higher limit. According to their explanation on what criteria they use, they consider your payment timeliness, continued use of the card, and amounts you have paid. In other words, pay on time, pay more than the minimum, and keep using the card. It won't work if you get the card, charge it up and pay it off in a month, but stop using it. They WANT you to demonstrate that you will take advantage of a higher line, thus giving them more interest money. I should be receiving the results of my quarterly review next month sometime, so I'll update this to reflect what happens.
I'd highly recommend Providian as a way to rebuild bad credit or to establish credit in the first place. They've been incredibly good natured and fair, even to a slacker like my husband. Incidentally, I've taken over managing HIS payments too. His balance is looking better by the month.
Recommended:
Yes
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Epinions.com ID:
pyallen
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Member: Pam
Location: Western Oklahoma
Reviews written: 208
Trusted by: 126 members
About Me:
Biting wit served here. Products skewered regularly. What is a smart toaster, anyway?
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