Providian Credit card to Washington Mutual Card Services?
Has anyone got a Providian Credit Card only to find that when Washinton Mutual Card Services took over the APR has jumped significantly? I am now paying almost 10 percent more APR. I have had my card for over 5 years now and never had a problem. I was told that all the APR’s went up and everyone is paying more. There’s nothing they can do to change it.
I have filed a complaint with the General Attorney’s Office today and if this has happened to you. Please send in a complaint and stop these companies from absusing the consumers. I plan to pay off this card ASAP and never have anything to do with this company ever again!
Unfortunately one of the really bad things about many credit cards is that the fine print says they can change things any time for most things. Try to pay them off and use another source of credit for long term purchases. Good luck.
This has happened for two reasons. One is the one you identified. WAMU is simply trying to ensure that they profit from the acquisition of the Providian accounts.
The other is that interest rates have gone up. Most credit card issuers have increased their rates accordingly.
If you show financial strength, then you will be in good position to negotiate regular rate reductions. I did this to pay off debt racked up from college. These steps could help if you can pay more than the minimum balance. Good luck!
I would say that you did good filing a complaint with them, and you may also want to see if the FTC can help you (I don’t know if they govern APR’s on credit card companies or not). But they are breaching their contract with you. When you accepted the card you were provided with an APR, they cannot just change it at will. Good Job and thumbs up to you.