Credit Tips: Providian Credit Card Real Rewards

Posted On: November 1, 2004

Author: HJM
Guest
Posted: Sat Sep 13, 2003 6:50 pm
Post subject: Providian Real Rewards

Hi, I just received a pre-approved offer from Providian. It looks very good, and I wonder if anyone see it:

Earn Points: * 500 points for first purchase * 1 point per $1 spent * 10 points for every $100 in revolving balances per billing cycle (no point earned in billing cycle with no periodic finance charges) * 500 points for paying on time every six consecutive billing cycles. (This is news and very attractive feature)

Redeem Points: * APR reductions; never lower than prime rate. They don’t explain how it works * statement credit. No mention of the redeeming rate, and customer service can’t answer either. *

Airline Ticket Discounts: 5000 for $50 off any airline ticket, 7500 for $75 off and 15000 for $150 off. That’s 1% return. *

Merchandise and restaurant certificates: There are a list of well-known companies like Applebee, Barnes & Nobles, Macy’s, Olive Garden, etc. Some charge $1.50 monthly for 12- or 15-month or longer inactive accounts.

Don’t know if one has automatically join those service, and customer service can’t answer it either. My guess is if one redeems for Applebee’s gift certificate and not use it for 24 months, they will deduce $1.50 each month as a maintenance fee. It is no surprise that they don’t detail their reward program until one applies and is approved. However, 500 points for 6 consecutive on-time payments is the first I have seen that reward for being good. On the other hand, I heard a lot of bad things about Providian.

If anyone is interested, you can call them at 1-800-918-9172. The product # is 7K82HS. Sorry, can’t tell you what the Reservation # is.

Have a nice weekend.

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