Providian Credit Card with 30% Interest!

Guest: kjffilm
Post subject: Providian Credit Card with 30% Interest!
Posted: Thu Aug 17, 2006 12:45 am

Hi, great to find you guys. I have had a providian credit card for several years during which they've steadily increased the interest to where it;s now over 30%. Their address is in DALLAS,TX and they were recently taken over by wamu. Does this rate constitute usury? Can I sue? sny adviceis much appreciated.
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Keith J froelich

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Guest: hdporter
Credit Expert (100+ Posts)
Posted: Thu Aug 17, 2006 4:55 am

Only a couple of states have usury laws of any sort. Many credit card companies won't issue cards in those states. These days you can be subject to rates approaching, or exceeding, 30% if you are late with your payment twice in a 6 mo. period. Timeliness is critical.

The biggest problem with Providian is that they rarely reduce rates appreciably. My wife and I obtained P* cards when our credit was poor. Our scores are now 700+ and yet those cards still carry 20%+ rates.

The only remedy to the high rates is to apply for another card once your credit scores begin approaching the mid-600's (start tying in the low 600's).

- Harry

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