Friday, October 20, 2006

Is Providian Unique??


Last time I had a credit card, they applied my payments to the oldest balance first. My current credit card (that I am trying to eleminate), Providian (now Washington Mutual) applies the payments to the balance with the lowest interest rate. This means that my original balance transfer, is setting there unpaid, while newer charges that were charged at the regular (non-cash advance rate) credit card interest rate gets paid on, despie my efforts to pay this balance down. How many other Credit Cards have started this practice. Is this common, or is Providian unique in this summy tatic to rip off the consumer?

4 comments:

  1. Those little disclosures have the truth about payment application. Generally all cards pay on the lowest or 0% interest 1st, before applying to the higher rated charges. This is how they make sure they get more profits.

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  2. I wish I had been able to get the Intrust card, so I could have trnsfered the balance, but alas I was denied.

    Funny thing though, I got a letter from Fingerhut telling me they had raised my credit limit by $200. I don't want a credit limit increase, all I want is a 0% offer to trnsfer that providian balance and get it paid off.
    I also tried to call Providian and ask them them to lower my interest rates...of course they said no.

    I will continue fighting and get this bill paid off.

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  3. Every card I have does this same thing. It is just another way for the card companies to make more money. That's why if you do a 0% balance transfer you shouldn't use the card again until the balance is paid.

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  4. Hi Kevin, No, we aren't cousins, but thanks for stopping over at my blog and leaving a comment! Yes, I believe all credit card companies operate in that same manner. Afterall, they are all out to make as much money as they can off us. I think the funniest named card has to be "Discover" - as people finally DISCOVER what a rip-off those darn cards are! Have a great week blessed by Christ! Great job sharing good information here with your blog readers!

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