• Report: #57304

Complaint Review: Providian National Bank - Aka Getsmart Visa Card

  • Submitted: Sat, May 17, 2003
  • Updated: Sun, July 27, 2003

  • Reported By:Stockbridge Georgia
Providian National Bank - Aka Getsmart Visa Card
Manchester, NH Fort Polk, Louisiana U.S.A.

Providian National Bank Aka Getsmart Visa Card ripoff ripoff Fort Polk Louisiana

*Consumer Suggestion: Interest rate Scam!

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Opened an account in 99 and in Oct 02 the company closed my account no fault of mine. When they closed the account the interest rate went up from 18.99 APR to 29.99 APR. I have been making monthly payments for the past 8 months of $100.00 and my balance has only decreased at total of $300.00. I called the company and asked why the interest went up and why am I charged this high interest rate on previous charges and cash advances. They said that everyones interest went up and that I had to continue to pay off the balance. This company is a total rip off and full of CRAP. They have done this to so many good people. I was told that the company sold the business to another company and that the new company raised the interest rate.

Lori
Leesville, Louisiana
U.S.A.

This report was posted on Ripoff Report on 05/17/2003 07:23 AM and is a permanent record located here: http://www.ripoffreport.com/r/Providian-National-Bank-Aka-Getsmart-Visa-Card/Fort-Polk-Louisiana-71459/Providian-National-Bank-Aka-Getsmart-Visa-Card-ripoff-ripoff-Fort-Polk-Louisiana-57304. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Suggestion

Interest rate Scam!

AUTHOR: Joanne G - (U.S.A.)

I just want to alert you to the fact that thereare LAWS governing interest rates on accounts. Yes, the company is free to change the terms of new account offers---but if you have an existing account at a certain rate and you do not accept the new rate, you formally close the account and they are obligated BY LAW to charge you the old rate as long as there are no new charges. (If you continue to make charges, they can take that as a tacit acceptance of the new rate.) If they try to close your account and change your rate, write them a formal protest and demand the old rate.

Then copy your correpondence to the Department of Banking or the Department of Consumer Affairs of whatever state their bank charter is located in (sometimes it is not the state that processes the payments. Look at the bck of your bill. The customer service center is usually located in the state where they have their charter.) If they are a national bank, such as Providian National, you can write to the Department of Corporations which is located in Dallas, Texas, I believe --the address is online somewhere as well. Copy them on any correspondence and they will open a complaint file for you. You usually get a resolution within 60 days.

You see, these companies KNOW they are breaking the law when they pull these scams, but they figure as long as thousands of people don't know their rights, they can get away with it. So let me tell you this loud and clear: ONCE AN ACCOUNT IS CLOSED, THEY MUST ABIDE BY THE TERMS THAT WERE IN EFFECT WHEN THE ACCOUNT CLOSED. This is the LAW. That includes: interest rates, late fees, oberlimit fees, payment due dates, etc. Closing the account protects you from any unauthorized changes to your account. Don't let them get away with jacking up your rates and fees when they are not legally allowed to do so!
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