Providian's High Interest Rates

Providian, which is owned by Washington Mutual, has received a flurry of complaints regarding excessive interest rates hikes. Customers cite that their rates increased dramatically shortly after WAMU acquired Providian in 2007. [my3cents.com]

A number of consumers claim that the interest rates on their Providian credit cards were increased by more than 10% despite the fact that they had not missed any payments and had overall good credit. In addition, there are a number of reports of Providian luring new customers in with low APR rates and then arbitrarily increasing those rates immediately after the customer signs up. This is quite an ironic turn of events, considering that WAMU presents itself as a bank that strives to help consumers save money by not charging excessive fees.

If you are considering a Providian credit card, read customer reviews at www.consumeraffairs.com before applying for the card.

Do you curenntly have a Providian card? What has your experience been?