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Thread: Class action suit against Providian

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    Veteran Member veteranprincess's Avatar
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    Default Class action suit against Providian

    So I got this letter in the mail today giving me notice of pendency and proposed settlement of a class action suit against Providian National Bank. I actually closed my account with them a couple of years ago because I was literally getting raped in fees. Seems I wasn't the only one. I wonder how much my check will be?

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    God/dess Gynger's Avatar
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    Default Re: Class action suit against Providian

    Read the fine print. There are usually many who file, and you have to meet a certain criteria.


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    Veteran Member veteranprincess's Avatar
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    Default Re: Class action suit against Providian

    Well, I meet the criteria they've listed so I'm pretty sure I qualify. The interesting thing is that I received a letter from Providian about a year or so ago saying something to the effect of I was overcharged on something and was entitled to a refund and that I should contact them and blah blah blah. Well I called and got some runaround from their foreign call center and I kinda just forgot to follow up on everything. Then I got this in the mail today. I'm perversely excited about the whole thing. This is my second involvement in a class action suit. The first one was against Rent-A-Center last summer. I got a check for like $120. Hey, a hundred bucks is a hundred bucks, right?

    I kinda feel like this is my way of "sticking it to the man." lol *shakes fist*

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    God/dess FrustratedBunny's Avatar
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    Default Re: Class action suit against Providian

    I filled out the paperwork for some credit card I used to have. I don't even recall which one. A long while later I got a check in the mail for about $2.

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    God/dess Rhiannon's Avatar
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    Default Re: Class action suit against Providian

    Quote Originally Posted by veteranprincess
    The first one was against Rent-A-Center last summer. I got a check for like $120. Hey, a hundred bucks is a hundred bucks, right?

    I kinda feel like this is my way of "sticking it to the man." lol *shakes fist*
    Awesome.. Me too, but the class action suit I was in with was settled in 2003. I got a real nice check from that one.. $8000. That came in real handy! I even scanned the check before I ran off to the bank.. LOL

    I took from 2001 to get it settled, but RAC was ordered to pay $43M PLUS Court costs of the plaintiffs (and the suit had been in the courts since 1999, so it was a pretty hefty additional sum.)

    Not too bad for working there for 2 months, then getting laid off, eh? Heh

    (I didn't have a penis.. So they didn't keep me)
    Last edited by Rhiannon; 12-04-2006 at 11:39 AM.

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    Banned Melonie's Avatar
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    Default Re: Class action suit against Providian

    as with most class action lawsuits, the lawyers (on both sides) wind up collecting serious money, the plaintiffs usually get a pittance, the sued corporation passes the costs onto future customer prices for its goods/services, and the sued corporation's competitors also usually increase future prices to build a nest-egg for the day when they're named in a similar lawsuit.

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    Featured Member Vamp's Avatar
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    Default Re: Class action suit against Providian

    Class Action lawsuits at least give consumers, stockholders, and others some kind of recourse against companies for unlawful practices. It sends a message loud and clear. Besides if these companies were lawful they wouldn't have anything to worry about.

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    Default Re: Class action suit against Providian

    i have a much more negative view of class action suits.
    the one i remember is the silicone implant suits against among others dow corning.
    dow corning went bankrupt without any definite medical studies finding concrete backing to the plaintiff lawyer claims.

    manufactured crisis to create class action:

    Exposing the truth behind silicosis ...
    To attorneys who had earned millions from asbestos settlements, it represented the next potential windfall. But it all came undone in a haze of dust and deception.
    First of two parts


    one of my favorite studies was about the smoking suits.
    the states sued the smoking companies for billions upon billions of dollars for medical costs from smokers (medicare, etc..)

    one study showed the government actually saved billions of dollars from not having to paying social security and other payments to people dying earlier.
    not sure if this helps my point.
    Last edited by space_Cadet_28; 05-09-2006 at 05:17 PM.

  9. #9
    Jay Zeno
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    Default Re: Class action suit against Providian

    Guns can be used to defend yourself.
    They can also be used to murder people.

    Class action suits can be used to combat corporate malfeasance.
    They can also be used to enrich lawyers.

    Not a perfect world.

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    Default Re: Class action suit against Providian

    no i think its a more basic design problem with class actions.

    1) for medical suits it seems the severity of the injury of the defendant is more important to the jury than whether the company is responsible.

    2) the amounts of money involved seem ridiculous - vioxx settlements and awards could reach tens or hundreds of billions of dollars???

    2) many class actions it seems people get fairly useless coupons, while lawyers get paid handsomely

    3) maybe havent had the right experiences but cant think of any good class actions.

    compared to all other countries the US legal system is at an extreme.

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    Veteran Member veteranprincess's Avatar
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    Default Re: Class action suit against Providian

    well in any event, this particular suit is a result of "Defendant's practice of charging an annual fee which causes cardmembers to go over their limit and then to be charged an overlimit fee."

    ok, ok, I was guilty of running a balance that essentially maxed out my card. After getting smacked a couple times with a $35 overlimit fee (as a result of the annual fee being tacked on), I learned my lesson and pared my balances down and planned accordingly. That didn't make the practice any less fucked up though, in my opinion. Those bottom feeder credit cards just prey on people with less than perfect credit and are constantly looking for ways to suck extra fees out of you. Christ, like paying exorbitant interest on a maxed out balance isn't enough for the greedy little fuckers.

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    Veteran Member veteranprincess's Avatar
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    Default Re: Class action suit against Providian

    Quote Originally Posted by Rhiannon
    but the class action suit I was in with was settled in 2003. I got a real nice check from that one.. $8000.
    *cough* ::spits coffee onto laptop screen::

    8 grand? holy crap!

    lol @ the scanned check.

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    God/dess Deogol's Avatar
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    Default Re: Class action suit against Providian

    Quote Originally Posted by veteranprincess
    well in any event, this particular suit is a result of "Defendant's practice of charging an annual fee which causes cardmembers to go over their limit and then to be charged an overlimit fee."

    ok, ok, I was guilty of running a balance that essentially maxed out my card. After getting smacked a couple times with a $35 overlimit fee (as a result of the annual fee being tacked on), I learned my lesson and pared my balances down and planned accordingly. That didn't make the practice any less fucked up though, in my opinion. Those bottom feeder credit cards just prey on people with less than perfect credit and are constantly looking for ways to suck extra fees out of you. Christ, like paying exorbitant interest on a maxed out balance isn't enough for the greedy little fuckers.

    Damn - I would have flat out closed the account the FIRST time that happened.

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    God/dess VenusGoddess's Avatar
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    Default Re: Class action suit against Providian

    I don't understand how people could be upset about this. I'm sorry. But, we have a couple of cards that have "yearly fees" on them, and we've never run into this problem. How is it the credit card company's fault that your limit was too high at the "renewal" time and that with the renewal fee it put you over your limit, thus resulting in an over-the-limit fee?

    To me, that is the consumer's fault. It's called bad credit management and that is not the credit card company's fault. Personally, if I was the judge...as long as everything else was good...I would throw the suit out as frivolous.

    Geezus f'ing keerist...people cannot manage their money these days and will do everything...EVERYTHING...to prevent from taking responsibility for their own sloppy credit management. When they signed that credit application, THEY WERE MADE AWARE OF THE YEARLY CHARGE. In fact, looking at one of these junk applications, it clearly states that if you are maxed at the time that the yearly fee is assesed, you will be charged a fee on top of that for going over your limit. It clearly states that. So, that would make the consumer responsible. Not the credit card company.

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    Veteran Member veteranprincess's Avatar
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    Default Re: Class action suit against Providian

    ^true. and like I mentioned, I did learn my lesson. However, preliminary approval to a settlement has been given. So we'll see what comes of it.

    I've never found out if the same applied to my other credit cards because I don't live so dangerously nowadays haha. I do believe there was an instance when a similar situation applied with my capitalone card where I went overlimit as a result of the annual fee but instead of receiving an overlimit fee, they increased my limit. Whether they were being "nice" or I was actually due for an limit increase I don't know. *shrugs*

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    God/dess Rhiannon's Avatar
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    Default Re: Class action suit against Providian

    Quote Originally Posted by veteranprincess
    *cough* ::spits coffee onto laptop screen::

    8 grand? holy crap!

    lol @ the scanned check.
    LOL No kidding, eh? It was a really nice heap of change! When I got the original "estimate" after sending my statement in, it said I was getting about $7400. I was cool with that. Then, when they finally cut the checks and I got mine in, it was nearly $600 more than the estimate! Woot!

    Long story short, my Husband and I both worked at RAC (before we were married). The company decided to lay off 2 people per-store, nationwide, THREE DAYS before Thanksgiving. I was one of those lucky people. Most of who were laid off were women. So about 2 weeks after I got laid off, I got the packet in the mail from the lawsuit, giving me the option to get in on the class action suit that had been going on for a couple years already. I figured "What the hell?", and sent my statement in. An Attorney called me and took my verbal statement over the phone as well.

    All in all, 5500 women were part of the Class Action suit. The amounts that everyone got all varied, depending on what we claimed in our statements. Included in the 5500 women, there were former applicants who had been turned down for a job, former employees, also CURRENT female employees (my old boss even got in on it). She got less than I did, even though she was with the company 16 years at the time. She didn't claim all that she could have (including being passed over for a promotion 13 times, to a man every time), even though we urged her to do so. I claimed sexual discrimination, which is exactly what it was. I was kept in the store, when I was fully capable of going on deliveries and pickups (you needed to be able to lift 75lbs, at least, and I could/can lift far more than that). I was basically made a secretary.

    Another condition of the Lawsuit was that RAC was ordered to hire back 10% of the women they had fired/laid off. I got an offer, but I told them where to stick it.

    I LOVED getting that check. I got it about 6 days before Mother's Day. On Mother's Day, I went shoppin! Took my In-Laws with us to Walmart, gave them a cart, and we took one. I told them to throw in anything they saw that they'd like for the baby (I was about 3 weeks from delivering Delia and we had NOTHING yet). We took 2 overfillled carts to the checkout. I felt SO bad for the cashier boy and the guy who helped him bag.. LOL..

    The grand total of that shopping spree was close to $900. LOL

    (I scanned the check to put in my scrapbook, and also to email to my Best Friend who swore up and down that I'd never get a check, and that the lawsuit was bogus from the start.. Ha! In his face!)

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    Veteran Member veteranprincess's Avatar
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    Default Re: Class action suit against Providian

    ooooooh and here's my favorite fee: How about the "rush payment" fee because making an online payment won't post for 2 or 3 business days? That one, imo, is the lamest fee evah!

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    Veteran Member veteranprincess's Avatar
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    Default Re: Class action suit against Providian

    rotfl @ $900 walmart shopping spree. *wheeeee!*

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    God/dess Rhiannon's Avatar
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    Default Re: Class action suit against Providian

    LOL It so rocked! I saved that receipt for her baby book.. LOL

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    Default Re: Class action suit against Providian

    Quote Originally Posted by veteranprincess
    ooooooh and here's my favorite fee: How about the "rush payment" fee because making an online payment won't post for 2 or 3 business days? That one, imo, is the lamest fee evah!
    Yeah, but if you know it takes 2-3 days to process your payment (it's done more like a check) then you know when to pay your bill.

    I have to wonder, when you mail a check, you are supposed to allow 5-7 business days for the company to receive and process your check. How did people pay their bills then? There was no such thing as a rush payment...

    It all comes down to "credit management" and, again, personally, I think that lawsuit is bunk and never should have reached settlement. Unless the company is settling "out of court" so they won't get hit by a jury vedict.

    Either way, it's bogus. Sorry.

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    Veteran Member veteranprincess's Avatar
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    Default Re: Class action suit against Providian

    true, but given that with other payment services, a payment is immediately posted, why do they feel the need to "punish" somebody? Not all credit card companies take 2-3 days for a payment to post. One of my credit cards posts a payment the same day provided it's made before 2:00pm eastern time. That's realistic and fair, imo. I simply fail to understand why certain companies take so long for a normal payment to post and will charge an additional $12.95 for immediate posting. It's just another tactic to sponge fees.

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    God/dess VenusGoddess's Avatar
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    Default Re: Class action suit against Providian

    Quote Originally Posted by veteranprincess
    true, but given that with other payment services, a payment is immediately posted, why do they feel the need to "punish" somebody? Not all credit card companies take 2-3 days for a payment to post. One of my credit cards posts a payment the same day provided it's made before 2:00pm eastern time. That's realistic and fair, imo. I simply fail to understand why certain companies take so long for a normal payment to post and will charge an additional $12.95 for immediate posting. It's just another tactic to sponge fees.
    Well, we have an American Express, and it takes 2 days to post payments.

    It's not a rip-off if you are aware of the fees and penalties and time frames with the card. You signed a contract.

    If people cannot make the required payment by the time due, then that's their fault, not the credit card companies. When you have a check returned somewhere, do you really think the banks charge the companies $25 for that? No, it's more like $10 and the stores tack on "profit" for the check.

    This all stems from people not wanting to take responsibility for their spending habits and lack of credit management. They can complain all they want, but in the end, it is ultimately their fault.

  23. #23
    Veteran Member veteranprincess's Avatar
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    Default Re: Class action suit against Providian

    Quote Originally Posted by VenusGoddess
    Well, we have an American Express, and it takes 2 days to post payments.

    It's not a rip-off if you are aware of the fees and penalties and time frames with the card. You signed a contract.

    If people cannot make the required payment by the time due, then that's their fault, not the credit card companies. When you have a check returned somewhere, do you really think the banks charge the companies $25 for that? No, it's more like $10 and the stores tack on "profit" for the check.

    This all stems from people not wanting to take responsibility for their spending habits and lack of credit management. They can complain all they want, but in the end, it is ultimately their fault.
    That's strange because my AmEx posts immediately. It does however take 24-48 hours for the payment to reflect on my online statement, but it does immediately post.

    For the most part, I do agree with what you're saying. This is about being responsible and managing debt. But what I fail to understand is: since these companies encourage us to utilize online bill paying services, and since more reputable companies (or companies that are not preying upon bottom tier consumers) do NOT charge a fee to "expedite" payment (a payment which can easily be posted immediately), I still fail to see how this is fair. I still see it as predatory.

    Like, I can totally see a group of executives sitting around a conference table brainstorming how to squeeze unfair fines out of consumers who don't have alot of options. Sounds like a chain strip club...let's squeeze every dollar we can out of them.

    *sigh* regardless, the original fine with which I started this thread, the overlimit fee, that suit does seem a bit frivolous. Quite frankly, I see the expedited payment fee as more ludicrous. I wonder when that one will be the subject of a class action suit.

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    Featured Member Vamp's Avatar
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    Default Re: Class action suit against Providian

    Most companies charge a fee for posting a payment, especially with checks. There are people that make the payment then put stop payment on the check. The only time the company finds this out is thru their financial institution. By that time usually a few days or week has gone by. The fee is a small way to insure the payment.

    I personally think credit card companies deal in a form of predatory lending. You start off with lets say a $1000.00 credit limit with a interest rate of 5%. You make some purchases and then they increase your limit. They keep increasing the limit. It is encouraging you to spend more and more. You are late one day they jack up your interest rate to over 20%. Not to mention all the fees. Over the limit, cash advance fees, annual fees, Late fees, and the interest that can keep rising to almost any limit. To me it is insane. If you aren't careful you end up with a $5000.00 credit limit you are maxed on with an interest rate of 25% with compounding fees. Which makes it harder and harder to pay off. Everyone needs to take responsibility for their money and read the contracts before signing up. But that also doesn't negate the predatory nature of the lending.

    My cards are almost payed off thank the gods. I will never have another one again. I now have a line of credit loan thru my credit union. It has a fixed rate like a reg loan. I have minimal fees. I can transfer money from it online to my checking account. It does not come with a card which keeps my spending habits in check.

    Providian isn't the only card company with class action lawsuits....

    Class Action Lawsuits Filed Against Credit Card Companies
    Below are summaries of class action lawsuits filed against major credit card banks. This is not a complete list, just a few samples.


    First USA (now owned by BankOne)-- A class action lawsuit was filed against First USA when it changed the due date so that some customers, accustomed to paying by a certain date each month, would be caught off guard. Many of them would send in their payments late, not realizing that their due date was a few days earlier than they thought. First USA charged customers $29 every time a payment was late. When two payments were received late, they increased the interest rate 10 full points. (First USA has been accused of this practice more than once.)


    First USA once failed to send out monthly statements to many of its customers which, in turn, caused many customers to pay late or not at all that month. When customers began complaining about the $29.00 late fees assessed as a result, First USA claimed the mix up was a result of a computer glitch; however, they refused to remove the $29.00 late fees and give up the millions in extra revenue. Instead, they announced that they "had no duty to send out a statement each month" and it was just too bad for their customers.


    Chase -- If you have a card issued by Chase, perhaps you noticed a ten cent rebate on on of your monthly statements several years ago. That generous refund was the result of a class action lawsuit filed against Chase for dubious billing practices (not posting your payment on the date received as required by federal law). You only got ten cents because the lawyers who filed the class action suit took a big chunk of the $22 million settlement as their fee. There was so little left that everyone got just ten cents. (Most class action lawsuits against credit card companies result in a windfall for the attorneys with very little left over for consumers.)


    Providian -- The king of unscrupulous billing practices and immoral behavior, Providian is considered to be the baddest of the bad credit card companies. It got caught overbilling its customers and had to pay the largest judgment ever awarded against a credit card company, $300 million. They improperly assessed late fees and charged customers for products never ordered (e.g., credit insurance). Many visitors to this website reported that they received checks from the California Attorney General for as much as $200.00 as a refund for Providian's billing overcharges. Providian was also signing up its customers for credit insurance without their permission.


    Home l Credit l Debt l Bankruptcy l Site map
    Advanta -- Settled a class action lawsuit by agreeing to pay $7.2 million to reimburse customers who were guaranteed a low rate, but were charged a higher rate.


    Sears -- Paid $36 million to settle a lawsuit filed by customers who claimed their interest rates were raised after Sears promised it would not raise them.


    Capital One -- Several recent class action lawsuits have been filed against Capital One and are still pending. This credit card company once had a good reputation. It led the way in offering the first low interest rate card on purchases, balance transfers and cash advances. It forced other issuers to lower their rates, too. But then Capital One customers started complaining that their payments, mailed in a full two weeks before they were due, were being marked as having been received late. And Capital One was charging them late fees and jacking up their interest rate as a result, which is why the lawsuits have been filed. One case that received wide media exposure involved a man who had emergency open heart surgery. Due to his illness, he mailed in his Capital One payment late one month. Actually, Capital One received it just one day late. When he called to explain what had happened, they coldly told him "too bad" and jacked up his interest rate from about 7% to 21%. (Of course, Capital One isn't alone in using this tactic -- Citibank, MBNA, Providian, First USA do this as well.)


    Citibank -- Paid a $45 million settlement for improperly assessing late fees. Citibank is one of the banks that will definitely raise your interest rate to as high as 28% if any negative information appears on your credit file -- even if you have always paid them as agreed. And they won't change your rate back if you submit proof to them that the negative information on your credit report was in error.


    MBNA -- Paid an $8 million settlement for improperly assessing late fees.


    The above is by no means a complete list of lawsuits. As several banking regulators have stated publicly, "most credit card companies use sneaky tactics, but only a few are singled out for punishment."
    http://www.bcsalliance.com/x_creditcardtricks2.html

  25. #25
    PhillyDancer1982
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    Default Re: Class action suit against Providian

    YOU ARE SO RIGHT when you say that subprime lenders like to "prey upon the bottom-feeders" and charge as many fees as they can get away with. That's because these companies think that the consumer does not have good enough credit, or enough credit, to get a better credit card...the only way that the consumer can improve their credit rating is to keep the current "subprime" card in good standing...so the subprime lenders realize this "desperation" of the consumer to keep *A* single credit card and build credit, and they know that consumers will build their credit at the expense of fees.

    Quote Originally Posted by veteranprincess
    I do believe there was an instance when a similar situation applied with my capitalone card where I went overlimit as a result of the annual fee but instead of receiving an overlimit fee, they increased my limit. Whether they were being "nice" or I was actually due for an limit increase I don't know. *shrugs*
    NOPE, it wasn't niceness! Not with CRAPitalOne! What most likely happened was, you were simply due for a limit increase and they probably increased your limit right before the transaction posted to your account. They are worse than Providian! Do you believe that one time, they gave me a fucking $29 overlimit fee for going FIFTY-TWO CENTS over my measly $500 limit?! I went literally 0.104% over my limit and get a fee? That is USARY. Most credit card companies will give you the "benefit of a doubt" if it's an insignificant amount over limit and you call to notify them of it. Other card companies only give overlimit fees if the amount over the limit is at least 2-5% of the credit limit. But nope, even after calling, CrapitalOne didn't do shit. Obviously they have enough dead-beat "bottom feeders," that they didn't need my business nor care about it. Actually though, it is more likely that they assumed that I wouldn't take any action against the fee; they probably thought that they could get away with charging me the fee and still keep me as a customer.

    And as for Providian, I wrote about a bad experience with them in another thread. Basically I had a Visa card with them, paid it off in full and closed the account in May 2005. Then in August 2005, a $125 charge for Hot Topic appeared on my statement, even though the account had been closed, and I hadn't entered a Hot Topic in over a year. What most likely happened was, some Hot Topic employee stole my credit card number a year earlier, perhaps kept onto the account number for a year, then forced a transaction to go through even though the account was closed. And yes, according to the Providian manager reps, transactions COULD still be posted to a closed account if the transaction was "forced" by cashier. How's that for security(sarcasm). The only reason I found out about this charge, was because I would still log onto my closed cards' online accounts outta sheer paranoia...turns out I was right to be paranoid. The only good thing about the situation, is that Providian got the charge removed a few days later because I guess their investigation showed that there was no proof that I made such a fraudulent purchase!

    Come to think of it, this was actually the SECOND time that an unauthorized charge had posted to my account after it'd been officially closed. The first time, I received a "cash advance finance charge" plus a "purchases finance charge" a month after the account was closed and officially declared in writing by Providian as "paid in full to 0." So if it was paid in full a month prior, why would I get a finance charge? And I've never made a single cash advance in my entire life...so why a cash advance finance charge? I cried to the manager about this, and within a day these charges were also removed. Looks like Providian's been making too many charge mistakes with peoples' accounts? Maybe I'm not the only one who's gotten these mistakes? Maybe it's a GOOD thing that I would still monitor my closed account like a hawk for months afterward, and protest to the reps about the false transactions as soon as they appeared?

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