History Of Providian
The providian credit card has a history tat you can proudly speak of. Till the year 2005, it was one of the largest credit cards issuing company in the US. The headquarters of this company are located in the bay area of San Francisco. In the month of October 2005, this company was purchased by Washington mutual at a cost of 6.5 billion dollars.
At the time of purchase of the company, the number of card holders that it had was 10 million. The Washington mutual owned this company as a hundred percent subsidiary. This company holds its key operation centers in the areas of Texas, California and New Hampshire. The numbers of employees that work in these centers are around 13000.
The company providian was founded in the year 1997 by Andre kahr. The same person was responsible for founding a credit card company named first Deposit Corporation. The best thing about this company is that it sells the credit card to the people with poor credit histories. The people who are in the subprime market and the people with a low income group in the US go for this card.
There were many criticisms about the company as far as the credit policies were concerned. The blame was that the borrowers became comparatively poorer than before. Since the year 1999 several suits were filed against the company keeping in view its aggressive sales tactics. The company paid an amount of 100 million dollars to get out of the mess.