12 February 2004
Deficit spending for one and all
Last fall, I reported on the upcoming Democratic Party credit card, issued by Providian, a bank which has been working to upgrade its portfolio from the largely-subprime accounts that nearly drove it to bankruptcy in the late 90s.
I have now received a promotional offer for the Democratic Party Platinum Visa, and from the looks of things, Providian is still thinking like a subprime lender: I mean, 17 percent? The big print, of course, is devoted to a balance-transfer deal of 3.99 percent, which runs out in September. The designated DNC rebate is 1 percent.
I haven't seen an offer for the Bank One Republican Victory Fund Visa, but I suspect the terms might be better; the card I do have from Bank One runs less than 10 percent, and the best deal I've ever wangled from Providian is, yes, 17 percent.
It didn't help that in the same mail there was an offer for a MasterCard from Capital One, another issuer I have forsaken in search of lower rates, for 12.9 percent. (On the other hand, C1 wanted an annual fee, which the Democrats didn't.)Posted at 7:16 PM to Common Cents