Advanta Business Card — Huge APR Increase
I started a small business a little over a year ago and was told that Advanta was the best small business credit card. I applied and received one with an APR of 7.99%. I used the card for my business and was pleased with the credit limit I was given. I made all payments on time, always more than minimum and had a couple of my business expenses automatically paid with my Advanta card. My August 2008 statement arrived I realized that my purchase APR suddenly shot to 20.39%! When I called to find out why, they told me, like they've told others I've read about here, that due to a "recent evaluation" my credit worthiness had changed. No other explanation. After three phone calls, I was told I could close my account if this new APR did not work for me. No concern at all about the well-being of my company or that my business was put under unwarranted stress due to these changes. They stated that they had sent me a letter telling me about this change and giving me the opportunity to "opt out". I never received this letter, but did receive an envelope full of convenience checks to use on my account to jack up the balance. Advanta has become a predatory lender. Beware!!