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The good, the bad, and the ugly - discover what customers are saying about Advanta Business Card

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ComplaintsBoard
K
1:29 pm EDT

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!

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Eddie Rimawi
,
Jan 14, 2008 12:00 am EST

Last month I got a statement from Advanta for $4032. I paid immediately $3932 leaving a $100 balance. This month they charged me $36 in interest fees. Is this legal? Banks and Visa/Master Card charge the merchants about 3% on sales charged to (Rewards Cards) like the one I had. so they from my advanta card purchases over $120 last month. Is there a limit to corporate greed? My Advanta card is in the trash where it belongs.

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Advanta_Must_Die
, UY
Aug 14, 2009 5:55 pm EDT

Advanta!

HUMAN GARBAGE@

DIE!

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Maryann
, US
Apr 26, 2009 2:40 pm EDT

They did the same CRA_ to us. From 7.99 to 26.58% Said they sent notice. THEY DID NOT! Run-around on the phone -- perpetual "hold" figuring I would hang up which I did not. Arrogant SOB's on the phone. No customer service skills what-so-ever! How can they still be doing business?

HOW DO WE GO ABOUT FILING A CLASS ACTION SUIT AGAINST THESE SOB's.

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Monica
,
Oct 27, 2008 3:07 am EDT

I, like everyone else am just outraged by this whole Advanta rip off! I received my statement last week and to my absolute shock my finance charge for the month was close to 5 times the average amount I had been paying in the previous months. In my mind there was no good reason for this, I 've maintain my excellent credit rating, I've never been late with a payment on this account or on any of my other CC accounts w/ other companies, in fact I pay my Advanta card online twice a month! Never been over limit! My 7.99% apr shot up to over 31%! Believing this must be some kind mistake, I called Advanta and spoke with a man who after I explained my issue, proceeds to tell me that I was sent a letter last month warning of this (which I never got!) and that he could credit me $100 of the charge ( which still left me with a finance charge that was more than twice my usual!). I asked him why this was happening he simply explained that it could be one of many factors including my credit rating and the economy! Well I know it wasn't my credit rating, and I don't recall reading in their 'Terms of Agreement' policy anything referencing the "economy" as being a factor in hiking up their apr! I will not close this account because I know that could have a negative impact on my credit score. I will continue to use this card and rack up points, but I will pay off my balance in full each month so I will not incur any finance charges! Take that Advanta crooks! Someone seriously needs to stop these crooks from their demonic 'bait and switch' practices which can deal a fatal death blow to an unsuspecting small business. SHAME ON YOU ADVANTA FOR EVEN TO THIS DAY CLAIMING TO BE A 'SUPERIOR SMALL BUSINESS CREDIT CARD'! You know I did all kinds of crazy research looking for the best business credit card online and in talking to other small business owners, and Advanta came highly recommended! I'm sorry, I'm just pissed by the fact that my experience isn't isolated, and learning that there are tons of other small business out there who have been burned by this company in the same manner that I have is just **%&$?#$* WRONG! THANK YOU ADVANTA FOR PULLING THE RUG FROM UNDER SMALL BUSINESSES AND CONTRIBUTING TO AMERICA'S ECONOMIC COLLAPSE! YOU NEED TO BE STOPPED!

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ibana v
Boca Raton, US
Oct 16, 2008 9:02 pm EDT

If you believe you are the victim of unfair interest rate charges, late
fees or other penalties, or deceptive marketing, and the credit card
company fails to address your complaint, fi le complaints with your
state Attorney General’s offi ce (www.naag.org) and the national Offi
ce of the Comptroller of the Currency (which regulates most of the
biggest credit card companies and will forward your complaint to a
diff erent regulator if needed).
Th e Offi ce of the Comptroller of the Currency
Website: www.occ.treas.gov/customer.htm
Email: Customer.Assistance@occ.treas.gov
Phone: [protected]
Address: Customer Assistance Group
1301 McKinney Street, Suite 3710
Houston, TX 77010

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Catherine
,
Oct 16, 2008 1:37 am EDT

My letter to the Senator (Florida) !

Senator Nelson,

I wrote last week to you via email regarding your position on the CARD ACT, Credit card reform proposed by Senator Chris Dodd, not the bail out. I agree with your position on the bail out and support it.

Chris Dodd proposed the CARD ACT 2008 which regulates credit card companies’ ability to charge excessive interest rates, high fees, Prevents issuers from changing the terms of a credit card contract for the length of the card agreement (ban on unilateral changes to card agreements); Apply Interest Rate Increases Only to Future Debt, Prohibit Interest on Fees, Prevents credit card issuers from increasing interest rates on cardholders in good standing for reasons unrelated to the cardholder’s behavior with respect to that card (universal default ban);Require Prompt and Fair Crediting of Cardholder Payments

ADVANTA CORP credit card raised my interest rate from 7.99% FIXED to 26.31%. When I called to find out why my interest had gone up so drastically they blamed it on the ECONOMY. I closed this account immediately. What is worse is that there is no law to prevent the credit card companies from doing this to us (the consumer). ADVANTA and other credit cards do not consider consumers that have MODERATE interest rates and pay on time PROFITABLE. The mortgage crisis is carrying over to the credit cards, and credit card companies are increasing our interest rates substantially to "squeeze" as much money as possible from us to make a PROFIT. Credit Cards are taking advantage of the financial crisis we are facing and the deregulation that exists in the financial market to raise interest rates. ADVANTA is a business credit card and their increase in interest rates is contributing to individuals and small businesses filing for bankruptcy and leaving others drowning in debt. Credit Cards increase in interest rates is hurting the ECONOMY tremendously; people are unable to pay down their debts with these high interest rates placing ADVANTA and other credit card companies in a predicament where people are not going to be able to make their minimum payments. The middle and low class are going to be paying more FEES for defaulting on their payments. People will be paying more money to the credit card companies and will have more debt instead of less because all the money is going to pay the high interest rates and not the principal. People will be left with less spending money, slowing down the already hurting economy.

This practice is unjust and unethical and their should be laws to protect consumers from this kind of abuse.

Do you support the CARD ACT? Is there a better Credit Card Reform in your opinion? How can I effectively support a legislation that aims to reform credit card industry abuses?

I understand the CARD Act is not the solution to all the problems with credit cards but I believe it to be a step in the right direction.

http://dodd.senate.gov/index.php?q=node/4401

Another Credit Card Reform Proposed by Congresswoman Carolyn Maloney

http://maloney.house.gov/index.php?option=com_issues&task=view_issue&issue=298&Itemid=35

Thank you.

Additional information:
I paid half of my ADVANTA debt and transferred the rest to Capital One at a 0% interest rate for 12 months at a cost of 3% one time fee.

I hope this link helps. (Be cautious in playing the credit card game)

http://www.fivecentnickel.com/2007/02/27/how-to-profit-from-0-balance-transfer-credit-card-offers/

We are less than 30 days away from elections. And our VOTE is our most powerful tool right now. Take the time to visit each candidate’s website to learn the issues that affect us and let’s fight back with our vote! Only one candidate addressed Predatory Credit Card Practices.
http://www.barackobama.com/issues/economy/#credit-cards

Vote for the candidate that will PROTECT us from these predatory lenders!

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Eric
,
Oct 08, 2008 10:37 am EDT

A bunch of crooks. I went to pay my bill online today and it showed a) I had no credit balance and b) my payment had gone up $200 per month - I have not had a purchase on this card in over a year.

Laurie explained that they had receive a statement back in the mail, thus, they cut my credit limit off so I would contact them. She stated that she would gladly reinstate my credit line now that I contacted them and reverified my address. Then I asked her why my payment had increase, she said we sent you a letter out after our review on August 13th... I never got that. My interest rate went from 7.99 to 26.99 - what the heck? She couldn't tell me why exactly, however, due to bank criteria, my interest rate changed. I asked her specifically what changed, she could not answer, exactly. Her first response was my credit. My credit is a 793, how can that play a part? Then she said there is other criteria but were only for bank purposes.

I asked to speak to a supervisor. Through the song and dance routine, I finally got through to Travis. His basic response was the same, there was no additional information that he could give me. I asked to speak to his supervisor (Debra), she wasn't available, but if I wanted to write a letter, here's the address... Then he offered the President of the banks name - John Moore. Guess what, I'm a bulldog. John and his company haven't seen the last of me.

This is why the country is in such poor shape! The greedy people in this world take advantage (advanta - without the "ge", isn't this ironic?) to get rich off of those who are looking to make an honest living. How can people work for such a corrupt company and go to work every day?

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Catherine
,
Oct 06, 2008 3:20 pm EDT

I have been a cardholder for a few years and I am ENRAGED with this ADVANTA situation and I did not see that letter where they give you the option to "opt out".

I just got off the phone with Glen, Executive supervisor (whatever that means the guy was reading his answers to me, which I asked him to email me and he declined) from Advanta. I wrote down my questions before calling because I wanted to make sure I asked the right questions.

Why has my interest rate gone up?
due to the information we have received from your Advanta account, credit bureau and the FINANCIAL SITUATION we are in bla bla bla...(the guy was reading)
Have I defaulted on my payments?
No
So I have not done anything to make my interest rate go up?
No
Has my interest rate gone up because of the financial situation we are in?
Yes

Earlier today when I closed my account, no one tried to talk to me into staying with them, I asked them to close my account and that was the end of that. "Be sure to ask your issuer to report to the credit bureaus that the account was "closed at customer's request."

First taxpayers BAIL OUT these multi-million comapanies and we don't get a penny from that and now we are getting SCREWED - by the same people we are keeping in business. This has to stop!

Due to this attitude from the banks the situation is going to get much worse and we are the ones that are going to suffer.

I agree with everyone here - this is bull! Close your account with ADVANTA they have no consideration for anyone and don't care if they put a loyal paying client on the street. My account is closed and will be paid in full by the end of this week. And there is no way I will open another account with them. They can go bankrupt for all I care ... oh no that wouldn't happen because my tax dollars will bail them out. I thank GOD that I am able to get out of this situation but what about all those people that don't have the information or the means to get out.

Please spread the word to all your family and friends and tell them to Prepare for these rising interest rates !
I emailed my previous post to all my contacts and hopfully they can be better prepared!

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Catherine
,
Oct 06, 2008 2:33 pm EDT

Posted from another Advanta complaint forum.

Consumer's Concern
I just opened my Advanta bill today only to find my interest rate had gone from 7% to 33%! I'm not behind on my payment at all. I called customer service and spoke to someone in another country and she had no useful information for me. Just that they do this. This is insane! My 7% interest rate was not promotional. Can they just randomly raise my rates? My monthly payment has now more than doubled!

My Response
Yes, they can do this (they reserve the right to change the terms as long as they notify you). As you can see our financial institution is not very regulated and this is why we are in this financial crisis. You should not let them charge you this ridiculous rate, I would look for a balance transfer promotion from another credit card company and close Advanta ASAP (chase, capital one and bank of america usually have good promotions)

Instead of the banks trying to work with the consumers, people like you and I that pay on time, they are screwing us over and in the long run putting themselves in a predicament where the consumer is not going to be able to make their minimum payments. The economic situation is going to get A LOT WORSE because of this. The taxpayers are bailing out these financial institutions and at the same time the financial institutions are taking advantage of us by raising their interest rates.

I am livid with Advanta. My interest went from 7.99 FIXED to 26.31 % on purchases and 36.31% on cash advance. The minimum payment due last month (September) on my account was $ 131 and I religiously send them $ 200. This month (October) my minimum payment went up to $191. This is ridiculous.

I called customer service today asking why my interest rate had gone up so drastically. Her response "Advanta has made this assessment based on information it receives from your account and the information it received from the Credit Bureau and it has assessed that you are now a high risk customer. " WHO ARE THEY KIDDING? I pay on time and above the minimum payment, my credit score is very good and my income has not changed. In conclusion, they are trying to stick it to whomever they can. I closed my account and will pay off the balance immediately. Hope you find this information useful. Have a nice day, Catherine

Here are a few sites with useful information:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/eight/

http://articles.moneycentral.msn.com/CollegeAndFamily/MoneyInYour20s/9waysToBuildAKillerCreditScore.aspx

http://financialplan.about.com/od/creditanddebt/a/RisingRates.htm

http://financialplan.about.com/cs/creditdebt/a/GetOutOfDebt.htm

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Greg Zachar
,
Oct 01, 2008 11:12 pm EDT

One more thing, it seems srange that everyone had this problem in august!

ComplaintsBoard
V
9:59 am EDT
Resolved
The complaint has been investigated and resolved to the customer’s satisfaction.

Advanta Business Card Beware

I have been reading all the comments in regard to Advanta Business Credit Cards. I am shocked to see how many people have the same scenario. It is obvious that there is a pattern. I have NEVER paid a high interest rate and ALWAYS paid on time. It is a shame that good people are being screwed by this company. Started my business in late 2006 with 0% balance transfer lifetime. 7.99% fixed on purchases. Just got my bill and it jumped to 25.08%. Same on you guys, called and got the run around and told increase due to economy. CSR said I should have received letter. Never got the letter. Please let me know who is right. I am on board to take them MF's down.

Read full review of Advanta Business Card and 4 comments
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Nick McCulloch
Atlanta, US
Jan 23, 2009 2:59 pm EST

I am in the same boat-have been round and round with Advanta and am getting no where. I never recieved the letter and the jacked my interest rate to 36%-they said nothing they can due to lower rate. I have closed the account but still have a balance-always paid on time and more tha triple the min due.

This company needs to be exposed and by the sounds of it based on what I have read thats where they are headed.

Has anyone contacted Dave Ramsey(Fox Business) to try and gain some media attention to this practice?

Thanks

Nick M

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Catherine
,
Oct 16, 2008 1:35 am EDT

My letter to the Senator (Florida) !

Senator Nelson,

I wrote last week to you via email regarding your position on the CARD ACT, Credit card reform proposed by Senator Chris Dodd, not the bail out. I agree with your position on the bail out and support it.

Chris Dodd proposed the CARD ACT 2008 which regulates credit card companies’ ability to charge excessive interest rates, high fees, Prevents issuers from changing the terms of a credit card contract for the length of the card agreement (ban on unilateral changes to card agreements); Apply Interest Rate Increases Only to Future Debt, Prohibit Interest on Fees, Prevents credit card issuers from increasing interest rates on cardholders in good standing for reasons unrelated to the cardholder’s behavior with respect to that card (universal default ban);Require Prompt and Fair Crediting of Cardholder Payments

ADVANTA CORP credit card raised my interest rate from 7.99% FIXED to 26.31%. When I called to find out why my interest had gone up so drastically they blamed it on the ECONOMY. I closed this account immediately. What is worse is that there is no law to prevent the credit card companies from doing this to us (the consumer). ADVANTA and other credit cards do not consider consumers that have MODERATE interest rates and pay on time PROFITABLE. The mortgage crisis is carrying over to the credit cards, and credit card companies are increasing our interest rates substantially to "squeeze" as much money as possible from us to make a PROFIT. Credit Cards are taking advantage of the financial crisis we are facing and the deregulation that exists in the financial market to raise interest rates. ADVANTA is a business credit card and their increase in interest rates is contributing to individuals and small businesses filing for bankruptcy and leaving others drowning in debt. Credit Cards increase in interest rates is hurting the ECONOMY tremendously; people are unable to pay down their debts with these high interest rates placing ADVANTA and other credit card companies in a predicament where people are not going to be able to make their minimum payments. The middle and low class are going to be paying more FEES for defaulting on their payments. People will be paying more money to the credit card companies and will have more debt instead of less because all the money is going to pay the high interest rates and not the principal. People will be left with less spending money, slowing down the already hurting economy.

This practice is unjust and unethical and their should be laws to protect consumers from this kind of abuse.

Do you support the CARD ACT? Is there a better Credit Card Reform in your opinion? How can I effectively support a legislation that aims to reform credit card industry abuses?

I understand the CARD Act is not the solution to all the problems with credit cards but I believe it to be a step in the right direction.

http://dodd.senate.gov/index.php?q=node/4401

Another Credit Card Reform Proposed by Congresswoman Carolyn Maloney

http://maloney.house.gov/index.php?option=com_issues&task=view_issue&issue=298&Itemid=35

Thank you.

Additional information:
I paid half of my ADVANTA debt and transferred the rest to Capital One at a 0% interest rate for 12 months at a cost of 3% one time fee.

I hope this link helps. (Be cautious in playing the credit card game)

http://www.fivecentnickel.com/2007/02/27/how-to-profit-from-0-balance-transfer-credit-card-offers/

We are less than 30 days away from elections. And our VOTE is our most powerful tool right now. Take the time to visit each candidate’s website to learn the issues that affect us and let’s fight back with our vote! Only one candidate addressed Predatory Credit Card Practices.
http://www.barackobama.com/issues/economy/#credit-cards

Vote for the candidate that will PROTECT us from these predatory lenders!

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Stan
,
Sep 22, 2008 11:39 am EDT

I will also send a letter to my state Attorney General. As a card holder since 2006, I had a 7.99% rate until my last statement showed 30.08% ! I called and was fed the same BS. They told me my rate changed due to my credit score, payment history and the economy! My credit has not changed. If anything, it improved. I have never had a late payment with Advanta. They said I received a letter showing the rate increase and had a chance to opt out. I never received this letter. After getting off the phone with Advanta, I quickly transferred my balance to another credit company. I will never do business with Advanta again!

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mikemtn
, US
Sep 16, 2008 12:31 pm EDT

I am sending a complaint to the Attorney General of my state, right after I go to the bank and put the money in my account to pay these aholes off-they did the exact same thing to me, 7.99 to 25.08, NO written disclosure (even though they insist they sent one)-they need to be stopped I will never do any business with Advanta Bank.

ComplaintsBoard
B
10:27 am EDT

Advanta Business Card Predatory Practices

We signed up for a 7.99% business credit card. Within a few months of taking out a $25k cash advance at that rate, we were notified of an account modification that, in the words of a customer service rep, was "a slight change to our lending guidelines since your account was established." That slight change was a massive increase from 7.99% to 18.99%.

The letter was dated Feb 29, 2008 (date of letter, not receipt) and the new rate was effective March 20, 2008. The March 20 change was conveniently 5 days before the end of the billing cycle so that Advanta could take advantage of the billing clause that "any change in APR becomes effective as of the first day in the billing cycle..."

Note that this increase in interest was NOT tied to any late payment. This was verified by a customer service rep.

After receiving the letter, I scraped up enough money and paid the balance in full (with an additional $200 paid by a merchant rebate) two days before the March 20, 2008 change. But because I did not send a signed written notice that I rejected the modified account terms, Advanta billed me finance charges for the previous month on the cash balance.

I am so incensed by the massive escalation of interest, the short notice and retroactive finance charges. Obviously predatory practices. I formally told them I would be contesting the $79 left on my balance and to close my account.

We can only imagine how many people they rip off this way. It seems clear to us, they've automated this way of doing business to fleece people who don't rapidly respond to their unethical business practices.

In an e-mail, the customer service rep wrote that the change occured because "Advanta reviews lending guidelines on a regular basis to ensure that they are in line with industry standards and the changing economy." Except they are still advertising the 7.99% rate on their website and mailings. Who do they think they're kidding.

Other ways they fleece customers: "Cash Back Rewards" that aren't credited to your account but sent as cutout checks in sheets of paper behind regular account statements. They realize people, particular ones with online accounts and software, won't open or even notice the checks. So these "void within 90 days" checks will go unused. More profit for Advanta! The envelopes containing these checks won't have any unusual markings and just says "Statement Enclosed." But envelopes that have cash advance checks and other ways to get you in debt have "Inside: Important Information About Your Account" on the envelope. Do you see a pattern here?

Read full review of Advanta Business Card and 8 comments
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Catherine
,
Oct 16, 2008 1:38 am EDT

My letter to the Senator (Florida) !

Senator Nelson,

I wrote last week to you via email regarding your position on the CARD ACT, Credit card reform proposed by Senator Chris Dodd, not the bail out. I agree with your position on the bail out and support it.

Chris Dodd proposed the CARD ACT 2008 which regulates credit card companies’ ability to charge excessive interest rates, high fees, Prevents issuers from changing the terms of a credit card contract for the length of the card agreement (ban on unilateral changes to card agreements); Apply Interest Rate Increases Only to Future Debt, Prohibit Interest on Fees, Prevents credit card issuers from increasing interest rates on cardholders in good standing for reasons unrelated to the cardholder’s behavior with respect to that card (universal default ban);Require Prompt and Fair Crediting of Cardholder Payments

ADVANTA CORP credit card raised my interest rate from 7.99% FIXED to 26.31%. When I called to find out why my interest had gone up so drastically they blamed it on the ECONOMY. I closed this account immediately. What is worse is that there is no law to prevent the credit card companies from doing this to us (the consumer). ADVANTA and other credit cards do not consider consumers that have MODERATE interest rates and pay on time PROFITABLE. The mortgage crisis is carrying over to the credit cards, and credit card companies are increasing our interest rates substantially to "squeeze" as much money as possible from us to make a PROFIT. Credit Cards are taking advantage of the financial crisis we are facing and the deregulation that exists in the financial market to raise interest rates. ADVANTA is a business credit card and their increase in interest rates is contributing to individuals and small businesses filing for bankruptcy and leaving others drowning in debt. Credit Cards increase in interest rates is hurting the ECONOMY tremendously; people are unable to pay down their debts with these high interest rates placing ADVANTA and other credit card companies in a predicament where people are not going to be able to make their minimum payments. The middle and low class are going to be paying more FEES for defaulting on their payments. People will be paying more money to the credit card companies and will have more debt instead of less because all the money is going to pay the high interest rates and not the principal. People will be left with less spending money, slowing down the already hurting economy.

This practice is unjust and unethical and their should be laws to protect consumers from this kind of abuse.

Do you support the CARD ACT? Is there a better Credit Card Reform in your opinion? How can I effectively support a legislation that aims to reform credit card industry abuses?

I understand the CARD Act is not the solution to all the problems with credit cards but I believe it to be a step in the right direction.

http://dodd.senate.gov/index.php?q=node/4401

Another Credit Card Reform Proposed by Congresswoman Carolyn Maloney

http://maloney.house.gov/index.php?option=com_issues&task=view_issue&issue=298&Itemid=35

Thank you.

Additional information:
I paid half of my ADVANTA debt and transferred the rest to Capital One at a 0% interest rate for 12 months at a cost of 3% one time fee.

I hope this link helps. (Be cautious in playing the credit card game)

http://www.fivecentnickel.com/2007/02/27/how-to-profit-from-0-balance-transfer-credit-card-offers/

We are less than 30 days away from elections. And our VOTE is our most powerful tool right now. Take the time to visit each candidate’s website to learn the issues that affect us and let’s fight back with our vote! Only one candidate addressed Predatory Credit Card Practices.
http://www.barackobama.com/issues/economy/#credit-cards

Vote for the candidate that will PROTECT us from these predatory lenders!

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Paul Piche
,
Aug 19, 2008 2:45 pm EDT

Same story here. Opened account 6 months ago. Never late on payments, no overdrafts, etc. Today's statement lists 20.3 percent. Glad I found this website. I won't bother calling them to find out what's up.

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R. Miller
,
Aug 13, 2008 11:24 am EDT

They did the same to me. I signed with them for a fixed 7.99 rate. after a year they raised it to 19.9% . I was never late with a payment. I called customer service to complain and ask why and they could not give me a reason for the increase. The just gave a random speech on how they review use and minimum payments to determine rates. I pointed out that I was never late with a payment or over my credit limit and asked them to lower it. They would only lower it to 15.99%. I transferred my balance to a card with an 8.0 fixed rate and close my account with them. Stay away from them. They will sucker you in with a low rate and then switch it to a high rate.

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Lee Arnhold
,
Aug 06, 2008 12:06 pm EDT

Advanta did exactly the same thing to me. 7.99 to 21.99. When I confronted the customer service on this and said I don't know of any other bank that does this, her response was simply that it had a different business model and offered to lower the rate to 19.99 - very generous! If anyone know of any planned or pending action, please let me know.
This kind of company shouldn't exist!

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Gabriel Braun
,
Jul 22, 2008 6:21 am EDT

Same exact story 7.99% to 19.99. Did not see changed unitl I opened my statement. They said it had to do with risk. Never late with any bills. Nearly800 credit score. Attitude smug and arrogant.

The truth is that they analyze accounts with high balances that make anything close to minimum payment. If you have a good payment history and strong credit ---they assume you will continue to pay regardless of change. They also assume that you do not have the capcacity to pay off. They send out an opt out notice disguised as junk mail hoping you will junk it. Also hoping the combination of mail time and you opening notice will exceed 15 days.

Loan sharks have better business ethics. Atleast they wait for you to miss a payment before they more than double your rate.

There needs to be a class action lawsuit!

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Myke
,
Jun 17, 2008 12:28 pm EDT

Same exact story here...even down to the $ 79 cash advance interest fee after the full balance was paid ($6, 600). The only difference was my initial rate was 7.99% and, over a period of 3 months increased it to 34.99%! This treatment to good, creditworthy customers should be illegal.

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Mary Kay
,
Jun 02, 2008 6:37 am EDT

I also have had the same horrible experience with Advanta - they jacked up my interest to 36%! I had also applied for a promo rate for a balance transfer and payed my bills on time. Unfortunately, I paid the day that it was due (July 4th) but because it was considered a Holiday they didn't apply it to my account till the next day and then removed my balance transfer promotional rate due to a "late" payment. THIS COMPANY IS A SCAM AND THEY PRACTICE PREDATORY LENDING. They told me the reason that they increased my interest rate to 36% was because my credit rating had "changed" - it was the same as what it was when I applied! STAY AWAY FROM THEM AT ALL COSTS. I will be paying my balance in full this month - I called them to have them decrease my rate and they refused. They need to have a class action lawsuit filed against them.

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rhonda dorris
,
May 03, 2008 2:43 pm EDT

They did the same exact thing to me. I was incensed, raved, ranted, called, emailed, did everything I could do short of something I could see the penitentiary for and these fleecing idiots were almost smug about their unsavory tactics. I paid my entire $8000 balance off in full (using balance transfer on a more "reputable" card I carried) and will NEVER DO BUSINESS WITH ADVANTA AGAIN. ******WORD OF ADVICE------DO NOT USE THIS COMPANY------THEY'RE A SCAM!

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