The complaint has been investigated and
resolved to the customer's satisfactionResolved Advanta — credit card rate increase
resolved to the customer's satisfaction
Advanta Bank has jumped firmly on the greed and scam wagon! It is good to see that I am not the only one in this situation. Perhaps we can take them down. Anyone up for a class action lawsuit?
About a years and a half ago, they were going to raise my rate significantly. The option was that they were going to close the account and with that agreement, they PLEDGED to keep my rate at 7.9% fixed for the life of the balance. That was a promise.
During the interim, I paid on time, and generally slightly more than required. I was “late” twice because they didn't credit my account on the due date, even though it was paid on the internet site. It seems that they also use the trick of not-posting you weekend payments immediately. IT IS GOOD FOR THEM, HOWEVER: zing! $39.00.
Another trick they use is to vary the Due Date monthly. That way you are more likely to screw-up and pay late, having the bill sneak-up on you unsuspectingly. ZING! $39.00.
However, the real mistake they made with me last month was changing my pledged rate of 7.9% for the balance of the loan, to an unprecedented 30+% rate. Here is how I discovered it had happened:
When I was without the money to pay on the random Due Date they had imposed, I called them, and we discussed the matter, and they mentioned that they would work with me and not charge a late fee. Three weeks later, when the money finally was available (self-employed), I was getting calls daily from them, and their India-based agent informed me that my $114.00 minimum payments was now over $$300.00 to bring the account current. I asked “How much?” I then pointed out to them that twice $114.00 is less than the $300-something they mentioned. Their reply: “$132.00 is interest for the month.”
I guess you can imagine what I said next. After biting my tongue, I calmly informed them that I had been pledged 7.9% for the balance, they said that they could not lower the rate.
I then informed them that I will NOT pay mafia rates for interest, and allow them to literally STEAL all of my monthly payment in interest charges. Therefore, I resolve to pay ZERO toward the balance until I get an official letter from their executives promising to reduce the rate to that pledged, and that I am fully willing to walk on the entire balance if they refuse to comply.
Being the fair and reasonable person I am, I also added, I also want all of the late fees removed, and demanded that they repair the reporting to the credit agency regarding this matter. I was late through NO FAULT of my own. I was late because of the economy, not careless disregard for what I owe.
However, I feel that it is an important matter of principle that we hold those we do business to the same standard that we give. If they do not keep their word to me, I will no longer allow them to steal my scarce funds, by making me a permanent debtor with their theft. Before, I was reducing the debt every month. With their new theft, I am (paying the minimum) getting more accrued debt monthly!
It is the economy, stupid! Advanta has no right to place further burdens on the backs of us who are struggling to keep our financial heads afloat monthly! Since they have chosen this unethical path, I say it is time for a class action lawsuit!
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