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Advanta bank / Excess interest charged

1 United States Review updated:

Instead of the 0.69 rate offer, they charged 34% annual interest! This happened on two balance transfers months apart. Seems like a scam. After lots of waiting, they will correct the mistake, but the overcharge shouldn't happen to begin with.

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  • Sa
      15th of Dec, 2008
    0 Votes
    Advanta Bank - Increased Interest Rate
    Advanta Bank Corp
    United States

    I have been a business customer with Advanta Bank corp for over three years. I have always paid my business credit card on time each month. They increased my interest rate from 7.99% to 34.99% I called customer service and they said they couldnt do anything about it. I asked for a supervisor and spoke to him and he said there is nothing he can do about it. I told him I was going to email the President of Advanta Bank and the supervisor told me they are the ones that increased the rate, so they will know what you are emailing them about. I told him that I would call FDIC and make a complaint about the bank. I NEVER received a letter or a phone call they would be increasing my interest rate NOTHING!!! FDIC referred me to the US consumer affairs and they took a report and reported it to the state of New York FDIC where this bank if regulated. I never heard anything back from them but at least I got my complaint in. It looks like Advanta Bank will be bought out as their stock is declining..They get what they deserve!!!

  • Cr
      27th of Jan, 2009
    +1 Votes

    AVANTA!

    FDIC DEFINATELY WANTS MORE STORIES!
    THEY ARE TAKING ADVANTA COMPLAINTS QUITE SERIOUSLY.

    Many small business owner's now know that Advanta Bank
    engages in horrendous business practices.

    I am among those with a FIXED RATE ACCOUNT that was jacked from 7.99% FIXED to over 32%. 750+ Fico, No lates anywhere, etc.

    You all know that same story.

    But, what you may not know is how much the FDIC CARES about this.

    I spoke with some high-up people at the FDIC and they not only know about it, but their regulators have been notified. They have expressed sincere and deep concern over this.

    So PLEASE SPEND 5 MINUTES AND TELL YOUR STORY...THEY NEED THE STORIES TO JUSTIFY HARD ACTION!

    GO HERE Right now: https://www2.fdic.gov/starsmail/index.asp

    (Special Tip: Don't put any dashes in phone numbers on the form and make sure dates are in this format XX/XX/XXXX...)

    48 hours later, call this special number at the FDIC: 800-378-9581 and verify that they have your complaint, POLITELY restate it and ASK for help. They DO want to help, but can't act without your story.

    Be polite, clear, brief and specific.

    I have heard, that just 200 more complaints, will trigger big trouble for Advanta.

    Please go to this form: https://www2.fdic.gov/starsmail/index.asp and tell your story.

    And more importantly, PLEASE take
    HEART by remembering this heartwarming fact:

    Advanta EXISTS due to a BANK CHARTER.

    This is simply a DOCUMENT -- an AGREEMENT -- AN IDEA.

    ..and this DOCUMENT can just as easily be shredded as it was printed.

    What is a BANK with NO CHARTER?
    What is a BANK with NO LICENSE?

    SEE THE LIGHT?

    1.2 Million Small Business Owners, with sufficient motivation can find a way to have that Charter revoked Advanta.

    So, Advanta Executives, Stockholders, Employees, Advertisers, Vendors and SUPPLIERS take note: Advanta BANK exists because the PUBLIC TRUST ALLOWS it to EXIST.

    As the PUBLIC, we simply TOLERATE Advanta's existence.

    If the PUBLIC is SUFFICIENTLY OFFENDED as to ORGANIZE its effort, we may choose to REVOKE the RIGHT (i.e. LICENSE and CHARTER) of this Bank and replace it with one of our choosing -- or none at all.

    KEEP YOUR FOCUS...

    A Bank without a license is NOTHING.

    ...and complain to the FDIC RIGHT NOW...It is EASY
    and WORTHWHILE.

    https://www2.fdic.gov/starsmail/index.asp

    They truly need the clout of your story to act.

    Best to you,
    CreditCardJihad


    Keywords: Advanta Sucks, Advanta Complaints, Advanta Stock Price, ADVNA, ADVNB, Advanta Lawsuit, Advanta News, Cardmember revolt, Advanta Failure, Advanta Taken Over by Feds, Advanta Fires all Employees, Advanta loses Bank Charter, Advanta Loses License, Advanta Earnings Report, Advanta 10K, Advanta 10Q, Advanta SEC Filings, ### Advanta, Advanta Screwing Me, Advanta Credit Cards, Bait and Switch, Advanta Raising Interest Rates, Advanta sealed their fate, Advanta Bank Financial News, Goodbye Advanta Bank, Advanta Fails, Don't do business with Advanta, Boycott Advanta, Advanta bank fails. Advanta shut down my regulators. FDIC moves against ADVANTA -- PUBLIC CHEERS!

    Ps. Advanta Employees -- we honestly do love you. This is nothing do with you, but you must get rid of your maniacal management. Let them know that you can't support their policies and that they are killing the company. They are throwing you under the bus along with their customers. ORGANIZE!

    Advanta Shareholders...ummm...it is up to you and everything, but this doesn't look good...may want to dump this crapper of a company. They are content to run it into the ground. Let's see, piss off all your GOOD customers and drive the regulators to shut you down...? Good strategy???

    --CreditCardJihad

  • Kt
      4th of Feb, 2009
    0 Votes

    I just got my bill with32% rate for cash advance and they said they can charge up to 39% UT. The feds max is 24 % and thats the IRS!!

  • To
      5th of Feb, 2009
    0 Votes
    Advanta Bank - Ripoff Artists - Stay Away
    Advanta Bank
    United States

    I have been a customer of Advanta for 5 years - they just raised my rate from 6.99% to 30.17%. Never one late payment in 5 years and always paid well over the minimum amount due. I overlooked my January 2009 payment due on 1/31/09, they called me on 2/5/09 and I paid immediately over the phone. They then told me that my interest rate would be raised from 6.99% to 30.17%. I spent 40 minutes waiting for a supervisor and he told me that they have zero late payment tolerance and that is the best rate.

  • Pa
      5th of Feb, 2009
    0 Votes

    Can you transfer your credit to another card? I keep only one credit card so I don't know much about this, but I would transfer and send my business elsewhere.

  • Sa
      20th of Feb, 2009
    0 Votes
    Advanta Bank - Thieves!
    Advanta Bank
    United States

    I too have been scammed by Advanta.

    I had a 2.9% rate, never paid late, always paid more than the minimum, never went near my limit, and out of no where, for no reason, they changed my rate to 29%!

    This happened last June, same as the rest. At one point it was up to 35% but I don't understand why they lowered it. I filed a complaint with the FDIC, spoke with Ms Timmons who handles Advanta. They were supposed to reduce my rate to 2.8 but did not comply with the FDIC!

    They must be stopped. I am willing to join in any class action suit against them.

  • De
      22nd of Feb, 2009
    0 Votes

    I am working with attorney Alan Finkel in Commack, NY who is working with some state class action law firms to seek action against Advanta. If your interested in particpating, please e-mail me at [protected]@msn.com.

  • Kr
      6th of Mar, 2009
    0 Votes

    Advanta MasterCard did the exact same thing to me. Out of the blue they increased my interest rate from 8.99 to 35%. I had never been late with a payment as a business customer and I always submitted monthly payments hundreds of dollars over what they were requesting. I also spoke with customer service and then with a supervisor with negative results.

    Their practices are unconscionable and would have thought unlawful. I will contact U.S. Consumer Affairs and lodge a complaint as well. How many people have to lodge a complaint before a class action can be lodges for corrupt business practices?

  • La
      19th of Mar, 2009
    0 Votes
    Advanta Bank - Business practices border on extortion
    latestvictim
    Ohio
    United States

    Let me add my story to the long list of complaints against this bank. I was a good customer of the bank until last fall when I fell victim to the old "change the due date" scheme which made my payment late. My interest rate immediately rose to 34.9% and has stayed there ever since. My payment went from $143 per month to now over $600 which I can not afford to pay. My first call to customer service resulted in a "sorry, noting we can do" . I have called repeatedly for the past 4 month requesting that my account be closed and that I be put on a payment plan...which evidently they keep telling me they do not have. Each representative I speak to advises me to wait another 30 days and then "something will be available to you" what is available is another $300 in interest charges, another late fee and another over the limit fee because of all these outrageous interest charges. I have filed a complaint with the FDIC but in speaking to them, they tell me there is nothing they can do?????? This is legal? My sympathies go out to those who have been hit with mortgag schemes but why isn't anyone looking into these credit card rackets? If there's a class action suit out there, please direct me to the site!

  • De
      21st of Mar, 2009
    0 Votes

    I am working with an attorney in NY who is working on legal action against Advanta. E-mail me at [protected]@msn.com if interested in participating.

  • Ph
      23rd of Mar, 2009
    0 Votes

    So pissed, My interest rate went from under 9% to over 34%. When called to complain they said that informed me that my credit was still in the 7oos and that I was never late and to just keep making my payments on time. I am done with them. They wil never get anymore of my business.

  • Jo
      7th of May, 2009
    0 Votes
    Advanta bank - Interest
    Banking
    New York
    United States

    Stay away from Advanta Bank, I too was drawn in with the low interest rate, but after paying on time for several years my interest rate jumpted to 34.7%, I was told that after paying on time for the next few months it would be looked at again, now one year later I am still trying to get it reduce. Also, on the phone with them just now for 37 minutes, calling India, and was just told after all this time that I have to wait another year to lower my interest rate and they cannot give me the name and contact information for the President/CEO of the company, that is confidential information.

    Stay away from them, if anyone needs money that badly you will do better with loan sharks than you will with this company that, and I confirmed this, has already received bailout money.

  • De
      11th of May, 2009
    0 Votes

    The President of the company is Dennis Alter. That is common knowledge. Last article I read a few months back, they were not going to take the bailout money. It wouldn't surprise me if they changed their minds. Advanta is definitely not a credit card one would like to have these days. You'd have better luck with a loan shark.

  • Te
      13th of Nov, 2009
    0 Votes
    Advanta Bank - Interest hike
    SER Communications Inc
    Michigan
    United States

    What is going on with these banks? The interest their charging is nothing more than RAPE.

    I have never been late and always send more than the minimum required payment. I find that out of a $100.00 monthly pmt. $49.36 is interest. All of the bail out money given to the banks from the government should have been passed on to the customers who have been loyal in their payments. I cannot afford to pay for somebody elses mistakes furthermore, the people who made these mistakes are continueing to receive outrages bonuses. WE the people are outraged. The banks are doing nothing more than makeing incoherent accusations against the people that has supported them over the years. Somebody needs to put a stop to this!!!

  • Ja
      13th of Oct, 2010
    0 Votes

    I APPRECIATE THE CONCERN WHICH IS BEEN ROSE. THE THINGS NEED TO BE SORTED OUT BECAUSE IT IS ABOUT THE INDIVIDUAL BUT IT CAN BE WITH EVERYONE.

  • Im
      25th of Mar, 2011
    0 Votes
    Advanta Bank - Fee Scam - Credit Card Holders Beware!
    Advanta Bank
    United States

    DO not do any business with Advanta! I have been a loyal credit card member for years and always paid my monthly balances in full each month. I never carried a balance! NO INTEREST OR FEES – Ever! In July 2007 I went to pay my bill on-line….. THEIR WEB SITE WAS DOWN!!! The credit card was for my business and with a tight schedule I always paid via their web for the ease and convenience. The bill was due that day, I could not make the payment, and did not have the time to call them or try later that day or maybe the next day. I wanted to make the payment now and could not because someone at Advanta botched a web update.

    The Advanta Story from their site: “At Advanta, our focus is on small businesses, and no one knows the needs of small business like we do. Started in 1951 with $30 in seed money in founder Jack Alter's spare bedroom, Advanta has grown into one of the nation's largest providers (through Advanta Bank Corp.) of business credit cards to small businesses, without forgetting what it is like to be a small or start-up business.” OK, Yeah right! Don’t bend over anytime soon because it’s 2007 and you will pay for that seed and growing out of your a**!

    When I called (now after the due date) the customer service representative told me he was aware of the problem and told me I could make a payment today over the phone and I did in full as always. I asked him (more than once) if I would be charged for the phone payment and a late fee and he assured me that our conversation would be documented and that I should not have a problem. OK

    Well, I received my next statement and I had a charge for $12.00 for a phone payment service fee and a $39.00 late fee. I figured no problem, I would call Advanta and they would see the notes from my last call and credit me for their error. WEB SITE DOWN! I was told that they have credited me for a late fee in the past and they can not and will not waive the late fee but will remove the phone payment fee. Yippee, I wanted to jump for joy but thought the seed I mentioned earlier might fall out and it would smell like the BULL S**T that Advanta has grown to be! Bogus Fees and Charges for their web outage and forget me the small business customer “as their founder focused on?”. Advanta would rather focus on charging you fees for their loss in interest and/or loose you as a customer. The Advanta Story – SCAM YOU OUT OF YOUR MONEY! Advanta Customer service? NO, IT DOES NOT EXIST! No such department.

  • Dr
      25th of Mar, 2011
    0 Votes
    Advanta Bank - Customer Ripoff
    Advanta Bank
    United States

    I was a loyal customer for years and never missed a payment, either. Then I bought some software that didn't work. I returned it to the vendor, who refused it. I refused to pay for it and cited three pages of the software's and vendor's failings to Advanta. Their response was that I had to find other dissatisfied customers before they would credit my account. That is impossible. Do you think the vendor is going to give me a list of his dissatisfied customers?
    I paid the bill and learned to live with the software, which still sucks. Advanta charged me interest and a late fee for not paying for the software until the next month. I paid that, too.
    Months later I cancelled a monthly service 10 days before the end of the credit card cycle--plenty of time for the service to reverse its monthly charges. An Advanta rep told me on the phone they had talked to the service and the service agreed to credit back my account the following month. They subsequently refused to do that and Advanta refused to credit back my account, too, despite what Advanta told me. I didn't pay that bill, figuring the service would come to their senses, but when they didn't, I was into another billing cycle with more interest and late fees. Advanta refused to reverse either. I paid the bill and closed the account, vowing never again to do business with Advanta.
    My conclusion is that they are vendor oriented, not consumer oriented. They have arbitrary rules that do not fit reality. They are inflexible. I'm not. I now have other credit cards. I suggest anyone who reads this take this to heart. You won't know just how bad these people are until you really need them. In a word, Advanta is AWFUL.

  • Va
      20th of Jul, 2016
    0 Votes
    Advanta Bank - Fraud and cheating
    Advanta Bank
    United States
    advanta.com

    I have had a credit card with these loan sharks for 3 yrs. Always paid on time and paid over the minimum payment. Regardless they raised my rate from 10.09% to 30.08%.

    When I called to complain they just said it was due to my credit rating, although none of my other credit cards changed my rate. I was given the same rehearsed speech over and over again. Was told to check back in a couple of months to see if my rating has changed.

    No Thanks. I will pay this card down and never do business with them ever.

    This scam needs to be exposed!!

  • 0 Votes

    36% INTEREST ADJUSTMENT - Dirty Rotten ###. Luckily, I was able to transfer out. My prayers are out to those who can't.

  • Le
      20th of Jul, 2016
    0 Votes

    Exact same problem here. There are many references to Advanta on the net. They are running a bait and switch scam where they screen for high FICO customers then after a period of time and a balance has been run up, they switch to 30% rate for no reason. I hope to see these clowns sweating in front of a congressional hearing soon.

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