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Advanta bank review: Excess interest charged 62

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12:00 am EDT
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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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62 comments
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Jo Ann
Brooklyn, US
May 07, 2009 3:51 pm EDT

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.

Valerie
Valerie
, US
Oct 09, 2008 12:19 pm EDT

I was surprised when Advanta issued me a credit card with a 7.99% interest rate for up to $5, 000.00, after I had lost everything and had to declare bankruptcy. I thought it was a blessing. I had no idea Advanta had targetted me to rip me off. When my credit amount reached 95%, Advanta changed to 30.80%. All those affected must complain to Congress and demand a criminal investigation against Advanta Bank Corp. Also send your complaints to Fox News, CNN and MSNBC, plus file with your State Attorney General for fraud! Let's get rid of all financial predators! Email me use subject "Advanta".

Mike and Toni
Mike and Toni
San Antonio, US
Aug 17, 2016 7:40 am EDT

Discovered yesterday that our percentage rate has been jacked up to 32% and we have been paying this rate now for over a year. I contacted the BBB and discovered they have many complaints against them. The company customer representatives are obviously outsourced to India--and have horrible customer service skills. Why are they allowed to do this when they are no longer in business?

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Gollre62
, US
Aug 17, 2016 3:18 am EDT

After years of paying on time, a good FICO score and NO delinquencies on my credit report, Advanta sent a notice that unless I write them a letter and stop using my card, the rate will increase to 32.69% PLUS LIBOR rate or 2.4%, whichever is GREATER! This means a new MINIMUM RATE of 35% or MORE! Let's all write our congressmen to STOP this madness. These rates are as bad as the 'vig' a loan shark would charge!

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Kirk
, US
Jul 20, 2016 6:32 am EDT

I hate this company! They did the same to our small business a couple of years ago after they continually increased our credit limit. After several attempts to lower my rate from 30%, they finally brought it down to 19.99. I've been trying to pay off my balance with timely monthly payments which are way over the minimal. Was late by 2-3 days with 2 payments in the last 12 months and now my APR went from 19.99 to 29.99. Contacted Advanta - no help! I'm already signed up for a class action suit again them but I want to know if I should continue to pay off the balance.

Valerie
Valerie
, US
Jul 20, 2016 6:32 am EDT

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!

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TomL
Fresno, US
Feb 05, 2009 11:29 am EST

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.

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Sam
New Orleans, US
Dec 15, 2008 9:36 pm EST

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!

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Dr. Griggs
, US
Mar 25, 2011 11:18 am EDT

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.

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Saedelm
, US
Feb 20, 2009 12:23 pm EST

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.

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K. Dickinson
,
Nov 08, 2008 12:49 pm EST

I have been a long standing customer with Advanta. My credit is good and I have no late payments with them. As of Oct. 2008 my interest rate went from 10.99% to 31.31%. I am a small business and am trying to make it in these tough times. To have this happen made me very upset. I spoke to a rep in Salt Lake City to see if they could lower the interest rate the answer was NO.
This is outragious. I explained I own three homes all have plenty of equity, even in the current market. They did not want any part of this info.

At this rate they will put plenty of small business out of business.

One note the rep told me the reason the rate went up was because of the current market. I told the rep thank you for adding to the problem instead of helping.

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Terry M Dye
Brighton, US
Nov 13, 2009 8:58 am EST
Verified customer This comment was posted by a verified customer. Learn more

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!

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ImagiNet
, US
Mar 25, 2011 11:14 am EDT

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.

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latestvictim
Mentor, US
Mar 19, 2009 11:58 am EDT

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!

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Ronald J Burruano
,
Aug 17, 2016 3:18 am EDT

they are charging a default rate at 36.31% on my account which have been making my payments on time for over five years its a
shame nobody with credentials will stop this bank from unfair lending practices i guess the banks must have a secret power in
the about to come new world order where the elite rich will dominate and even exterminate the population as they see fit. Thats
why nobody could touch them because our system is corrupt and we are going through a change of order.

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homesower
East Liberty, US
Aug 17, 2016 7:40 am EDT

Advanta is very professional. They are thieves, but they are very proficient and well organized. They will sign you up for a credit card, but if you ever show signs that you can't pay off a balance (such as by making payments near the minimum) they will jack the rates to 36% or more, figuring you won't be able to pay them off.

Never go near them. They are radioactive. They will drive you into bankruptcy and enjoy the process.

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tye
,
Aug 17, 2016 7:40 am EDT

Advanta card raised my rate from 10.99% to 30.00% without warning. I called to find out why.
They had no reason. My account is current and always paid ahead of schedule. This is scamming
and they should be investigated for this practice.
This must be illegal.

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Brendan
,
Aug 17, 2016 3:18 am EDT

My wife established this account to help her with her small business. Note the word SMALL business. She has had the account in excess of a year. She has been managing her business well and has not used the credit card over the last 5 months. Yesterday (7/21/2008) she gets a letter advising her that the account has be closed due to ...get this...lack of activity! So you run a SMALL business well and do not live off the credit and the account gets closed! No wonder this economy is in the tank, there is nobody at home!

DO NOT USE ADVANTA BANK FOR ANYTHING. I will get on every blog site, website, e-mail campaign, etc. to get this point across. Enough is enough!

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Robert
, US
Aug 17, 2016 3:18 am EDT

My office and myself have been in email contact with Advanta about the outrageous rate increase in our company credit card. I have written by mail the V.P. Brenden in Salt Lake City. No response to date. No phone call and in his first letter he stated he wasnt able to contact me at a phone number I have had for 18 yrs. We have had our business card for approximately 10 years. We managed to always pay on time, with more than the minimum due. Our rates have gone from 7.99 per cent to 27.99 percent. One payment was made one day late due to a log on problem my wife encountered. You also said your reason was due to change in usesage. However, you were not specific with what that meant. This is absurd. I demand that my rate be returned to the previous rate and payments we made since the increase be recalculated and credited against the principle.

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sallyride
, US
Aug 17, 2016 3:18 am EDT

To those of us who own a small business in this economy it has been a bitter sweet American dream. Advanta Credit Cards has not been a good partner since its sky rocketing interest rate shot up. The opportunity to use the credit card to our advantage was taken away when they froze their customer accounts. All we can do is struggle to pay their high rate interest because there is no one who cares about the people who are trying to keep up with their black mail payments. I have tried to talk to them & it is useless. I have made the payments on time & in excess of the amount due for years. I just do not understand why we have to pay for their bad decesions.

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Lauren
, US
Aug 17, 2016 3:18 am EDT

Just when you thought Bernard Madoff was the biggest crook in the financial industry, watch out for these guys. Advanta teaser credit card rates WILL end up at 2-3 times the national average credit card rate! These people's GREED is amazing. Advanta teaser credit card rates end up at 2-3 times the national average credit card rate! Just have a bad month or 2 and late once (in other words just have a short term job or health problem) and without notice ADVANTA will pop the rate they charge you on your credit card balance to over 35%! …, How’s that for fair lending practices?!

Their cost of money, Federal Funds Rate ( the interest rate the banks like ADVANTA Get their money has never been lower (under 1%), yet they WILL penalize a long and well established small business owner with over 35% credit card interest…these ADVANTA people are like the greedy high school bullies… they kick you when you’re down.

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Cazimone
, US
Aug 17, 2016 3:18 am EDT

I have had my Advanta card for about 10 years. Never missed a payment, excellent FICO, excellent credit. Went to make my end of August payment and found they jacked mhy interest rate from 10.05% to 30.05%. Claimed they sent an opt out letter. Never received it! Payment went up by 3 times and interest up by 5 times! Filed a complaint with the BBB and closed my account. Fortunately got back the excess interest. I am now working with an attorney, Alan Finkel, in Commack, NY to try and file a class action lawsuit against Advanta. I have seen over 200 victims of this same thing. 2 lawsuits have been filed and won already against Advanta in Philadelphia. If you have been ripped off in the same way, please contact me at dec458@msn.com to join our class action lawsuit effort.

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lipppz
, US
Aug 17, 2016 3:18 am EDT

I had to leave town due to my father-in-laws illness, and missed a payment because my wife and I were so involved with the situation. As it turned out, my father-in-law passed away after a 10 days in hospice care. I returned home the day after the funeral and got a message on my answering machine about the miss payment. When I contacted Advanta, they informed me the raised my interest rate from 7.99% to 29.99%, even though I never missed a payment in the three years I had the account. The only way for them to lower the interest rate was for me to pay $2178.00. No matter who I talked to, they did not care. I am at a lost how a company can be so mean to someone who had to deal with so much and took immediate action to resolve the situation, especially since I have an outstanding payment record with Advanta.

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Steve Leibovitz
Dania, US
Aug 17, 2016 3:18 am EDT

After offering a 9.9 % credit card and using it for my business, never late, always paid twice the min payment they doubled my rate. You can not get an answer from anyone when you call. Every one sounds like they are in India and uses American sounding names like John and Neal and Mary.

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bonked
Somerset, US
Dec 06, 2008 1:43 pm EST

As the complaints published before mine, I, too, was a victim of Advanta Bank's predatory lending tactics. They raised my interest rate to 39% and basically made it impossible for me to pay even the minimum payment due each month. Therefore I have had to default on this credit card. I hope there is a class action lawsuit against this company in the very near future.

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Jose Madre
Newport Beach, US
Nov 20, 2008 9:38 pm EST

I do not have an Advanta card. All of a sudden a "Past Due - Defult" shows up on my credit reports from them. I contact them for info - all I get is payment demands. They will not/cannot even produce the agreement that I allegedly signed. Yes, I'm doing the ID Theft thing, but why won't these guys at least send me something with a signature so that I can prove that I did not agree to anything? Lame.

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Plikke
, US
Aug 17, 2016 3:18 am EDT

I didn't catch it in time and never received the opt out letter. I can understand being late on a payment to justify the increase but when you are a conscious consumer paying on time and more that the minimum amount it's just WRONG! Count me in class action lawsuit effort.

Valerie
Valerie
, US
Jul 20, 2016 6:32 am EDT

DO NOT GET THIS CARD! Same story as everyone else- no late payments, always early, and for no reason rate went from 7.99% as agreed to aver 20% in ONE month with NO warning! When my monthly payment tripled I looked and found out what they had done. THIS IS A SCAM PEOPLE!

Valerie
Valerie
, US
Sep 24, 2008 1:22 pm EDT

I also got raised to 25.08 from 7.99%. What a predatory group of thieves. They must think that someone with a credit score of 800, who pays on time and pays extra can't get credit from other sources. I'm not done with them yet. Of course, it won't do any good, but a letter will go to my state's attorney general and the BBB. At least I got to use their money for a year interest free. Idiots.

I'm tempted to post the conversation I had with their "service rep" on youtube just for kicks. It sounded like the young lady on the other end probably took a lot of calls like mine because of her heavy sighs and frustrated answers.

Valerie
Valerie
, US
Oct 15, 2008 11:08 am EDT

(RUDE SERVICE REPS AND SUPERIORS: ATTENTION Travis Dunson) Our company did a balance transfer a little over a year ago to a credit card with Advanta. We locked in a 2.99% APR rate for the life of the balance. Our relations with Advanta were so good the first year, we decided to to a smaller transfer of $3, 500 a few months later. We didn't get the 2.99% rate, but they did lock us down for 9.99%. We accepted and transferred the money. A few months later, we received a statement with a 20.08% finance charge. We were outraged. We were never informed of this rate increase (had we known we would have canceled the card immediately).

We called Advanta immediately and were treated with such disrespect by the supervisor of the Salt Lake City, Utah offer, my boss was blue in the face. Travis Dunson was condescending and completely rude to my boss stating "We don't have to have a reason to raise your rate" I was OUTRAGED to say the least. Not only would he not give us a specific reason as to why our rate went up, stating they had the right to do it without informing us. Upon further talks in a second conversation (With a very wonderful and pleasant woman named Linda from the PA office) we were given the name of Travis (who would not give us his last name) and were told in more detail that a letter was sent 8/4/08 (we never received it and I am the most OCD person when it comes to mail- color coded filed, calendar of payments, etc...) they stated that due to the economic crisis they were raising rates in fear of delinquent payments (wouldn't you want to lower them then so people can pay more to you?)

I would not recommend doing business with Advanta EVER. They have no respect for their customers and I think actually enjoy listening to people hurting from this crisis (Travis was certainly amused). Advanta is the worst company to do business for your small business. Based on the complaints I have seen on this website, I wish I would have read this site before we applied for it...

Valerie
Valerie
, US
Nov 26, 2008 7:10 am EST

Advanta arbitrarily increased an existing account interest rate which was started by a promotional invitation. The account was in good standing even tho the promotional rate expired, it was being paid down with no incidences. They said they sent a change of terms letter which was never received.

First notice of this was on a statement which I called on immediately. No customer service rep was able to satisfy the request to withdraw the increase even tho they saw there was nothing wrong with the account. One rep suggested I opt out of the account, have it closed and continue to pay off the balance at the old terms. He closed the account, but they refused to allow me to opt out and continue to charge me these egregious interest rates even tho I am still paying on the account. The interest charges are more than I charge on the account and since it is closed have not made any new charges.

In fact, there were very few new charges on this account to keep the balance manageable for payment on a timely basis. I take great efforts to pay my bills on time and honor my credit commitments. However, this is totally unfair and pushing me to default when I didn't want to do so. Very poor client relations and no contact to work out the terms whatsoever after repeated efforts on my part to contact them. They continue to ignore and charge rates I refute and totally disagree with and do not want to pay.

I sent them a letter FAXED the day the account was supposedly closed to ask for a settlement amount which they didn't give so I gave them the amount expecting there would be some interest to settle, but now don't want to pay them at all any interest due to their poor business manners.

The company needs to be reprimanded and consumers made aware of their habits which I see from all the [redacted]s already online.

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Jacksonicon
, IN
Oct 13, 2010 12:16 am EDT
Verified customer This comment was posted by a verified customer. Learn more

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.

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BCotton
Coral Springs, US
Jul 20, 2016 6:32 am EDT

How do I get involved with a class action suit against Advanta? Absolutely the worst, most dishonest, rudest financial institution I have ever dealt with as a small business owner.

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willie wonkit
, PH
Jul 20, 2016 6:32 am EDT

when there are enough people with similar complaints you can contact each other and file a class action lawsuit against these companies, which is much more powerful than one individual...or something similar to a governmental agency or congressman/senator who is on a committee of oversight on the industry you are complaining about.

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jimbobsc
Myrtle Beach, US
Aug 17, 2016 3:18 am EDT

I too have been jacked. Called the help number and ended up speaking to some dude in India reading off a script. After much one sided discussion on my end he gave me an address to write to which I am in the process of doing.
Advanta shut down future charges in the spring with 2 weeks notice. Had been getting emails as reminders payments where do but that stop and I forgot a payment and was late on another at the end of the year. No warning. Prior to shutting off accounts they kept sending "convenience checks" which I shredded. Still I have about a 9k balance and the interest rate is like a mortgage. If there is a class action sign me up.

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aworkingmommy
, US
Aug 17, 2016 3:18 am EDT
Verified customer This comment was posted by a verified customer. Learn more

I'm right there with you! I was furious to find out this morning from an article, and not from Advanta. The lack of respect and consideration by the company not notifying it's customers is inexcusable. They are the lowest of the low, and I long to see the day that the company will no longer exist at all. These so called "execs" are too brainless to be able to separate the good accounts from the bad, and continue to make a profit on the good ones! (That was 80%, mind you!) Well, my card with a limit of 35, 000 and my husbands, with a limit of 50, 000 (2 separate businesses) will no longer generate any business for them. We have good credit and will be fine. Within 15 minutes of finding out, I lined up a rewards card with 9, 000 limit. I feel for those who will not be as fortunate. This is one of those moments when I am sooo tempted to take my last check to them and use it as a pooper scooper before mailing it in! Hey, maybe ...

dec4566
dec4566
Cleveland, US
Aug 17, 2016 3:18 am EDT

You actually are talking to people from India. Late last fall of 2008, Advanta laid off all it's 300 or so U.S. customer service employees and outsourced all of it to India.

dec4566
dec4566
Cleveland, US
May 11, 2009 9:41 pm EDT

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.

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phil
Buena Park, US
Mar 23, 2009 2:50 pm EDT

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.

dec4566
dec4566
Cleveland, US
Mar 21, 2009 10:03 pm EDT

I am working with an attorney in NY who is working on legal action against Advanta. E-mail me at dec458@msn.com if interested in participating.