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Advanta bank / You name it

1 United States Review updated:

In all my years of doing business with banks I have never seen more dishonest and absolutely predatory lending practices performed as I have by this institution Advanta Bank . If the old "bait and switch" ever applied to a lending institution I am positive it applies here. To draw you in with a low rate and jack it up for no good reason is deceptive at the very least. I wonder if anyone has contacted any news agency including the major networks ? There seem to be enough complaints and I am sure that during tough economic times they would love a juicy story such as this! So I say lets get them...

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  • Bs
      26th of Nov, 2008
    0 Votes

    Advanta did the exact same thing to me. Had a business card at % 7.99- used it regularly. Had built up a balance but never missed a payment. Then they jacked up the rate to %27.9. They refused to lower the rate and had no excuse for the increase. I have good credit so I trnsfered most of the balance and paid the rest. Makes no sense - they just lost business of a descent interest rate and the regular use of thier card. Maybe they are hoping for a lot of defaults so they can apply for a goverment bailout. The credit crisis has only just begun if banks like Advanta are alowed to get away with this .

  • Ja
      2nd of Dec, 2008
    0 Votes

    Yes, I agree. Advanta Bank Corp upped my 12% card to 32% and put my balance at the cash advance rate of 37.18%. My account was in good standing and I paid on time. They said they did it because they felt it was appropriate. If my $5K balance is a risk for them, they should close up shop.

    They would tell me one pay off amount and then assess extra finance charges, not send a bill, then assess late fees, then more finance charges.

    Their customer service has been outsourced to India. I have a difficult time understand many of the people I get on the phone.

    This company is criminal as far as I'm concerned I don't have words for the frustration this credit bank has caused. I will be glad to be rid of them. They do what they want and are accountable to no one.

  • Ha
      5th of Feb, 2009
    0 Votes

    I have had the same problems with Advanta. We always paid our bill every month in full and they kept increasing the credit limit. When we finally did use the card for a major purchase, (fuel for our tug) as the interest was still low (7%) the next bill showed the interest at 27%, then when they saw we were making payments on time monthly, they again increased the insterest to 34.9%. After several emails, phone calls, etc. I got the same run around as everyone else posted here. They could care less about their customers and yes, my letter did call them loansharks. There has to be something that can be done about this company.
    I'm paying a balance, where the min. due ea. month is now 597.00 with this new interest. That's crazy.
    I hate hate hate them.

  • Bi
      1st of Jun, 2009
    0 Votes

    The same thing happened to me and I just filed a complaint with the Federal Trade Commission, The Illinois Attorney General, and will get an attorney to see what else can be done. I may offer them a settlement at .30 cents on the dollar if they settle this account as paid in full and cease any further damage to my credit report.

    The rates they charge are mafiaesque.

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