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Advanta bank / Overcharged

1 United States Review updated:
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I have a business credit card with Advanta Bank and have been a good customer for 8 years. I have never missed a payment or paid late and yet my interest rate jumped from 15% to 36.18% this month ( Jan 2009 ) I have a min payment of $427.00 due to the increase and have no idea how to pay this.

I did call in and speak to a customer service rep and a 'so called' supervisor. I was treated with no respect by either employee and basically told 'Good Luck' on my decisions in the future. I explained that I have been a long time customer with no late payments and needed an explanation!

How can this be legal? Isn't the Federal Trade Comm. able to do something to deal with them. I know that I can't be the only one being done this way. Who can help us? I have a fed tax id # for my business and can't file bankruptcy or I will loose my business. Please send me information on what options I have.

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  • Do
      13th of Aug, 2008
    0 Votes
    Advanta Bank - Lying customer service reps.
    Advanta Bank
    Salt Lake City
    Utah
    United States
    www.advantabankcorp.com/

    Spoke with customer service on 2 occassions and was told my interest rate would be lowered as soon as on-time payment history was good for 6 months. Called in to discuss new rate and told they could not lower. Their service reps. are liars.

  • Va
      26th of Sep, 2008
    0 Votes

    I started out with 0% rate and less than 3months ago the company raised my interest rate to 31% this is predatory lending. I tried sending letters and speaking with someone and all I get is poor customer service. The company has jack the price up so high that i cant afford to meet minimum payments. They are unreasonable they ask for my bank information routing information when i decline Joe Dellosa started screaming in the phone. They call my job every day which is not my business. I asked them to stop and he stated he will keep calling. I did consolidation credit he told me that doesn't work and they don't honor that he continue to call. I cant pay 400 a month for a credit card. I ask the company to call my house and not my job because i will get fired it didn't matter because continues to call everyday.

  • Va
      7th of Oct, 2008
    0 Votes

    I received my Advanta statement today, to discover that my interest rates had tripled. After doing my due diligence (talking to three people - two in management), I was informed that in spite of the fact that I had a perfect payment record, and a credit score of 780, I was still subject to the increase in interest rates.

    I immediately closed my account, and have just written a check for $12, 000.00 t0 pay off my card. Too bad for Advanta. Had my rates remained at the previous levels, there is no doubt that over the next few years, I would have charged tens, if not hundreds of thousands of dollars. Instead they are stuck with one lump payment and no more, ever again.

    For those of you experiencing the same raping I just did, I urge you to send registered letters to your Congressman, to your Attorney General, and a copy to Dennis Alter, CEO, Advanta Bank Corp., Welsh & McKean Roads, P.O. Box 844, Spring House, Pennsylvania 19477-0844. Urge your Congressman and Attorney General to look into this. Furthermore, there are already a couple of attorney's in the process of garnering information that will allow them to file a class action law suit. Get you name and circumstances to them.

  • Ch
      25th of Nov, 2008
    0 Votes

    Raised my interest rate from 7.99% to 27.18% and I was never late with a payment.

  • 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 .

  • St
      26th of Nov, 2008
    0 Votes

    never late. but said i was 2 days late last month. how about 36.24 percent interest

  • Jo
      6th of Dec, 2008
    0 Votes

    I got a Credit card (small business) from Advanta Bank in May 08, caught by VERY attractive offer on balance transfers (0% for 15 mo) and good rate on purchases (7.99%). In Sept I received a GENERIC amendment to CC agreement bumping my rate to 26%. Customer service - including supervisor - claim this is based on an individual review of my credit rating, income/debt ratio and payment history...

    YET all the above are excellent: I've been paying more than min payments on time or early -EVEN THOUGH PAYMENTS Go towards the INTEREST -FREE section of my total balance due...- They must be in financial trouble and trying to get more cash from us or they are truly abusing the system and their executives should be in JAIL.

    I conquer with Fred in LA (posting 359279) and wish I could contact him but there is no contact address in his posting.

  • Gr
      3rd of Jan, 2009
    0 Votes

    I have been a customer of Advanta for several years. I still have high credit scores and I have not been late on any payments on a credit card with Advanta. Recently, Advanta raised the rate to 27.18%. I called and inquired why they did it and I got an answer that I was now considered a high risk. I accelerated my payments and canceled the card. After paying several thousand on the card, I asked them to reconsider their actions but I was told that I was still considered a high risk and therefore, they were still going to charge the high rate.

    I feel this is wrong of the bank to jack someone's rate to 27.18% for reasons that are general. They could not state specifically why they did it.

  • Ma
      4th of Jan, 2009
    0 Votes

    I was also a victim of this highly unethical Bank that offers a low start rate, claiming it will last much longer and then raises the rate 10 fold. My initial rate was 2.99 and raised to 27.18. I have perfect credit and have never paid any payments late. I was told I had been pre notified by mail (never was) and had the option to opt out? Now I'm stuck with payments multiple times higher that initially promised. This is a great example of why banks cannot be trusted and should be highly regulated. I would advise to close any accounts with this company, payoff or transfer to another company.

    Where is the Congressional action that had been promised for this blatant consumer abuse?

  • He
      13th of Jan, 2009
    0 Votes

    Basically when you take out a credit card and sign that paper, you are acknowleging that they can up your interest at any time.I had this with Bank of America.My rate was 12% and I paid over the minimum evry month and always paid weeks before it was due.I then got a letter saying my interest was going up to 26%.The letter said if I didn't want accept this change to write my name, acct number and the statement, "I do not accept the increase in interst."
    My interest stayed at the original 12%, but they told me that even though my acct was in good standing, if I used the card to buy so much as a candy bar, the rate would go to 26% for the whole balance. It would be tough to prove they didn't give you an opt out option.What I did was balance transfers to other lower interest cards that offered even lower rates as special offers.Check what cards you have on thier websites for these balance transfers and start moving money around.Accepting some pre-approved offers that are legit banks doesn't hurt either.It may add to the number of payments you have to make, but many are zero interest for at least a year.That can save ALOT on interest.

  • De
      13th of Jan, 2009
    0 Votes

    Only lately have most of the small business credit card issuers had a clause they can change your agreement anytime they want to. Federal law says they have to give you at least 15 days notice to OPT OUT if they choose to change any terms of the agreement if you haven't been late on a payment. Advanta has been screwing over hundreds of it's small business credit card holders because they DID NOT ever receive an Opt Out letter. You were fortunate you got one from Bank of America.

    If anyone is interested in joining a couple hundred of us working with an attorney in NY and CA to file a class action lawsuit, e-mail me at dec458@msn.com if your interested in participating.

  • We
      14th of Jan, 2009
    0 Votes

    I have a business credit card with Advanta Bank and have been a good customer for 8 years. I have never missed a payment or paid late and yet my interest rate jumped from 15% to 36.18% this month ( Jan 2009 ) I have a min payment of $427.00 due to the increase and have no idea how to pay this.

    I did call in and speak to a customer service rep and a 'so called' supervisor. I was treated with no respect by either employee and basically told 'Good Luck' on my decisions in the future. I explained that I have been a long time customer with no late payments and needed an explanation!

    How can this be legal? Isn't the Federal Trade Comm. able to do something to deal with them. I know that I can't be the only one being done this way. Who can help us? I have a fed tax id # for my business and can't file bankruptcy or I will loose my business. Please send me information on what options I have.

  • Al
      3rd of Feb, 2009
    0 Votes

    I agree with consumers and there complaints against Advanta. I also had a business account and my rate jumped to 27% FOR NO REASON WHAT SO EVER. There customer care department does not care about the consumer. I had to get a personal loan to pay off this loan shark. Where is the govt. when controlls are needed for this. No wonder people are not spending.

  • Ni
      4th of Feb, 2009
    0 Votes

    I've been employed by Advanta Bank Corp for 6 years. Yesterday, Feb 2, I went to work and started my shift at 7:30 a.m. and by 11:00 a.m. I was laid off, along with all the other members of our call center, manager and all. Beware all of your calls will now to to India. For the last year Advanta has been out sourcing to India, we've been going to India to train. About 50% of the calls that I take are coming from for the reps in India, because customers do not want to talk to the reps in India. I don't blame them.

    The last 6 months while Advanta has been jacking up the interest rates of their customers, I've been taking customer calls and defending Advanta, actually believe that what I was doing was in the best interest of a good employer. Well I may be fooled once, but if it happens again then I would be the fool.

    Good luck. We've all been screwed!

  • De
      10th of Feb, 2009
    0 Votes

    You could be a big help to us in trying to get some class action lawsuits filed against Advanta if your willing to help. Please contact me at dec458@msn.com if you are willing. You would be a gold mine to help us out.

  • Jo
      22nd of Feb, 2009
    0 Votes

    We had the same problems with Avanda Bank Corp. Never missed a payment in 4 years & they raised our rate to 29.99. We waited to pay anything until they took us to court. We even had a judgement made by the courts that we owed Advanta $21, 000. After a month of making settlement offers we just settled for $8, 000. $3, 000 up front and $5, 000 over 3 years. I am sure others could do better you just need to stand your ground. Good Luck, John

  • Pa
      5th of Mar, 2009
    0 Votes

    I have the same story as so many others about Advanta's predatory practices. I suggest you all contact alan Finkel at cloudcowboy.com to join the class action suit just as my wife and I did. We need to let these thieves know that they can be stopped

    They operate under the law but they are criminals; like the Earps at the Ok Corral, killing while wearing a badge!

  • Ti
      6th of Mar, 2009
    0 Votes

    Add me to the list...I cannot get the cloudcowboy site to display. Any contact info or direction you can provide? I'm in for a class action suit-someone has to hold Advanta accountable.

  • De
      21st of Mar, 2009
    0 Votes

    I am working with Alan on legal action. Contact me at dec458@msn.com if interested in participating.

  • Cm
      2nd of Jul, 2009
    0 Votes

    My story is similar to the many I have heard. But my story involves more acts of fradulant practices by Advanta Bank. If you do file a lawsuit against Advanta Bank I will gladly join in. I was just in the process of looking for my own attorney.

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