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Advanta Bank Corp / Overcharged

1 United States Review updated:
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With no warning... and after 10 years of never having a missed payment and having never even made a late payment... AND... after drawing me in with an 8.99% promotion, Advanta has raised my rate to an incredible 36% !! Supervisors are unavailable to take phone calls (the CSR claims I will get a call back within 48 hours - we shall see). In any case, something needs to be done about these horribly disingenuous policies. Did I mention that my balance was over $15, 000 when they pulled the switch with no warning??

Va
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  • Lo
      4th of Aug, 2008
    0 Votes
    Advanta Bank Corp - Change rate without Notice
    Roseworld
    P.O. Box 26642
    Phoenix
    United States
    Phone: 602-863-0249

    Spoke with Advanta specialist today. They must have a "screw the customer script" Advanta offer me a 7.99% four month later its 20.49% Never late. Check my owe credit Not One Late in my credit history. Bait you in and screw you. Now I will pay off, But costing me an extra 300.00 in fees.

  • Le
      6th of Aug, 2008
    0 Votes

    They raised my rate from 7.99 to 21.99 in one month. These thieves are worse than sub-primes and should not exist. Contact your local consumer affairs and post where you can.

  • Va
      15th of Sep, 2008
    0 Votes

    Fellow Consumers, I wanted to warn as many people as possible about Advanta Bank Corp business credit card. I signed up for this card at 7.9% always made my payments on time never missed or been late I have good credit and pay all my financial obligations. Recently I was made aware my 7.9% interest rate was increased to 25% which is an enormous increase.

    The company said a letter was sent as if this justifies this ridiculous increase to my interest rate after researching this on line I found out this Advanta Bank Corp has been doing this to many consumers no matter if your credit is good or even if you never missed a payment they are simply ripping off the consumers because they can it will most likely ruin some good consumers credits.

    Please get the word out about this company stay far far away from Advanta Bank Corp if this also happened to you do all you can to report it and file as many complaints as possible this company is in Utah so file a complaint with the Utah BBB and the FDIC and any others. It's a darn shame this complaint can rip off the consumers this way and good consumers at that does not make sense.

  • Ch
      16th of Sep, 2008
    0 Votes

    I am a small business owner, who has suffered the same treatment by Advanta Bank Corp. Since 2005, our business card had an interest rate of 7.99%, and we have never been late, nor missed a payment. Since we have maintained a monthly balance of approximately $1, 000. Last month, in August or 2008, our statement said our interest rate was still 7.99%, so we transferd the balance from another card to Advanta's card to take advantage of this lower interest rate. Upon receiging this month's statement (September, 2008) we noticed that Advanta changed the interest rate to 25.08%, without notice, and only after the balance transfer was completed. As many other reports online have mentioned, Advanta's customer service representative was unable to offer any specific reason as to why the rate increase had taken place, nor justify the rate increase. All they could say was that they periodically review cardholder's credit scores and make adjustments accordingly.

    My credit score is over 780 and my business's credit history is flawless, since it's inception more than 10 years ago - hardly reason to justify the unannounced increase.

    As a small business owner, the only recourse I have against Advanta is to file a complaint with the FDIC. I have done so, but found it difficult to find exactly where / how to do so and thought it's quite important to give a few tips to other small business owners as to where exactly on the FDIC website they need to go to file a similar complaint against Advanta.

    On the www.fdic.gov website's main page, on the lower right is a section titled "Top Search Results". Click on Bankfind/Insitiution Directory, and on the Bankfind page, enter "Advanta Bank Corp." in the Name field, then click the find button. Now, here's the tricky part... 3 lines below the company address, is the line "For consumer assistance regarding an issue with this institution, please contact the FDIC directly". Click on the word FDIC on that line and you will be taken to their complaint form. You can also get to the form directly at https://www4.fdic.gov/STARSMAIL/index.asp

    If you're a victim of Advanta's recent practices, please do not hesitate to file a complaint against them with the FDIC. The FDIC is supposed to protect our rights, so let's make our voices heard and hope they do something about this issue!

  • My
      24th of Sep, 2008
    0 Votes

    they raised mine from 6.99 to 34.99 over a period of 3 months. I was never late with a payment & payed triple the minimum every month. So, i payed off my 7k balance & closed the account.

  • De
      10th of Oct, 2008
    0 Votes

    Thank you for posting the information about filing a complaint. I am a small business owner in NH and Advanta used the same practices with me. I started with a rate of 7.99% that was raised after just over a year with them to 19.99% in July and now, 3 months later, they have the nerve to slightly raise my rate again. I have not been late with payments. I am going to go to the FDIC's website right now.

  • Va
      13th of Oct, 2008
    0 Votes

    Advanta Bank Corp has been increasing my interest rate throughout 2008 until it is now 36.41%. I have excellent credit. I have made more than the minimum payment to Advanta on time each month. I have asked them for a review and have been told 'no, but you can call back for another review in 90 days'.

    I believe Advanta is purposefully taking advantage of lax regulations on the credit card industry and using an offshore customer service call center to hide from legitimate questions about their business practices. This interest rate increase is now costing me so much it is putting my business in jeopardy.

    Is anyone out there working on a class action law suit against Advanta Bank Corp? If so, sign me up.

  • Ni
      13th of Oct, 2008
    0 Votes

    This Bank has done a great job of 'bait and switch'. First they offered 5% cash back on purchases. That soon switched to .o something so that it amounted to pennies a month. I had always paid my bill on time sometimes paying more than the minimum and noticed that my finance charges were going up, up up. Next thing I know the 7.99 % has gone up to 15.99 and the the cash advances went from 16.99 to 30%. I called last month to ask what the hell was going on and what are the limits as to how high the % rate can go. I was told 'there is no limit' so that it could go to 50% or even 100% if they want. As of today 10-13-08 the purchases % is at 18.31 and the cash advance is at 31.31. I'm guessing someone at the top is taking home phat bonuses while the people that answer the phones are getting minimum wages. Well, they're not gettin any more of my money. I tried to talk to them and say that I like paying my bills on time and being responsible and that if they could lower the interest rate I would contimue to pay this debt off. No chance.

    Please stop these predators !
    And stop giving them your money. Give it to something worthwhile like GreenPeace or some other worthy cause.

  • Ma
      28th of Oct, 2008
    0 Votes

    I have also been bamboozal by Advanta Corp Bank on my October 2008 statement where they increased my percentage rate from 7.99% to 26.31%. I have sent emails to the president with no reply and spoke to there customer service dept which is a big joke. I really wish I had seen these complaints on Google before I applied for credit with them.

  • Da
      31st of Oct, 2008
    +1 Votes

    They are scam artists! I received a notice, "Upcoming Changes to Your Advanta Business Card Account". I read all the fine print and was able to decipher that my rate was going to rise from 7.9% to over 30%!

    At first I thought it was an error and so I called them up and they confirmed that my new rate would be over 30% unless I opted out. So, I took the time to send them a letter according to their instructions so that I could opt out.

    I then got a bill charging me a finance charge at the rate of 31.31%! I called them today (10/31/08) and they told me that they just received my opt out on 10/31 -- what a crazy coincidence! I had mailed it on 9/30 and according to the post office it was received by them in Salt Lake City at 8:31 am on 10/2/08.

    They are so full of crap! I think some enterprising attorney needs to launch a class action lawsuit against these thieves.

  • Ba
      14th of Nov, 2008
    0 Votes

    Well what do you know I have been gouged also. My interest rate went from 7.99% to a whopping 37.18%. I called them tonite to rant and complain about the rate and why it increased so high. I was told by Mark that there are different factors that caused the rate to increase. When I asked him to break them down he could not. He tried payment history etc. etc. When I told him I have always been on time or paid before the due date and that I have a good credit score he just kept telling me that there are other factors. I told him yeah it's because they can and he did not dispute my statement. Hey guess what I will pay that balance off. That will be the last 37.08% they gouge me for. I had been with them at least 4 years and was always told the rate would remain at 7.99% till paid. Yeah more liars just like Fanny Mae Freddie Mac and so on. Yeah I bet Advanta will be crying for help to the Federal just like all the other crooks us taxpayers get screwed for cheating us Middle America.

  • Ri
      20th of Nov, 2008
    0 Votes
    Advanta Bank Corp - Interest rates
    United States

    Rates raised from 11% to 36% with no advance warning. Said I didn't opt out of their scamming, overpriced card. I never received any communication concerning "opt out" opportunity. How do you prove a negative. The card holder is just screwed. No way out if you passed the "opt out" period you didn't know about. Card is cancelled by issuer and super high interest rates apply til paid off. Rip off is too gentle a word.

  • An
      20th of Nov, 2008
    0 Votes
    Advanta Bank Corp - RIP OFF COMPANY
    Advanta Bank Corp
    Utah
    United States

    This company is tripling and quadrupling interest rates on people for NO REASON AT ALL. I have perfect credit, high credit score, not been late on payments, and pay more than the minimum amount due. And all they can tell me is, "we don't have to tell you our lending guidelines." There's nothing we can do for you. They told me I needed to use this card regularly so I would have good credit for my business. So I used it for $4000 and they took my interest rate from 7.99% to 31.38%. STAY AWAY FROM THIS COMPANY. THEY WILL RIP YOU OFF.

  • Je
      28th of Nov, 2008
    +1 Votes

    They did that exact thing to us in October too! Balance at $16, 000, if ever late, it was 1-2 days due to mailing time. Moved the APR to 36%.. Can't get anyone that speaks Englis to talk on the phone. PLUS we are stuck in this automated dialer system because we told them we would not pay until they moved the APR down so they call 3-4 times a day..
    Bad bad situation.. no where to turn either.

  • Va
      4th of Dec, 2008
    0 Votes

    Increasing my interest rate more than 3x the amount is unheard of! What Advanta is being allowed to do is not only unbelievable but should be illegal. I asked several supposed 'managers' during my 56 min conversation if they were in the United States, and they said YES. Just wanted to make sure I wasn't speaking with India! So there was no mistake as to what the hell is going on here. They were fully aware of the small businesses closing, retirements vanishing, and homes being ripped out from under the average poor working slob. And yet, they still maintained 'that there is nothing they can do'.

    I don't usually wish ill-fate upon anyone, but people who can stay employed at a place of business that practices screwing others without looking back should rot-in-hell! I hope they understand Karma, Karma, Karma...

  • Ow
      15th of Dec, 2008
    0 Votes
    Advanta Bank Corp - intrest rate hike
    Owens
    North Carolina
    United States

    Advanta Bank Corp took us also! Eight years with them, , NEVER late, , let
    me repeat, no late payments, , in eight years. Most on the card was just a little over 1/2 of the credit limit, , went from 7.9% to 25.9% in one month.
    Someone should stop this practice (hello Washington/Raleigh!!!).
    I didn't borrow the money for 25.9%, I borrowed the money for 7.9%!
    Stay away from Advanta Bank Corp!!

  • Fi
      23rd of Dec, 2008
    0 Votes

    If your credit rating has dropped after dealing with Advanta I would recommend obtaining a Company credit rating free from Equifax. You are intitled to one after you receive a letter from Advanta stating...due to changes in your credit rating. I did and the only change was that our Company Advanta credit card was cancelled due to "involuntary reasons", which was not true, we cancelled them.

    An involuntary reason on a report indicated to creditors you are not a good risk. I am now fighting this Advanta and Equifax to strike this from our report.

    Although filing a report with the FDIC may be good to make it known at the quantity of scams going on, they can't do anything.

    I filed a report with the FDIC and received a 22 page report of rights of consumers, the cover letter was enough. We have no rights, especially in Utah where there are no limits on what a bank can do with credit cards. The FDIC cover said although they understand my complaint they can't do anything!

  • Gr
      6th of Jan, 2009
    +1 Votes

    Same happened here, unexpectedly without any notice or any valid reason they raised my interest rate to 36.9%. After contacting them and speaking to one account manager, no valid reason is given. Speaking to another account manager, the reason for raised interest rate was late payment. It turned out to be a lie; every payment was made on time and way above the minimum payment. Speaking to account manager's supervisor, another bogus reason is given; the rate was raised because my company being in construction business, and with all the foreclosures going on, the credit company thinks we are a high risk for being in default. That is an absurd assumption. Not too, neglect the matter that banks borrowing money now from the federal government at 0% rate and all the credit card companies lower theirs rate, not raising them.
    No credit company should raise interest rate for customers who pay bills on time, to make up for the losses of others who are in default.

  • Mi
      8th of Jan, 2009
    0 Votes

    Applied for a business card for contractors that offered: 'no annual fee', '0% fixed APR on balance transfers until September 1, 2008', '7.99 FIXED APR thereafter'. Transferred a balance to them, and on the September statement the rate had been changed to 21.9%. I called and they informed me that they have the right to change the rates at any time, so I looked at the very fine print on the back of the offer and they were right. I should have looked. Let this be a warning to others...

  • Ca
      13th of Jan, 2009
    +2 Votes

    Well I'm joining this unfortunate group. I too was sent a "notice" that you needed a PhD to decipher and then filed it...not the best thing to do in this case. Perhaps it was the new bill format that made me sit up and take notice when I was getting ready to write them a check. They did the same thing to me...I had a 7.99% FIXED rate and after only 1 year raised my rate to 27.19% this past September. I too always paid my bill on time, gave more than what was required and never missed a payment. The supervisors I spoke to kept telling me they made this decision based on "several factors" however when I pressed them to name just one...they couldn't. After getting the same response from another rep I told them they could take their card and...(you can fill in the blanks). It all a bunch of bs and I for one would definitely be interested in a class action suit again these crooks. I immediately had the charges transferred to another credit card but unfortunately racked up significant finance charges for the past couple of months. Of course they waited until my balance was up to $18, 000. They should be arrested for fraud and unsavory business practices, along with trying to gouge good customers who actually pay their bills! THEY STINK and I am writing my Congressman, Senator and have already filed a complaint with the BBB.

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