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Advanta Bank Corp. / Overcharged

United States Review updated:
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The company increased my business credit card interest rate over 300% without notice and without any reasonable explanation as to why? I called to find out why. I was told that the initial credit card terms which I accepted (for me, it was issued 4 yrs ago and I could not find ), gives them the right to change the rate, without notification.

Reason given was my account balance was $1, 000 higher than last year (still well below my credit limit) and I had one late payment. I asked for a written explanation, which I have yet to receive. I have Fico Credit score in the low 800's, an outstanding credit card balance that amounts to only 15% of the total credit limit on my card.

I think this increase is at the least, Outrageous! and a perfect example of a 'predatory lending' practice, particularly in the recessionary downturn in our present Economy.

I plan on filing a complaint with my congressman and also writing a letter to the Los Angeles Times for publication. I'd be happy to join in with others in filing a law suit - if there is a legal basis for doing so.
La
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Va
  3rd of Dec, 2008
Agree Disagree 0 Votes
Advanta Bank Corp. raised the interest rate on my Platinum Business Card to 37.18% for purchases and 39.18% for cash advances. They have no reason for doing this. I pay more than the minimum due and pay on time. This is nothing but legalized extortion and these kind of practices must be stopped before our county's economy is completely ruined!!!

Ironically, my total credit available on my latest statement is $666

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