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Advanta Bank Corp. / Bait and switch

1 United States Review updated:
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Advanta Bank just raised my rates from 12.67% to 34.99% on a Business Platinum Card...overnight! I have never been even a single day late on any payment to ANYONE in the past 10 years. My credit score is "Excellent" and I have always paid substantially more than the minimum on every one of my accounts. Advanta ALWAYS received their payments at least a week before the due date. When I called to find out why they were screwing me, the rude customer service rep would only say that my account was one of many that had been "re-priced" as a result of Advanta "changing their lending policies." I would call it usury. I cut up the card and immediately closed the account. I've written to my congressman, senators, and the Utah State Attorney General about Advanta's Bait and Switch business practices.

Va
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Comments

  • Ri
      24th of Jul, 2008
    0 Votes

    Just had the same experience. A supervisor would not tell me specifically as to why my rate doubled overnight. She claimed this was as a result of a "review" in May. She could not tell me what was in my review as this is "proprietary". From what I can see, as I review various sites, Advanta is in trouble. It is coming up with bogus reasons for hiking the rates of people who pay every month to come up with quick cash. Anyone taking out an Advanta card is crazy.

  • Jo
      24th of Sep, 2008
    0 Votes

    I have been a fan of Advanta Bank for years. We have a business mastercard on which we charge several thousand on a regular basis. We have always paid our account on time, (often in full) and recently received the same notice of a pending increase. I thought it was a typo on a common "we're changing our privacy policy" notice when they indicated our interest rate would jump 3x what it was. I called and was informed that yes, in fact, my rate would actually be increasing. This leads me to agree... I can't help but think that yes, they must be in serious financial hurt. I'm really disappointed, since they have been a GREAT bank for my business for many years.

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