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Advanta Bank CorpCredit Card interest Rate

1 Review updated:

Increases in interest rates, started at 7.99% they slowly increase rates, than stating changes in credit rating they have to increase rate to 34%! unless you opt out. They stated that we paid late, (Never had a late payment), we did not pay enough over the min. payment, (we always paid 2-4 times min. payment).

We opted out, cancelled the card. Advanta Bank reported to Equifax we were cancelled by them.

I would highly recommend not doing business with this Bank, we filed a complaint with the FDIC and of course they can not do anything regarding credit cards.

Additionally, to Advanta's advantage, the great state of Utah where Advanta is located, does not have any restrictions or caps on interest rates a bank can charge on credit cards. Now you know why so many credit cards are located in Utah!

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Comments

  • Je
      Jun 11, 2008
    Advanta Bank Corp - Bait and switch
    Advanta Bank Corp
    Advanta Corp. Headquarters Welsh and McKean Roads
    Spring House
    Pennsylvania
    United States
    Phone: [protected]
    www.advanta.com

    Advanta Business Cards is offering a 0% fee for new cards for 1 year with a supposedly fixed rate of 7.9% from there on. This is bait and switch scam! I applied for the card several years ago and several months ago the rate went up to 15%. I paid off the balance and continued to use the card paying it off on time to avoid the interest. This month they raised the rate from 15% to 35%. I called them to see if there was a mistake and they assured me there was none. Needless to say I sent in the balance due and ripped up the card. Unfortunately in doing research on the internet I have discovered that thousands of people have been ripped off in this way who do not have the credit or money to pay off their balances and are stuck paying off cards with interest rates that are 30% higher than the fixed rate that was promised when application was made for the card.

    0 Votes
  • Cr
      Jun 16, 2008

    If you read your credit card agreement... the fixed rate was for the BALANCE TRANSFER ONLY. There is no fixed rate on purchases and if you read the fine print it says they can raise your interest rate at ANY TIME for ANY REASON...and they DO, faithfully every 6 months.

    0 Votes
  • Le
      Aug 06, 2008

    Creditcrusader: It's really, really fine print.
    They raised my rate from 7.99 to 21.99 in one month. These thieves are worse than sub-primes. Complain to whoever you can and post comments.
    This kind of company should not exist. Please let me know if there are any planned or pending actions.

    0 Votes
  • Ru
      Sep 12, 2008
    Advanta Bank Corp - Interest rate scam
    Advanta Bank Corpw
    Salt
    Utah
    United States
    www.advantabankcorp.com

    Fellow Consumers, I also was recently scammed by Advanta Bank Corp my interest rate has been 7.9% for over a year I have good credit and have never been late on my payments to Advanta or any of my financial obligations. My interest rate was raised to 25% based on them saying a letter was sent as if this justifies the outrageous increase. I filed a complaint with Utah BBB and the FDIC we should all take the time to file complaints against these types of tactics. I have researched on line and have found many consumers like myself under these same circumstances please get the word out to other consumers and take the time to file official complaints against this unethical company.

    0 Votes
  • Ev
      Sep 13, 2008

    I agree with you and have filed a complaint with the FTC... If you have not done so please do it right away. Here is the website: https://www.ftccomplaintassistant.gov/

    All of us who were ripped off by Advanta should file a complaint with the FTC and hopefully something can be done to this unethical company.

    0 Votes
  • Ha
      Sep 23, 2008

    I've been an Advanta customer for 4 years. They just increased my rate from 10% to 30%. I called to complain. I spoke with someone who could barely speak English. They told me my credit rating had caused concern and that is why my rate increased. They didn't budge at all. So I'm stuck with a $500 per month finance charge.

    I thought they were suppose to be the card for small business. Considering the state of my local economy, this may be the end of small business.

    0 Votes
  • De
      Sep 25, 2008

    The same thing happened with my husband's account. He always pays on time and more than the minimum. His was raised from 7.9% to 25.08%. When he called he was given bogus excuses. I'm making it my mission to get the word out to friends, family and business associates about the rip off tactic of this bank. I too will file a complain with FTC. Thanks for sharing. On a separate note, Chase did the same thing to my account so I take the time to look at all statements monthly. I paid them off and will never do business with either bank again.

    0 Votes
  • Da
      Nov 20, 2008
    Advanta Bank Corp - unfair rate hike
    Advanta Bank Corp
    POB 30715
    Salt Lake city Utah
    California
    United States

    One of my credit card banks, Advanta, has just increased my rate from 7.99% to 32.18%. They did this without any advance notice, it just appeared on my statement. I have not been in default or even late with this bank or any other monthly card payment, or for that matter with any of my business or personal utilities. I of course have called them to see just what was going on. They only tell me I am now a "higher risk" than I was before. When I ask for specifics, they say well it could be a number of things and then recite about a half a dozen of items it "might be". When I ask for specifics, they tell me "I don't have that information and even if I did I couldn't tell you". I seem to have no where to turn. I keep asking for someone to talk with about this, all they have done is furnish a fax number to "customer service", which of course I have written to and now am waiting for a response, which may or may not come before my next payment is due. So, I am now forced to do one of the following: pay their loan shark rates (which I don't think I do and could not afford to do for any length of time), or go into default by not paying which of course will cause them to further increase my rate (which I then definitely couldn't pay). This option would also adversely effect my credit rating and cause my other card rates to immediately escalate.

    This isn't right...this isn't fair. I would recommend you NEVER DO BUSINESS WITH THIS BANK. SOONER OR LATER THEY WILL DO THIS TO YOU!

    0 Votes
  • Ba
      Nov 22, 2008

    The same thing happened to me. I spoke with two people at Advanta who would tell me nothing. I told them straight out that they would lose my business -- which is a shame because I was never late with payment and always used my card judiciously. I told them their rates were usurious and that I could not afford to do business with them anymore. I thank God I am in the position to shift money around to make a full payment to them in order to close my account, but I feel bad for those who do not have that option. With those interest rates, they will lose the customers who pay on time and do not go over their limit (if the customer has the option). However, those who do not have options will stay and ultimately default on their payments. Then Advanta will want the government to bail them out, just like all the other banks.

    0 Votes
  • Ge
      Nov 24, 2008
    Advanta Bank Corp - breach of contract
    Advanta Bank Corp
    Spring House
    Pennsylvania
    United States
    Phone: [protected]
    advanta.com

    They gave me a 32, 000 line of credit at 5.9% per life on a transfer and paid 5% of the transfer. I never missed a payment and sometimes make large payments as an additional payment. I have a very high credit score. They just changed my rate to 32%. I called to see what the problem is and they said that MY circumstances has changed and that is reason for rate change. Consumers beware of this bank. It is dishonorable on agreements it makes and I will support any class action attorney who wants to take this case. Apparently, they have done this to many good people and we should not allow financial instututions to act this way.

    0 Votes
  • Wi
      Nov 30, 2008

    This company did me the same way...7.99 for the first year, then raised to 38.99 for no reason...

    0 Votes
  • DON'T DO BUSINESS WITH ADVANTA BANK CORP Credit Card company. They are a bunch of cheats. Raised my interest rates to 37%+. I paid my account in full and they told me I owed another $150. I called in and couldn't understand Advanta Bank Corp's service reps - who are located in India and speak very poor english. What do I want for Christmas? To see Dennis Alter and Bill Rosoff in jail! Don't do business with Advanta Bank Corp, Dennis Alter and Bill Rosoff.

    0 Votes
  • Ch
      Dec 02, 2008

    I too had an Advanta card with a 7.99% rate. I looked at my statement today and saw they had increased my rate to 37.18%. I called and was also told I was high risk. I told him I own three properties, have a 795 credit score and have never been late with any payments to anyone in 10 years...where's the risk? I told him to cancel my card and he warned me that I would lose my 20 dollars cash back...what a joke. I wrote a check for the balance, dropped it in the mail today...no more Advanta. I am disgusted at these kinds of business practices. THEY, Wall Street and banks, are the ones who have brought this country to it's knees, and now we see them all in Washington with their tin cups asking for our tax money to fix what their greed has caused, and at the same time gouging us with loan shark interest rates. Sounds like some form of double dipping. I think this is a terrible company and will never do business with them again. Oh, and when I asked that jerk at Advanta if 37% was even legal, he told me they can charge up to 500%. Good lord! What has this country come to?

    0 Votes
  • Ja
      Dec 04, 2008

    CreditCrusader - no, my account also had that guaranteed 7.99% APR for all purchases, plus a 0% APR for the life of a balance transfer. The fine print was the part that said they reserved the right to change the APR at ANY time, for ANY reason.

    I got a new agreement in the mail a few week ago specifying a whole range of things. Most of the changes were standard things about online statements, etc. I didn't read it carefully enough to notice the APR change until my next statement, at which point I was told that I had been given two weeks (from receiving the notice) to "opt out" and by not doing so had automatically accepted the changes.

    Bottom line? My new APR is LIBOR + 22.57% (currently over 27%) and applies to everything -- existing and new charges, balance transfers, etc. I'll be closing the card in January, but in the meantime, I'm telling everyone I know to avoid Advanta. It's pure bait-and-switch.

    0 Votes
  • Ri
      Dec 22, 2008
    Advanta Bank Corp - Bad service
    Advanta Bank Corp
    PO Box 8088
    Philadelphia
    Pennsylvania
    United States
    advanta.com

    As a small business company we have had a Advanta Credit Card for over a year now. Interest rate: 7.99%. Payments made on time and most of the time for over the minimum amount.

    Advanta increased interest our rate over 300% in less than 31 days.

    Plus! Plus!Their statement now demands payment by not only the due date, but... get this by noon time on the due date!

    When did we ever have control over the delivery of our U.S. Post Office. ?

    Would recommend all Advanta credit card holders hold Advanta hostage on this move. Reasonable increases in rates can be expected is circumstatnces indicate.

    But to us guys who play by the rules... lets our voices be heard loud and clear if this happens to you.

    0 Votes
  • Ac
      Dec 29, 2008
    Advanta Bank Corp - overcharge on int. rate
    Active Transport & Cold Services
    Florida
    United States
    Phone: [protected]

    Opened an account appx 10/15/07. have never been late with A payment.
    Interest rate on appx 4500.00 was 3.99%. Why I took this Company. I am still getting this interest rate on this amt
    My oter balance same acct. at present is being billed 27.18% 0n appx 1400.00 & 32.18% 0n Appx6, 600.00 was 7.99%
    This is nothing but pure theft. I really hope someone really knows how to bring this company to Justice. Sure can't get anyone there on the phone that can be talked to other than the answering person .

    0 Votes
  • Da
      Dec 31, 2008
    Advanta Bank Corp - Interest rate hikes
    David Eastman
    Des Moines
    Iowa
    United States

    Definately same issues, jacked rate from 9.99% to 22.18%, no lates 750+ FICO's. I informed them I will not pay until rate is back in line. Advanta reps barrage my home and employer with calls, asking whomever answers the phone at my employer for my banking information. Everytime I try to call them I get some outsourced rep that barely speaks English. I am even comtemplating BK just to screw them like they are screwing everyone else. I am definately ready for any action that gets us back on a level playing field.

    0 Votes
  • Vi
      Jan 09, 2009
    Advanta Bank Corp - unfair rate increase
    Advanta Bank Corp
    United States

    Was giver 15 days to opt out of a 7.99 to 22.9% rate increase. Excellant credit and always pay all bill on time. I see lots of complaints out there and I want to get Advanta BIg Time. Will start to look into what is required for a Class Action law suite against Advanta. Would love to get everyone the extra interest they charged people and hopfully get them slapped with punitive damages. They deserve to lose millions of dollars.

    If you want to get Advanta as I do send me an email, so I can contact you if this class action law suite has a chance.

    [protected]@yahoo.com

    0 Votes
  • Vi
      Jan 13, 2009
    Advanta Bank Corp - Contact State Attorney General
    Advanta Bank Corp
    Utah
    United States

    I have just been raised from 7.99% to 20.99% to 27.18% all within a 30 day period. I have written a letter to the Attorney General of the state of Utah, advising of the fraudulent and deceptive practices of Advanta Bank Corp.

    If we want to stop Advanta from continuing this practice then write the Attorney General of the state where your Advanta credit company resides.

    If the Attorney General's get enough complaints maybe something will happen.

    As an aside, I found an article wherein it is stated that Advanta's credit card business has caused the company to lose millions. Still not a good reason to raise the rates of good customers to make up for the loss from the bad ones.

    0 Votes
  • Dd
      Jan 20, 2009

    We got an Advanta Business card about a year ago for our business, transferred a 6000 dollar limit, have paid that off a couple times over already, For no reason, always on time etc, they hiked our interest rate from 0% to 27.15%. We called and talked to an acc. manager to no avail--I asked if this was truly how they reward all their good customers--I said I would write my congressmen and senators---I asked how they could justify that with the fact that the fed. interest rate was between 0% and .25% between banks--It didn't do any good---How corrupt--reminds me of the mafia in the days of charging excessive usury rates--What makes me even more upset; our government's new laws to reign them in, will not take affect for another 18 months--In the year 2017---Some help!!!

    0 Votes
  • Ir
      Jan 30, 2009

    Watch out for this bank. I had a credit rating of 810 and had a nominal transfer rate with them at about 5%. Suddenly, they escalated my rate to 23.5 % . I have no credit card personal or business that has a higher interest rate than 9%. I was not remotely close to the limit . I called them and they just said that they had
    " changed " their rate...This is usury !!!
    ironically, they then increased my credit limit without my asking and attempted to entice me to transfer more monies to this card,

    Last month, I noticed three fraudulent charges. They charged me a
    " returned check " fee for a check that was never presented to my bank ( and I might add - there was a substantial balance to make the payment. I had to call - send them my bank statement and have the bank call them ...before they subtracted the charge, never admitting their error. They also fraudulently charged me an " overlimit " fee- despite the fact that I was nowhere near the limit of my card. When I questioned them- they said they would dismiss that charge because " I was such a good customer." What irony...They charged me fraudulently and then attempted to graciously subtract the charge they created. In the same statement, they charged me a late payment fee - although the payment was not late. After 5 phone calls - this too was dismissed. ...
    Additonally, when I was in the hospital for surgery, I was late ( 3 days) on my payment. I received one of the nastiest letters I have ever read in the mail regarding this and received 23- YES 23 phone calls for being 3 days late...They came approximately ever 10 minutes on my cell phone...
    I cannot imagine what they do to an ordinary card holder in this terrible economy...
    Moreover, watch your bill. They will add the current month AND the next month's payment and state that you are that amount overdue ( even if you are within three days) thereby giving you the impression that you owe " double " he amount. This bank should be prosecuted for their activities.
    Good luck to everyone and get away from this bank as soon as possible.

    0 Votes
  • Lo
      Feb 09, 2009

    I could not agree more. I have never ever not paid my bills on time. Very excellent credit and now somehow the rate is jacked to 27.18% ...what!!! I have closed the account and still are encountering trouble. It is this type of greed, lack of morals that this company along with Wall Street have brought down our economy. Business' such as Advanta Bank Corp. should be closed tomorrow. They are ###. Let all people know and save them some grief.

    0 Votes
  • Is
      Feb 16, 2009

    I agree 110% on all the previous statements made and like their stories: I have paid all my accounts on time and usually more than the minimum amount due. Advanta Bank Corp raised my interest rate to 37.18%. I called to find out why and they gave me the same bogus information and like the others who have had this experience; I couldn't understand their Rep. because of the heavy dialect. I plan to file a complaint with the FTC and UTAH BBB. Isaac 02.16.09

    0 Votes
  • Co
      Feb 27, 2009

    Advanta did not send the statement one month. I pay lots of bills as have two businesses. So when I don't receive a statement I don't put it in line to pay. Advanta called me wanting the payment, I did so immediately. We have a 2.99% rate locked in. They took this away and raised it to 35.9% variable along with $39.00 late fee. We had never been late on a payment, not ever. I tried to work with them and they would not listen to me at all. I was even dealing with the supervisors. I have contacted my two senators and will contact my legislators along with turning in a complaint to the Federal Trade Commission and the FDIC. The guy at the Federal Trade Commission told me that these banks are pulling these things because they have so much bad debt on their books they are trying to go after their good customers to recoup this loss. I believe him as I think Advanta deliberately did not send out this statement. I will now list on a calander when all my bills are due each month and keep up when one of these scam artist try to pull this kind of thing again. Beware of Advanta don't do business with them or Chase Bank.

    0 Votes
  • Ru
      Apr 01, 2009
    Advanta Bank Corp - Awful bank
    Advanta Bank Corp
    Welsh And McKean Roads
    Spring House
    Pennsylvania
    United States
    advanta.com

    Advanta Bank Corp raised the rate of my corporate credit card to 34.99%. I placed a phone call to customer service and ended up speaking with a supervisor to express my surprise and they immediately dropped the rate to 24.99% which in turn gave me more concern that a ripoff was occurring. After threatening to report Advanta to the Florida Attorney General, the supervisor suggested that I write a letter to the president of Advanta. Beware of this company!

    0 Votes
  • Ad
      Apr 07, 2009

    Whatever you do, please do not get Advanta Bank credit card.
    I can give you thousands of reasons why this credit card company should be closed down. By most accounts, Advanta will unlikely to survive beyond 2017.

    Please do your homework about Advanta. Do google search for 5 minutes. You will have more than enough information about this company and Advanta CEO Dennis Alter, the ###.

    Decide yourself!

    0 Votes
  • Ji
      Apr 15, 2009
    Advanta Bank Corp - Interest Rates 33+ %
    City Rentals Inc
    United States

    We have been hit with high interest on balances created by a dishonest employee that is presently under criminal indictment that used convenience checks that were forged issued by advanta the dollar amount exceeds 40, 000.00 in which we are paying interest on. We had Advanta research this and they came up with the fact that these checks were deposited to accounts held by us but withdrawn by her and therefor there was no fault by them.
    The case is pending one more pretrial then a trial by jury. in the mean time I am still making payments on the outstanding balances
    Does anyone have any suggestions as to who might be able to help in this matter?

    0 Votes
  • Ad
      Apr 16, 2009

    As long as you are making monthly payment to Advanta, Dennis Alter (CEO of Advanta ###) is not suffering. If you want Advanta to suffer a little bit like yourself, stop payments. Period.

    FDIC has received thousands of complaints againts Advanta. They will do nothing.

    Most of these government agencies and represenatives in Congress are spinless and worthless duds when its comes to helping you against these banks. They will be out of jobs if they these banks stop sending bribery checks to these folks in washington.

    Best hope we have for small business folks like us to do two things:

    1) Stop sending monthly payments to Advanta. These credit ratings are financed by the same banks, not by consumers.

    2) Do not accept Advanta master card. We do not accept Advanta credit sign.

    There is a good chance, Advanta will not survive beyond 2017.

    We need to survive our small businesses until then.

    Good luck.

    +1 Votes
  • Po
      May 04, 2009

    THERE SHOULD BE A NATIONAL EMAIL CAMPAIGN TO CANCELL ALL CREDIT CARDS AND BOYCOTT ADVANTA. THEY ARE CROOKS .
    THEY DID THE SAME TO ME FROM 6.99 &7.99% JUMPED TO 36.99%. THE SAD PART IS THAT THE GOVERNMENT ALLOWS THIS TO CONTINUE. ALSO WRITE TO SENATORS AND CONGRESSMANE

    0 Votes
  • De
      Oct 19, 2009

    I know of a company that can settle this debt down to about half of what you currently owe. Send me an email to [protected]@rocketmail.com

    0 Votes
  • Ha
      Jun 08, 2010
    Advanta Bank Corp - High Interest Rates & Harrassment
    Advanta Bank Corp
    Salt Lake City
    Utah
    United States
    Phone: [protected]
    advanta.com

    I was a good customer who paid on time and all of a sudden I get a letter in the mail stating they have cancelled my business credit card and raised my interest rate from 7.99% to 26.99%. I called to see if they could lower my rate and customer service told me I was one of the luckily ones that is not paying over 32.99% and they would not change it. How is that luckily?

    They did not want to work with the business at all. So the business did make a settlement with them after all of the harassment of two months. How is it they can report on my personal credit report when it was issued to a corporate business account? They are still making my life hell on my credit report. They were deceitful. The credit bureaus, Experian, Equifax and Transunion are taking their side. I will fight this all the way.

    Do not do any business with Advanta Bank Corp.

    0 Votes
  • Ph
      Jul 23, 2010

    I recently received a rather forceful letter from Advanta threatening to send my credit information to all the Credit Agencies because I missed making last months payment. I have always sent my monthly payment in on time and even have paid more than the minimum required. I missed last months payment due to some rather substantial medical problems and expenses. Not only are they threatening me, they are charging me 30% interest and then tacked on a $39.00 late fee. I would urge that no one gets involved with Advanta Corp. With our nation's economy such as it is, how can these people justify making so much money on the general public. I am sure they all, probably the upper echelon, walk away daily with a large sum of money in their pockets. (and a smile)

    0 Votes
  • Be
      Nov 12, 2010

    Is there anything legal we can do!!! Mine just went up too!! [protected]@aol.com
    Never a late payment

    0 Votes
  • Be
      Nov 12, 2010

    Advanta raised my interest too!!! Never a late payment!! Is this even legal?????????????
    [protected]@aol.com

    0 Votes

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