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Advanta Bank Corp / APR hike

1 PO Box 8088Philadelhia, PA, United States Review updated:
Contact information:
Phone: 1-800-705-7255

I have a business credit card with Advanta Bank Corp and have been in perfect standing with them for over 9 years. I pay my bill on time and have never gone over the limit. I just went online to pay this month's bill and was shocked to discover it had gone from 12.49% from last month's APR to 30.08%. I immediately called in, thinking this was a huge mistake on their part. I was told by the representative and then a supervisor that in reviewing my account history and credit, my rate was adjusted. I told them that I have a long and flawless history with them and that my credit is excellent and that I have zero balances with all of my other credit cards. The supervisor then told me that he can't give me a reason as to why the APR had gone sky-high, but that it was also a reflection of the economy. I told him I was given no warning of this rate hike and that Advanta can't just do this to families across the nation. I asked if he could refund some of the $1, 000 in interest charged for this month alone, but he only offered to refund $200 of it- far from the difference in the rate hike. I told him I'd be paying off my entire balance in full right now and would never use my card again. I haven't yet gotten my statement in the mail- I usually pay online before it arrives. I just paid my account in full today, but I assume that many Americans will be getting their statements in the mail in the coming days this month and the same thing will have happened to them. This is a pretty serious situation that will truly hurt a lot of honest, hardworking people. I filed a report on a website called /link removed/ and this site today, but I don't know what else to do. Other people are posting the same thing.

Th
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Be
  17th of Sep, 2008
Agree Disagree 0 Votes

THIS EXACT THING happened to me just today.
I went online to check my balance and payment info, and my miniumum jumped to twice the normal amount. My account is in good standing, and is on AUTO PAY, and the rate jumped from a 16.99 business rate to 36%!!!
I immediately called in, and the call center representative told me EXACTLY what the previous post says. They had reviewed my account and arbitrarily changed by APR. She offered to lower it to 30%, and said a supervisor could call me back.
Still no word. TOTALLY unethical. Not sure what I can do!

Jo
  10th of Nov, 2008
Agree Disagree 0 Votes

Today is 11/10/08. I experienced the same damn thing on a biz acct that went from 13 - 36%. We need to file a class action lawsuit asap. This is criminal.

Mo
  16th of Nov, 2008
Agree Disagree 0 Votes

I AM GOING TO FILE A COMPLAINT WITH THE BBB TODAY! I WILL BE ANOTHER ALONG WITH MANY. MINE JUMPED TO 35%, I JUST CONTACTED MY OTHER CARDS, AND PAID THIS OFF. DIDNT WANT TO DO IT THAT WAY, BUT LOAN SHARK RATES ARE NOT ACCEPTABLE... STAY AWAY FROM ADVANTA!!!

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