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Advanta Bank Corp. / Excessive Interest Rate

Salt Lake City, UT, United States Review updated:
5
Contact information:
Phone: 801-53-2925
I have had a credit card account with this firm for two years. Recently they raised my interest rate from 9.9% to 27.18%. I have been current with my account and they report me as "Paid as Agreed" to the 3 credit reporting agencies. Their only reason was that they judge me to be a high risk - no specific reasons.

Can you help or p[oint me in the right direction!
0

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Ly
  12th of Nov, 2008
Agree Disagree 0 Votes
Advanta did the same thing to me...I had a credit score over 700, never been late on a payment and I went from 7.9% to27.99%. I called them and pitched a fit. The oriental customer service agent would apologize and said that something must have changed and they would evaluate my account in 90 days. There's nothing I can do about it either...that's the sad part.
Jo
  13th of Nov, 2008
Agree Disagree 0 Votes
Advanta is spiking my rates too.

try submitting a COMPLAINT at

https://www.ftccomplaintassistant.gov/
Bi
  14th of Nov, 2008
Agree Disagree 0 Votes
Advanta did the same to me. I too have a excellent credit score/history with more than minimum payment and no lates...I was raised to 36% for no reason what-so-ever. I contacted customer service and they told me that they could not do anything at all. They give you a 0% starter, then a low rate for a short while, then increase the rate to an unreasonable level. This is WRONG!! I have filed a complaint with the FTC...which I dont think will go anywhere due to the wording in the Advanta contract that we signed when first opening the account.
Br
  20th of Nov, 2008
Agree Disagree 0 Votes
they just did same thing to me. i went from 7.99% to 31.38%. paid on time, more than min amount due. said they were under no obligation to tell me their reasons. contact the FDIC as they are a member at 800-378-9581. I've contacted the attorney general and an attorney. They told me i wasn't using my card enough for business practices since it was a business card so we went on our vacation and used it and they quadrupled my interest rate and tripled my minimum amount due.
Cs
  18th of Jan, 2009
Agree Disagree 0 Votes
I have had the same thing happen to me...never late only used for business- In December they raised me from 9% to 37%. I have decided to refuse to pay. They marketed themselves to me as a partner in my small business. I would fire any partner that did this to me. I no longer am buying into the bs of "oh my god my credit score". When they call- which is everyday, at least three times a day- I only answer once every three or four days. I say exactly this " I am absolutely not paying you 39% interest. I care too much about my business to do this. I remind them that they are suppose to be my business partner...they then offer "to remove the late fee and interest that has accrued" I say that would be fine as soon as they fax or email me a statement that they are lowering my interest rate to a humane amount. They then tell me that I am in collections (this was at 1 day past the due date!!! boy are they desperate) so they can't offer me anything until I am current. I then hang up...maybe if everyone that has paid on time refuses to pay the cards that do this to them ( i think this would be a massive amount of ) They would have to do something...if we all get hit on our credit ratings I guess they will just have to adjust this too...or maybe we should learn the lesson and stop using credit with credit companies that have clauses that say that they can raise our rates to anything at anytime with no reason...get a business line with your local bank tied to the prime rate etc. Ok I feel better...I am going down with my rating but it almost feels great not to care anymore.

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