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Advanta Bank Corporation / Credit Card Interest Rate

1 Philadelphia, PA, United States Review updated:
Contact information:
Phone: 215-385-3300

I have perfect credit with a middle credit score of 755 as of 02/10/2010. In January the prior month I went over the due date on a payment by several days. About 7 days after the due date I logged into my account to make my payment and to my surprise they had changed my interest rate to 32.99% from 7.99%. I was furious as I had never been late or missed a payment. I called Advanta no less than a half dozen times at least and they also called me several times. I explained to their call center in India that the interest rate was abusive and that I was willing to continue making my payments if they lowered my interest back to the original rate. After many calls back and forth in January they called me to tell me that they would be willing to offer me a 17.00% interest rate instead if I made a payment, I elected not to make the payment because I felt the rate was still abusive considering my credit is perfect and no late payments had been made in the past after numerous years of payment history with Advanta. Finally in February I receive a
call from their call center in India which asked me some personal information to confirm my identity, then transferred me to a local office in Pennsylvaniawhere I spoke with Dan Carr. He called me to find out why I had not made my payment and explained as above. I also mentioned I had to close one of my businesses due to our economic situation. He asked me if I could make a payment of $ 517.00 dollars and offered me three solutions, one was to send them 50% of the balance and they would offer me 0% interest on the remaining balance for the life of the credit line, the other was 30% of the balance and they would offer me a 7.99% as was originally, then they offered me a hardship option which did not require me to make a payment until march where I would pay them $780.00 dollars and they would match my payment, credit my account for the total of $1560 and the interest rate would be 9.99% so I agreed and made the $ 517.00 payment on Tuesday 2/9/2010. He then proceeded to tell me before the conversation finished that we would speak again in March. Concerned about my perfect credit I called all day Wendesday and could not reach Dan Carr left 2 voice mails. I called Thursday and left another voice mail stating I wanted to make another payment on my account to please return my call ASAP. Finally Friday morning 2/12/2010 I called and reached Dan Carr who I spoke to for over 45 minutes pleading with him and even offerring to send them a few thousand dollars to show them good faith and not report me as a 30 day late to the bureaus because my credit report pulled on 2/10/2010 was spotless and I wanted to protect my credit and have it remain the same way. He proceeded to
tell me that since I made the payment he had reset my "delinquency clock" and that now none of the options he had originally offered me were not available. I then called him back about an hour later and asked him once more about making another payment on my account, his response was that he could no longer
help me I was to contact his Manager Tom Cush. I left a voice mail and then received a call back from Tom Cush regarding my message, I asked him the same question about making another payment to show good faith and elect one of the original options and that I would send them a few thousand dollars, he
proceeded to tell me that because I made the recent payment I no longer qualified for the original options offered to me and that my interest rate would remain at 32.99%. A WARNING to all those out there they used a bait and switch technique to collect the $ 517.00 and then went back on their word. This
becomes a downward spiral because now unless I do not make the February payment and make my account past due they will not offer me any assistance as they had originally offered and deceived me incredibly. So now I am forced to withold payment take another late payment on my credit report before they will
potentially offer me any other help if any at all. It is impossible to make payments at 32.99% when almost every dollar is going to finance charges that are practically as large as and your minimum payment and is impossible to keep up with. I am looking for every possible place to file complaints against this ruthless, callous organization that operates like a MAFIA. Sadly enough my perfect credit is going to take a dive in the near future and they could care less about any of us as individuals. These kind of credit card tactics from these companies must be illegal for them to offer you programs and then retract their offers. They are deceitful and I was betrayed unbelievably!!!

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Comments

  • Vi
      21st of Jan, 2009
    0 Votes
    Advanta Bank Corporation - Overcharged
    Advanta Bank Corporation
    United States
    advanta.com

    I will just get in line behind the other 246 complaints. Two years ago this was the rated the best small business credit card, and it was a great card. I used it frequently for business and paid off what I put on and even transferred a balance due to the fixed 7.99% rate. How can a rate be fixed if it can change at anytime? My credit is good, I pay bills on time. I have two car payments a mortgage and two credit cards. I have never been late on a single one, ever. I read my December statement and out of nowhere I am apparently paying 27.xx% interest. I immediately called and canceled the card. I was irritated though so I called back and wanted to know the reason my rate changed and was told that I was deemed 'high risk'. If I deemed someone high risk the last thing I would do would be to make it harder for someone to make a payment! Anyhow, they claimed that they sent a notice that my rate was going to change and like many of the reports before mine, I did not get a notice or I would have immediately closed the account. They say that it was mailed and that is good enough for them. I have every statement from advanta along with the original brochure and application paperwork, I do not believe that a letter was ever sent. This is unethical and cannot be legal can it? Too many people did not receive this letter and I think everyone should contact their Attorney General, if enough people speak up something will be done. Hopefully all these Advanta complaints will deter future victims.

  • Mi
      26th of Jan, 2009
    0 Votes

    Advanta Bank Corporation is charging our ranch account 37% + interest even though we have NEVER missed any payment and always paid over the minimum.

    What started out at 7.99% kept creeping up to more than 37% interest. Despite several phone calls to find out why and several requests to lower the rate, all requests were denied. No firm reasons for the jump were ever substantiated.

    I am in the process of contacting all government agencies and or government officials to make them aware of the 'RIP-OFF' this company seems to be very good at.

    BE AWARE of this company's very negative behavior. This is the very type of action that got our nation into it's financial difficulties.

  • De
      10th of Feb, 2009
    0 Votes

    Vince

    I am working with attorney Alan Finkel in Commack, NY who is working to try and get some class action lawsuits filed against Advanta for their unethical and predatory credit card practices. We are making progress slowly. If your interested in joining ever growing group, e-mail me at dec458@msn.com. If there are any ex-Advanta employees out there who would like to give them some justice, I would love to converse with you as well.

    Regards,
    Doug

  • Fe
      10th of Jan, 2011
    0 Votes

    Has the Better Business Bureau any interest in this company? They are just a bunch o thieves.

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