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Advanta Credit Card Company / Rip off

1 United States Review updated:
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I have had a business credit card with Advanta at 7% interest rate and when I received this months statement, they arbitrarily increased my interest rate to over 31%!! I was not over my limit nor was I late on a payment. My finance charges went from approximately $30 per month to over $160!! When I called them they said they had sent me a letter explaining the 'change in terms' (which I have yet to locate) and that it was completely legal and they would do nothing to fix it, even after I spoke with a supervisor.

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  • Di
      1st of Oct, 2008
    0 Votes
    Advanta Credit Card Company - Advanta raised my rate to 35.9%
    United States

    Advanta raised my rate to 35.9% from 8%. I have never had a late payment or been over my limit. I have never ever had a late payment or a blemish on my credit. This type of scam should be illegally. I can't believe that in a democracy this is allowed to happen. Unfortunately due to businees travels, I just got opened my statement and saw that my minimum payment went up by $100. I called Advanta and they pretty much told me I am stuck with this rate because my opt out time has passed. They claimed that they sent me a letter. I have not seen or received a letter. No one is granting business credit at this point. I don't know what to do?

    I am willing to close my account and go back to my old rate. They won't allow me to do this. I have escalated to a supervisor but was told the same thing. I am sick to my stomach to think that I am stuck with this rate.

  • St
      3rd of Oct, 2008
    0 Votes

    I agree. I had the same experience. Never late, no where close to limit but too high to pay off easily. I had this card when I lived in Ohio and had a business. I now have a corporate job in California and am trying to pay off the residual debt and this is just unfair. They doubled their high rate of 18% to 35%!! Talked to customer support and although I practically made her cry, she couldn't do anything. Couldn't explain beyond I was a "credit risk." I have never defaulted on anything, I just have a lot of debt because of the business and moving. This company stinks and other people need to know. By the way, neither presidential candidate voted for a 30% cap on credit.

  • Jo
      15th of Oct, 2008
    0 Votes

    Ditto. My situation is pretty much the same. I called and got someone from India. Never got a reason and was denied access to a supervisor. I am suspicious that they are tied to some some sort of extortion ring or even worse part of the financial jihad movement. I have made plans to pay the card off tomorrow. I will contact the attorney general's office as well. I could call their 1-800 number 100 times a day until I think I have cost them what they stole from me but that would be a waste of time and just not me. They are thieves in a purest sense. I suggest everyone who has had this happen put continuous pressure on them and get rid of their cards ASAP. NOTE: I recently joined a class action suit against a credit card company and received a check for damages.

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