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Advanta Credit Card / Outrageous Interest Rates

1 PO Box 30715Salt Lake City, UT, United States Review updated:
Contact information:
Phone: (800) 788-2632

I had my interest rate on my small business Advanta credit card increased from 7.99% to 32.18%. I have never been late with a payment; and I have not gone over my limit. When I called to complain, I was told that they review accounts every 90 days, but I was given NO REASON as to why they increased my interest.

This is absolutely BS! We are in a recession, Congress has handed the banking industry a 'bailout package' that is supposed to stimulate the economy paid for by US taxpayers, and we are being screwed with predatory lending. The very people that need help (middle class / small business owners) are being wrung dry. I suggest that anyone that has recently had their interest rate jacked up, whether it is with Advanta or another credit account, write their Senators and Representative to POINT OUT THE OBVIOUS - predatory lending has got to stop, and it has to stop NOW!

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  • Fl
      9th of Dec, 2008
    0 Votes

    My rate was also raised from 11.99 to 37.18 % for no reason (other than their claim that they identified my account as high risk). I have never been late, have paid off my account several times in last 3 years, have had an account with advanta since 2002, and only owed 40% of my credit limit with them. They also sent me several checks offering balance transfers and have never decreased my credit limit of 15k. I have very good overall credit. Luckily, I was able to pay them off immediately AND close the account. I will be contacting my Congress person...

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