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Advanta Credit Card / Arbitrary rate increase

1 WI, United States Review updated:

I received a notice that Advanta was raising my monthly rate on our corporate credit card from 19, 16 to 37.16 for no apparent reason other than that they can. When I called and complained, stating that we have made on-time payments regularly, many times for more than the minimum required, they replied that various reasons indicated to them that we are a high risk for default. When I asked how they determined that they simply stated on-time payments and greater than minimum amounts paid are only part of their criteria and that "various other factors" were involved in their decision. When I protested that nearly doubling the interest rate worked adversely toward assisting businesses to pay down their indebtedness my logic fell on deaf ears! Something needs to be done about an organization that can arbitrarily change practices like this!

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Comments

  • St
      2nd of Mar, 2009
    0 Votes

    Of all the cards Ive dealt with Adanta the absolute worst -Im lucky enough to be no longer to be paying 33 percent --on 25 grand-i paid off and closed the account --these people (Advanta) are not human - stay away from them or get out from under them as soon as you can --

  • Ja
      3rd of Jun, 2009
    0 Votes

    Is there any recourse for my company to get reimbursed for the money they've charged for their usurious rate hikes? We went from 7.9% to 35% in two months! I called their customer service and they said there is nothing they can do to reduce the current rate back to the original or reimburse my company for the ill-gotten money.

    Aside from paying the balance immediately and closing the account (which is already "closed" to any new purchases), what's the most effective way to handle this?

  • De
      19th of Oct, 2009
    0 Votes

    send me an email with your contact info I know a company that handles this account and can settle it for about half of what you owe. debtrelief@rocketmail.com

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