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Advanta / Jump in interest rate from 2.99 percent to 34.99 percent

1 Kansas City, MO, United States Review updated:

I have never been late with Advanta and I sent a payment in on August 29 or 30th and Advanta customer service states they did not get my payment in time. I also, made a payment by phone for the same billing period and Advanta took both payments added them to late payment charges and hiked my interest rate up from 2.99% to 34.99%.

I spoke to customer service and they said there is nothing they could do about this. I also, asked to speak to the supervisor and they would not let me, stating the supervisor would say the same thing . They gave me a number to call Apprisen Financial Advocates.

I sent my payment in on time, plus made another payment by phone.



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  • Va
      9th of Jul, 2008
    0 Votes
    Advanta - They’ll ruin your business
    United States

    Advanta have just made my APR 24.99% after all the promises of a fixed rate. I always paid early, and always paid more than minimum. DO NOT trust this card company ever! I asked them why would this happen? I was promised a fixed rate and low APR for the lifetime of the card. They responded with "we periodically review our accounts and evaluate the credit status of our card holders ". My credit score and history is better than when I got the card. Lets all join to sue them again. How can the US Government let this keep happening to people and expect us to survive.

  • Mi
      19th of Sep, 2008
    0 Votes
    Advanta - Ripoff interest rate
    168 Knox Bridge Highway
    United States
    Phone: 770-479-8924

    Advanta just hiked my interest rate from 7.99 to 25.99. I've had the account for 2 years. My wife and I both have excellent credit and are never late. When I called Advanta I was advised that the interest rate is deteremined by a number of factors including payment history, credit worthiness, etc... I was also told that no one at Advanta would be able to tell me why my rate jumped so high! I advised her that I would be transferring the balance today and would never do business with Advanta again. BEWARE!!!

  • Su
      26th of Sep, 2008
    0 Votes
    Advanta - unfair charges
    United States

    I made all my payments on time on my 0% interest card. I made my payments on line, but once the payment wasn't processed and I couldn't get a confirmation number. I called to check if the payment was processed and couldn't get through to any one. I called again and my payment was confirmed, but one day late! I was told that the late charge would be reversed which it was, but there was a small finance charge of $1.54.
    I continued to make payments on time, but I was now being charged interest of 22%. When I called to complain I was told I lost the 0% interst rate because I made a late payment! I closed the account and encounterd even more charges and problems. What can be done?

  • El
      14th of Oct, 2008
    0 Votes
    Advanta - Rude Supervisors and APR Hikes
    United States

    (RUDE SERVICE REPS AND SUPERIORS: ATTENTION Travis Dunson) Our company did a balance transfer a little over a year ago to a credit card with Advanta. We locked in a 2.99% APR rate for the life of the balance. Our relations with Advanta were so good the first year, we decided to to a smaller transfer of $3, 500 a few months later. We didnt get the 2.99% rate, but they did lock us down for 9.99%. We accepted and transferred the money. A few months later, we received a statement with a 20.08% finance charge. We were outraged. We were never informed of this rate increase (had we known we would have cancelled the card immediately).

    We called Advanta immediately and were treated with such disrepect by the supervisor of the Salt Lake City, Utah offer, my boss was blue in the face. Travis Dunson was condesending and completely rude to my boss stating "We dont have to have a reason to raise your rate" I was OUTRAGED to say the least. Not only would he not give us a specific reason as to why our rate went up, stating they had the right to do it without informing us. Upon further talks in a second conversation (With a very wonderful and plesant woman named Linda from the PA office) we were given the name of Travis (who would not give us his last name) and were told in more detail that a letter was sent 8/4/08 (we never received it and Im the most OCD person when it comes to mail- color coded filed, calendar of payments, etc...) they stated that due to the economic crisis they were raising rates in fear of deliquent payments (wouldnt you want to lower them then so people can pay more to you?)

    I would not recommend doing business with Advanta EVER. They have no respect for their customers and I think actually enjoy listening to people hurting from this crisis (Travis was certainly amused). Advanta is the worst company to do business for your small business. Based on the complaints I have seen on this website, I wish I would have read this site before we applied for it...

  • Ca
      16th of Oct, 2008
    0 Votes

    My letter to the Senator (Florida) !

    Senator Nelson,

    I wrote last week to you via email regarding your position on the CARD ACT, Credit card reform proposed by Senator Chris Dodd, not the bail out. I agree with your position on the bail out and support it.

    Chris Dodd proposed the CARD ACT 2008 which regulates credit card companies’ ability to charge excessive interest rates, high fees, Prevents issuers from changing the terms of a credit card contract for the length of the card agreement (ban on unilateral changes to card agreements); Apply Interest Rate Increases Only to Future Debt, Prohibit Interest on Fees, Prevents credit card issuers from increasing interest rates on cardholders in good standing for reasons unrelated to the cardholder’s behavior with respect to that card (universal default ban);Require Prompt and Fair Crediting of Cardholder Payments

    ADVANTA CORP credit card raised my interest rate from 7.99% FIXED to 26.31%. When I called to find out why my interest had gone up so drastically they blamed it on the ECONOMY. I closed this account immediately. What is worse is that there is no law to prevent the credit card companies from doing this to us (the consumer). ADVANTA and other credit cards do not consider consumers that have MODERATE interest rates and pay on time PROFITABLE. The mortgage crisis is carrying over to the credit cards, and credit card companies are increasing our interest rates substantially to "squeeze" as much money as possible from us to make a PROFIT. Credit Cards are taking advantage of the financial crisis we are facing and the deregulation that exists in the financial market to raise interest rates. ADVANTA is a business credit card and their increase in interest rates is contributing to individuals and small businesses filing for bankruptcy and leaving others drowning in debt. Credit Cards increase in interest rates is hurting the ECONOMY tremendously; people are unable to pay down their debts with these high interest rates placing ADVANTA and other credit card companies in a predicament where people are not going to be able to make their minimum payments. The middle and low class are going to be paying more FEES for defaulting on their payments. People will be paying more money to the credit card companies and will have more debt instead of less because all the money is going to pay the high interest rates and not the principal. People will be left with less spending money, slowing down the already hurting economy.

    This practice is unjust and unethical and their should be laws to protect consumers from this kind of abuse.

    Do you support the CARD ACT? Is there a better Credit Card Reform in your opinion? How can I effectively support a legislation that aims to reform credit card industry abuses?

    I understand the CARD Act is not the solution to all the problems with credit cards but I believe it to be a step in the right direction.

    Another Credit Card Reform Proposed by Congresswoman Carolyn Maloney

    Thank you.

    Additional information:
    I paid half of my ADVANTA debt and transferred the rest to Capital One at a 0% interest rate for 12 months at a cost of 3% one time fee.

    I hope this link helps. (Be cautious in playing the credit card game)

    We are less than 30 days away from elections. And our VOTE is our most powerful tool right now. Take the time to visit each candidate’s website to learn the issues that affect us and let’s fight back with our vote! Only one candidate addressed Predatory Credit Card Practices.

    Vote for the candidate that will PROTECT us from these predatory lenders!!! Also, contact your Senator.

    Best of luck to all of you, and I hope you all find a way out of your high interest rates.

  • Va
      18th of Nov, 2008
    0 Votes

    CEO Dennis Alter is a bad manager, bad person, terrible example to his family, community, and guys like this are ruining our country. Advanta is his very own perfected scam. Ok People listen up because this will save you thousands of dollars. Advanta works like this;

    When you start a company you file with the state. Advanta takes that info and if you have good credit they offer you huge lines and low rates. BUT DON'T BE FOOLED BY ADVANTA. They will send you checks offering rates like 3.99% good for 2 years. But the second you use it they hammer you by reversing the deal, keeping your balance transfer fee of $1, 000 and jacking your rate to 35+%!! They also raise your minimum payment to 4% of what you owe. Trust me, these are huge payments and at 37% the balance never goes down. I was a loyal customer for 10+ years. I was never late and I was well under the limit. I was also never notified.

    So if you ask yourself what kind of a sick person created this corrupt loan sharking operation? Well his name is Dennis Alter. He's the founder and CEO and he lulls you into trusting because you think he's a great guy who 'gets' small business. He writes papers cheering on small business. He does interviews with professors from Wharton and politicians from Delaware (where there are no limits on interest rates). He collects art and donates paintings. He gives lots of money to crooked politicians in all the right places. He builds buildings at his alma matter. In other words, he is just like any other corrupt CEO.

    But what makes him really disturbing is that evidently he thinks he's a good person. Most corrupt CEO's know what they are. Dennis Alter doesn't.

    I have to pay Advanta off because I must have good credit. I have dreamed up every way possible to not pay these people after what they did to me. But they hold my credit hostage so I just have to pay this and chalk it up to one more company that earned my trust and took advantage of me.

    Dennis Alter is a very sick old man.

  • Gi
      29th of Nov, 2008
    0 Votes
    Advanta - APR Increase
    United States
    Phone: 401-835-7955

    Unacceptable business practices is the only way to describe Advanta Credit Card. I have a credit score in the upper 700's, pay my bills early, pay more than the minimums, and without any communication whatsoever went from a 7.99% to 26.31% for purchases and 36.31% for cash advances. Upon discovering this change, I called them and they were completely inflexible. In conclusion, this is what I have learned: do not open any credit cards based out of Utah where predatory business practices are allowed, do not deal with financial terrorists who will not listen or offer solutions, pay off and get out of this card as fast as you possibly can, and do everything in your power to warn others sparing them a similiar fate.

  • Ka
      22nd of Dec, 2008
    0 Votes
    Advanta - Raised Interest Rate
    United States

    I'm a small business owner. I opened my statement today, 12/22/08 and saw that my finance charge jumped from 9.99 % to 27.18%. I called twice and received the same memorized answer. You have never been late, credit good but based on the likleyhood of default, after a review this is the best offer they have. They will not lower the rate even when I said that I would look for another company. I asked if there was some one I could talk to about this and was told "you are". I was then told to have a Merry Christmas - yeah!

    I will do all that I can to discourage anyone from getting an Advanta. After checking them on online, they appear to be the worst at scamming people and taking advantage of the poor economy. My husband feels that they're taking advantage of good customers to make up the difference of bad ones.

    Don't use Advanta as they take Advantage of their customers!

  • Ha
      9th of Jan, 2009
    0 Votes
    Advanta - interest rate rip off
    Advata Business Card
    United States
    Phone: 502-727-0039

    I am a member with Advata credit Master Card. These people are charging me an astronomical interest rate of 37.899 percent interest rate. I have never in my life had an interest rate this high. My husband is in the construction business and as you know we are right in the eye of this financial storm that may cause this country to fail. We may lose our home. I had to sell the little jewelry I had a while back just to pay this bill. These credit card pimps, Wall Street and the greedy CEO’s are hurting this country financially worse than the terrorist attacked on 911. They are the reason why the economy is all jacked up!

    Think about it. Here we are working hard trying to make a decent living, and people are loosing their jobs, and we have all these greedy people ripping off the customers sitting at a table brainstorming ways to get more money for themselves, and on top of this they know this country is at the brink of a financial melt down and they continue to raise interest rate because they feel like it so they can line their pockets for more money. As far as I’m concerned, they are worse than the terrorist because they to are casing people to panic, steal, and even kill themselves and others. The question I like to know is, how can they sleep at night, How?

    The only people who are enjoying what is happening now to this country are the people who are making outrageous profits and the terrorist. But you know what? For every action, there will be a reaction. This Country is in serious trouble because of greed and self-indulgence and when or if it gets worse, it will be like the rise and fall of the Roman Empire and each and every one of us will have to pay the ultimate price, and when I say price I’m not talking about money.

    It make me downright sick!!

  • St
      10th of Jan, 2009
    0 Votes
    Advanta - Credit card finance charges
    Palm Coast Software Solutions, Inc
    United States

    This bank is worst then the worst loan shark. In fact I doubt if I would be ripped off with a real loan shark! They raised my interested just because they could, and my minimum payment nearly doubled. It continues to go up even though my balance goes down. It seems odd that the interest calculated each month increases as the balance goes down. I'm not sure how to figure that out.

    I would advise no one to ever do business with them, and for everyone to close thier accounts, and don't use thier card... ever, and warn all others about this bank.

  • Va
      22nd of Jan, 2009
    0 Votes

    I am the president of a small business. Just like you my Advanta business line of credit card jumped through the roof. I have an excellent credit history with a score a few years ago as high as 813 from Bank of America and, as of a few months ago, 750 online. My business is 14 years old. I have NEVER missed a payment or been late on ANY card. I am a registered securities broker/dealer with an unblemished record with the SEC.

    I called Advanta and was passed from a call center in India to a man named Glenn in Salt Lake City. He was cordial but explained there was a wide range of things Advanta looks at to make their determination and there was nothing he could do about it. I informed him it was theft and I wasn't going to pay a penny further unless they did something to adjust my rate back. I went on line and discovered others with similar experience.

    This is destructive to small business people and should be criminal. I am willing to sacrifice my perfect credit history to stand up against these thieves.

  • Jo
      22nd of Jan, 2009
    0 Votes
    Johnnie d's Landscaping, Inc.
    United States

    After becoming an Advanta customer through balance transfer. They raised my rates for no reason, They jumped from 13.8% to 36.31 % in less than 6 months of being with them, I called and complained and all they said was your account was in good standing but your balance is a risk . I said that is crap, i have never been late on any payments and they said well we sent you a notice stating you can opt out. I never got that notice and closed the account which is allowing me to pay the balance off at a rate of 18.74 %& 24.74% this is a scam, EVERYONE BEWARE OF ADVANTA

  • Lo
      28th of Jan, 2009
    0 Votes

    I agree 100% with your comments. This situation has happened to me. The past two years 2007-2008 I have paid 99% early
    and most with more than the minimum, I stayed under the limit and with no late payments. The account had a 9.9% interest
    and they raised it to 37.18% interest. I called to express my dissatisfaction on their outrageous increase and wanted my rate
    back to 9.9% which is a fair request. They refused. They lowered it to 27.18%. I called again and expressed my dissatisfaction
    and they refused to lower it. I stated to them that I was then going to call and place a complaint with the Utah Financial Institute
    tel 801-538-8830 and they didn't care. I have called the Utah office and they are fully aware of Advanta, however, there is nothing
    that can be done. I plan to payoff this account with Advanta and I will not do any business with them in the future. I too want to
    get the word out to the public so that others are aware and that they not do business with Advanta.

  • My
      5th of Feb, 2009
    0 Votes
    Advanta - High interest rates
    United States

    My story is similar to others submitted here. I've had a business Advanta card for over a decade, starting out at about 14%. This month I noticed that the interest rate had jumped to 37%. I called Advanta and was told that they sent a letter out in August notifiying me of the proposed hike in rates. Sorry, I didn't read it. When I complained, they said they could lower the rate to 30.1%. I said that was unacceptable and that I would stop using the card and pay off the $40, 000 balance as quickly as possible and then close the account. They were not impressed.

    Today I looked up usury laws on the internet and found a history of usury laws on the Americans for Fairness in Lending site, There is also a place on the site for writing to your congressional representatives to urge them to regulate this industry. For everyone who is complaining here on this site, I would suggest you do write your representatives (I did) and send the form to 6 of your friends. Only pressure from constituents will move Congress to act against preditory lending practices.

    Do it. Good luck. Oh, you can also find out how to complain to the appropriate agency according to what kind of loan you have.

  • Ma
      20th of Feb, 2009
    0 Votes
    Advanta - Bait and Switch
    Advanta Cards for Small Business
    United States

    ADVANTA, should be more like AdVampa!
    DO NOT GET THIS CARD! THIS COMPANY WOULD PULL THE PLUG ON ITS OWN MOTHER IN ORDER TO GET AT HER ASSETS. And while she was gasping for air and pegging them to put turn the machine back on, their only response would be I understand, but they would not put the plug back in. Thats Advanta.

    They promote a great interest rate, around 5 to 7%, but if you are late even once, even by a day, then the trap is sprung and you are caught in a pitfall of charges and interest increases that can not be reversed. Do you really want to pay 31% interest on a credit card. The only person who should apply for this card is someone who has no responsibility with a lousy credit rating who does not plan on paying it back, those are the clients this Gosa company deserves, not the hard working responsible ones like us.


  • St
      21st of Feb, 2009
    0 Votes
    Advanta - Rate Gouging
    Advanat Bank Corp
    United States

    Advanta is the lowest of the lows. They epitimize the troubles with unregulated corporate banking today. They have jacked my interest rate from 0% to 9.99% to 24% to 37.5%. I too have had no late payments from any creditor EVER and they gave me no explanation either. Unfortunately, I'm not sure that I am in the position to pay that interest rate back in which case they will eat this! I feel bad, but not that bad. If a company wants to put the screws to its clients, they should get ready to eat a lot of bad debt.
    [email protected]

  • Pe
      27th of Feb, 2009
    0 Votes

    So I am not the only one. I got almost 38% of interest from Advanta Credit card. I called Advanta, and I heard the same story. I told them that financial institution like you messed up American Economy and are taking advantage of it.
    We need something to fight again them like Advanta.
    Peter - NY.

  • Bo
      27th of Mar, 2009
    0 Votes
    Advanta - Overcharged
    P.O. Box 30715
    Salt Lake City
    United States
    Phone: 800-705-7255

    No need to talk about Advanta (More like Advantage). We all know that they are thieves. I called on one of my other credit card companies, got them to increase my limit, do a balance transfer to pay off the thieves and was given a reduced transfer fee with a 5% interest rate for a year without incurred accumulated interest at the end of the term. (Just start incurring and paying regular interest if not paid off in a year) Now that is a company worth Discovering and doing business with. Advanta you seem to have forgotten the power of the internet.

  • Va
      10th of Apr, 2009
    0 Votes

    The same exact thing happened to me. I own a small home remodeling business, and for the last four years enjoyed using the Advanta card. I had a rate less than 10%, always paid on time, and rarely held a balance for more that 1 period. They raised it to 29.9% in one month! I quickly paid the balance and set the card aside. After many times trying to get a actual person on the phone, she told me that they sent me a mailing stating the changes and that I could opt out. BY OPT OUT SHE SHE MEANT PAY YOUR BALANCE AT THE OLD RATE AND THEN YOU ACCOUNT WILL BE CLOSED! What kind of company is this? I too confirmed that they got stuck with some really bad accounts and are trying to make up the difference by gouging the good clients. Unreal! I am now hoping that they have not marred my credit history by closing a relatively short lived account.

  • Va
      10th of Apr, 2009
    0 Votes

    I just posted a similar complaint on another thread. Definitely not people that I want to do business with. I actually switched to Advanta after reading about the small business card in a magazine and then seeing it advertised in Fine Homebuilding. I would like to see something written up about this in a publication just like the one that marketed the card to me! Advanta is the worst!

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