I have a small business and have a good credit standing and a long time client of Advanta Credit Card. I used their 6.99 fixed percent promotional checks they offered for life, then my interest was raised to over 36 percent. After many calls and emails requesting an explanation the only response the representative gave is that I didn't use my card on a regular bases. It seems to me to be extortion not to much different than the mafia. I refuse to be intimidated by unethical, greedy corporate raiders. Please inform me of any recourse or class action suits. I will fight.
I would love to join in on a lawsuit with this company. We have well overpaid any money we have borrowed from them plus extra. I contacted them & requested lower interest rate or they would receive no more money from me. I was informed by them that they could not lower interest rate & advised me to contact a credit consolidation company to pay my bills. I regret ever using this company & they will not get another dime from me.
This country is in bad shape thanks to things such as crooked credit card companies. Count me in on class action lawsuit.
I had an Advanta card for several years and had around $3000 left to pay off when I spotted a deal where I could transfer my balance from other accounts to Advanta for 2.99% interest. It included transfers from other credit cards of lesser amounts and the total balance after the transfers was about $7000. I asked what the monthly payment would be and set up monthly automatic payments through my bank for about $20 over the minimum amount I was told would be charged monthly. Generally, I'm very careful to check the bill each month to ensure that I'm paying the right amount. Somehow, I failed to do so, discovering the "problem" only after someone with a thick foreign accent called to tell me I was being hit with a huge late fee and other fees. Why? Because the minimum amount was $4 more than the payment I'd made! I paid an exorbitant phone transfer fee to solve the problem and was told they would waive the late fee (and it wouldn't affect my credit) because I'd taken care of it right away. I had this feeling I should immediately transfer everything to another credt card account, which I did. A month later, I received information in the mail that said my interest rate was going to around 32%--at the beginning of the month. The problem is I'd received the notice at the end of the month it was to begin. I figured out that had I not transferred the balance immediately, the cost of the interest would have been about as much as the balance transfer, except I'm now paying about 6.9% interest instead of 33% each month. Advanta’s wonderful 2.99% balance ended up costing plenty. After this experience, I wondered, "What about people who CAN'T transfer their money and they're stuck?"
I think the best thing people in the US can do is write about their experiences to their public officials (congress, the president, the governor, etc.) and write, and write. Pres. Obama mentioned this problem, so there's a slim possibility a deluge of mail, phone calls, and email might have an effect. For people faced with this kind of interest rate who have nowhere to transfer their money, there are good suggestions from others burned by Advanta.
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!
I began this card with an introductory rate of 6.9%. I have never missed or been late on a payment, yet they have tried repeatedly to raise the rate on my card, which still managed to slide up to 13%, regardless of my efforts. Now, they just raised my rate to 37.18%! I kid you not. Calls to them informed me there was nothing I could do. There was a period during which I could have "opted out" of the rate hikes, but that period of time ended just prior to receiving their latest bill, of course. I will be joining any class action suit against them for their practices and cannot believe our country allows a company to perpetrate these criminal actions upon its customers.
ADVANTA CREDIT CARD WHO I HAVE BEEN WITH FOR ABOUT 5 YRS INCREASED MY RATE TO 37%. WHEN I CALLED TO FIND OUT WHY, THEY GAVE ME NO! REASON, YES NO REASON. I THINK IN THE 5 YRS MY PAYMENT WAS LATE A FEW DAYS ONCE OR TWICE WHEN WE FIRST STARTED USING THEM. THE LAST COUPLE YEARS EVERYTHING HAS BEEN ON TIME, SINCE WE PAY ONLINE. I COULDN'T BELIEVE IT, I CANCELED THE CARD AND TRANSFERED THE REMAINING BALANCE WAS WASN'T EVEN A LOT FOR A BUSINESS (UNDER 10K). I MEAN REALLY COME ON WITH THE ECONOMY THE WAY IT IS AND SUPPOSEDLY ADVANTA IS THE CARD FOR BUISNESSES! UNBELIEVEABLE, THE WAY I SEE IT 37% IS A GREAT WAY TO ATTRACT CUSTOMERS, NOW THAT THEY TOOK ON LOAN SHARK PRINCIPLES.
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!
I almost maxed my credit card out and when I just had a few hundred dollars left for credit, Advanta shot my interest rate to 35%. This made my balance go above my limit and I'm always late now cause the minimum payment tripled.
Now they pile the over limit fee and the late fee for a whopping $79.00 a month more. These guys should be in a town square hanging. What a f-ing ### raping. I've told them on several occasions its causing a tremendous financial burden not to mention I've got 3 little kids and a wife. Work is drying up and I'm barely working ' There's nothing we can do at this time ' is all they say.
Steer clear of these ### buckets, Advanta will bite your head off and ### down your throat.