SALT LAKE CITY, UTAH -- I was a victim of the 8% to 20% to 34% to 37% interest rate jacking of my account. I was told, multiple times, that the interest rate could not be changed. There is a way, however.
I filed a complaint with the Utah BBB - I just received a letter from Advanta, if I close my account, my interest rate will return to the old rate.
FYI to anyone else in this trap - there is a way out.
Beware of Advanta Credit Cards. They are an advertiser on this web site.
I am a small business owner and used this card for all my purchases, usually 10,000 per month. I paid it off every month for the last 12 months. It is the type of card that gives me a rebate check for home improvement purchases. Since I am a carpenter, I usually get a $100 check back.
Originally, it was supposed to be a low rate card, they still advertise it as such on this web site. Well, somewhere along the way, it went up to 26%. I had just had my first month where I missed being able to pay the full amount, and even since I paid off most of the balance, given the way the "daily balance" calculation works, I paid about $300 in interest.
Coincidentally, I received a solicitation to get a card at 7.9% from them. So I called to get my rate lowered, which they would not do. So, I cancelled my card and applied for a new one, but since the balance is not paid off, they won't issue me a "second" card. In an economy where we are trying to "bail-out" credit card companies, it seems that instead of giving them money, we should prosecute them for malicious lending practices.
This is a sad, sad, time for the consumer.
MAPLEWOOD, NEW JERSEY -- I was so surprised to find all the complaints about Advanta. I'm a small business having the same exact issue with this company. Customer since 2005, no late payments, paid more than the minimal amount due, no problems increasing credit limits and now that we have utilized all of the credit line they change our rate from 7.9% to 25%. Contacting the company resulted in the same as everyone else experienced. They will not budge on the interest rate!
I certainly would like to pay the entire amount off, but unfortunately in today's business climate it will be very difficult. Advanta has placed my business in a very precarious position.
How can this be a legitimate practice? IS there any oversight of the credit credit card companies? I've written a letter to my Congressman, but I don't know what an be done about this. Since there are so many of us that are experiencing the same problem, does any one have any advice on what can be done?
VIRGINIA -- Like others here I have a credit rating above 750, always paid our bills on time and always paid more than the minimum payment on a card that promised 7.9% interest "thereafter" and claimed to be small business friendly.
After one year without warning they raised our interest rate to 31%. I called - they said the same they said to others here - you can't do anything about it. The new rate is not just on new purchases but the entire balance. What other industry can do this - certainly we can't go back to our customers and say - by the way you now have to pay me 24% on what I sold you a year ago.
They are now advertising the exact same conditions to small businesses...beware - they have shown how small business friendly they really are!
Ii have been doing business with this credit card company for a few years. I have never been late in paying with this or any of my other bills, however, they sent me a notice that in 5 days, they were going to increase my rate from 8% to 35%. I called to make sure this was correct and the woman I spoke to said that they were increasing the rate from 8% to 35% and she did it without laughing. I, however, could not stop laughing at how ridiculous this was.
Thankfully, I had the money available to pay off the bill. Needless to say, I will NEVER do business with this people again for as long as I live.
Similar story - 0% introductory rate for 15 months on purchases and balance transfers. 6 months later, a payment mailed 10 days ahead of due date gets "lost in the mail". Late fee charged and 0% goes to 7.99. 3 months later (credit score 800) interest rate moves to 20.24%. Account closed. These people deserve all the dead beats and lousy credits they keep.
MASSACHUSETTS -- It is by far the worst credit card I've ever had. Never late , never over the limit. Had it for a few years and they raised my interest rate to 34.99. They offered a balance transfer of 0% and instead counted it as a cash advance. I've had no luck at all talking to them. I have to transfer to another card. They are thieves. Pure and simple.
If your a few days late on your payment (as I was since I didn't receive my invoice) you'll get a phone call from India. Then if you call the company the 'customer service person' that you talk to to see why you didn't get your bill will threaten you with collections and other future actions. That's after two weeks late with the payment.
I shredded the card.