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!
I 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.
SPRINGFIELD, PENNSYLVANIA -- I had a credit card with Advanta at 9%. They raised the rate to 37%, claiming I had been notified and had not opted out. Every time I asked to speak with a manager, they refuse to put anyone on the phone. Furthermore, their call center is in India and their employees could not be helpful. Please stay away from this credit card company!!! They use the old bait and switch strategies.
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.
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 you're 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.