ADVANTA Complaint - Interest rate increase
I have been a customer of ADVANTA for 1 year. When I received my card it had a fixed rate of 9.9% . After the fourth billing cycle the rate had been increased to 16.99% . Since I had a small balance I wasn't concerned. I received my June 2008 statement and noticed the rate had been increased to 34.99%. I have always paid more than the minimum payment and on time. So, I was confused. I called ADVANTA and spoke to a supervisor (1-800-705-7255 TRAVIS ID: TD1) and was told the economy was bad and they need the money and there is a subsection in Article 12 of the original credit card agreement that allows them to raise the rate at any time without warning and there is nothing I nor anyone else can do about it.
BE CAREFUL PEOPLE, ADVANTA WILL TAKE YOUR MONEY!