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Advanta Credit Complaint - Scam On Rates! - Credit Card

Review by poplardo on 2008-09-18
I opened a business account with Advanta mainly due to the no interest for 1 year option. For one year I made all payments on time. In the 13th month the account transferred to interest and my accounts payable person paid this statement after 2pm on a Friday and the payment apparently did not post until following Monday. Advanta immediately raised my interest rate to 35%. I was shocked!! This is a business account and no one would help me resolve this issue.

I paid the account off and would NEVER recommend anyone open an Advanta account with this no forgiveness procedure. I feel its a scam to increase your rate!
Comments:1 Replies - Latest reply on 2008-09-18
Posted by Anonymous on 2008-09-18:
From a business sense losing your business by raising the interest rate was not a smart thing for Advanta to do. They would have made a lot more money on your account in the long run just in the normal course of business. On the other hand it is not a scam. Your payment was late and it is in the cardholder agreement that the interest rate can be raised if the payment is late.

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