Advanta Complaint - Deceptive increase of interest rates
We have maintained a business credit card with Advanta for over 8 years. Over the years we have ALWAYS paid the account on time and our credit line has been increased by Advanta many different times. Last year we accessed our available credit through a low-interest rate promotion and it was set to adjust this August. When we received our September statement we were SHOCKED to see that the interest rate had jumped to 31% !! When we tried calling Advanta's customer service we were RUDELY told there was nothing we could do about it, that NO ONE could change the rate, that we could pay off the credit card balance if we didn't like it and if we wanted to complain we could write to the President John Moore, at PO Box 30715, Salt Lake City, UT 84130-0715. This is a case of outrageous, deceptive business practices. It was clear from the conversation with customer service that they have had MANY telephone calls about the interest rate increases and their intention now is that they want their customers to PAY OFF the credit card balances. There is NO concern for customer retention at all. It looks like Advanta is trying to cut their losses. DO NOT DO BUSINESS WITH THIS COMPANY!!