Advanta Complaint - Unfair Business Practice
I think that the Advanta Credit card is the most unfair to any consumer. I opened a business credit card with them 2-3 years ago in which the interest rate was at 7.99%, which I thought was pretty good. I have never being late with them or with any of my creditors, however I just found out that they (Advanta) increased my interest rate to over 26%, almost 4 times the original rate. Not only I have never being late, but my monthly payment is always more than the minimum required and my balance is less than half of the available credit. It seems that when the economy gets tough for the consumer, the credit card companies instead of reducing the interest rates to help and motivate the consumer to make the payments, they do the opposite. They make it more difficult for us. Most of us, even if we are tied with money, we really try to be a responsible consumer and make the payments on time. I don't think that "just because" they should make an increase like this. I feel that they are not acting in good faith to a good consumer.
I think that the credit card companies should be regulated in which they are not allowed to do what Advanta is doing. It is so unfair that after searching the internet I see that other people, just like me, are going through the same sad situation.
I feel that all of us going through this should get together and find legal advise, write to government representatives, etc. Make it public, so the consumers are aware of what is going on. I know I will. I have always being a fanatic of good credit, paying the bills on time, help and advise others to do the same and what is happening in our market place with Advanta and some other credit card companies, is just plain unfair.
If you have a similar experience with Advanta or any other credit card, please post your comments for the consumers to be aware of what they are getting into.