Advanta Credit Cards Informative - Bait and Switch - Credit Cards
Beware of Advanta Credit Cards. They are an advertiser on this web site.
I am a small business owner and used this card for all my purchases, usually 10,000 per month. I paid it off every month for the last 12 months. It is the type of card that gives me a rebate check for home improvement purchases. Since I am a carpenter, I usually get a $100 check back.
Originally, it was supposed to be a low rate card, they still advertise it as such on this web site. Well, somewhere along the way, it went up to 26%. I had just had my first month where I missed being able to pay the full amount, and even since I paid off most of the balance, given the way the "daily balance" calculation works, I paid about $300 in interest.
Coincidentally, I received a solicitation to get a card at 7.9% from them. So I called to get my rate lowered, which they would not do. So, I cancelled my card and applied for a new one, but since the balance is not paid off, they won't issue me a "second" card. In an economy where we are trying to "bail-out" credit card companies, it seems that instead of giving them money, we should prosecute them for malicious lending practices.
This is a sad, sad, time for the consumer.