Advanta Complaint - Extreme Interest Increase Without Cause
My wife and I have a small business credit card with Advanta. We have had the card for over 5 years. We have always paid the payment on time. I schedule them online to be paid from our checking account. A few months ago the interest rate began to climb. It jumped to 17.18% then last month it rocketed up to 37%. When I called customer service and waded through all the automated stuff I finally got to talk to their out of country outsourcing. Sounded like an Indian accent. Anyway, the individual was rude and flat said that it did not matter that we paid on time that they had decided to increase the interest rate regardless of whether or not we had be good customers and paid our monthly payment continuously on time.
It seems to me that in these economic times they are attacking even their good customers to increase their bottom line. I for one will be closing the account and they can find someone else to scam.