Advanta Complaint - Advanta Raised My Rate To 37% - Advanta Business Credit Card

Posted by Ghost of Doc J on 2009-02-05:

I'm not sure what you want us to complain about. You agreed to allow Advanta to modify the credit agreement when you opened the account. They did. They screwed you. Credit cards are little time bombs in your wallet.

Posted by tnchuck100 on 2009-02-05:

Your information is very limited. My advice is based on a strict time frame and events that you did not disclose.

If you were advised of the increase and you have not used the card since being advised and less than 30 days has elapsed then send them a letter rejecting the increased rate. Do not used the card and you should be able to pay it off at the old rate.

Another alternative is if you have a high balance (say $8000+) give them a choice: Restore the old interest rate or else write off the entire amount. Put the ball in their court. Yes, there is a risk in doing this.

Posted by bill on 2009-02-05:

If they raise your rate you have the option of closing the account to keep the old rate. If you send a letter to close the account make sure you send it registered mail, return reciept requested so you have proof they recieved the letter.

Posted by Ghost of Doc J on 2009-02-05:

VH advice Chuck and Bill. When closing an account, some of these CC sharks will demand payment of the full account in order to 'close' it. Sometimes this is stated in the borrower's agreement, sometimes (go figure) they just lie about it.