For over 4 years I have had a Advanta Business Platinum Mastercard with the interest rate of 7.99% on purchases. As of my January 30th 2008 statement, it shows that I am now being charged 16.74% interest rate. Needless to say, I was floored. Before I called Advanta to see why, I decided to pull my own credit report first to be sure that nothing had been listed that I was unaware of. It showed nothing unusual, no delinquent accounts, no over limits, no new accounts, nothing but the same info that has been on there for years. I then called Advanta and got a customer service supervisor on the line. The only information they would give me was that their decision to raise my rate was based upon "proprietary information"?!
I told the supervisor that I just looked at my own credit report and there is nothing that would warrant them to raise my rate. The supervisor gave me the same answer again. I said that apparently our long term relationship is going to be over, because I should not be charged a rate that belongs on a delinquent account. The supervisor said the best they could do was lower the rate to 10.99% starting the next billing cycle. I will be paying off Advanta as soon as possible.
Greg
Gibsonville, North Carolina
U.S.A.