• Report: #389706

Complaint Review: ADVANTA Bankcard

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  • Submitted: Mon, November 10, 2008
  • Updated: Mon, November 24, 2008

  • Reported By:Jackson Wisconsin
ADVANTA Bankcard
www.advanta.com Salt Lake City, Utah U.S.A.

ADVANTA Bankcard ADVANTA credit card raised interest rate 29% for no reason at all Salt Lake City Utah

*Consumer Comment: Comment to Fly-n-Rider

*Consumer Comment: Sue for what?

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This scam company raised my interest rate on my small business CC I obtained from them just over a year ago. They lured me in with a teaser rate of 7.99% then 6 months later jumped it to around 17% then most recently to 37.81%

Their customer service team is a joke, as they are very cold and non committal on the phone. The thing that is ridiculous, is I have never been late, never been over my limit, and have good credit. I have never even been late or over my limit on any other cards I have.

I would LOVE to team up with other individuals who have had the same problem with this company and sue them in a class action lawsuit. Does anyone out there know if there is any legal recourse that could be taken to lower the rates?

Tom
Jackson, Wisconsin
U.S.A.

This report was posted on Ripoff Report on 11/10/2008 11:53 AM and is a permanent record located here: http://www.ripoffreport.com/r/ADVANTA-Bankcard/Salt-Lake-City-Utah-84130-0715/ADVANTA-Bankcard-ADVANTA-credit-card-raised-interest-rate-29-for-no-reason-at-all-Salt-La-389706. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 2Consumer 0Employee/Owner
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#1 Consumer Comment

Comment to Fly-n-Rider

AUTHOR: DEC458@MSN.COM - (U.S.A.)

They are obviously doing something wrong despite your pithy comments. One small business owner used Scott Feldman in Doylestown, PA to sue them in Philadelphia. The gentlemen was able to recover around $2,600 in overcharged interest and $800 in attorney and court costs by filing against them in small claims court. Advanta caved in, in 2 weeks. They had provided the same treatment to this plaintiff of suddenly raising his interest rate. Unless in default, most credit agreements in the past did not allow this. Advanta's latest credit card agreement says they can change the rates for any reason whatsoever at any time they want. I hope people are stupid enough to get one of their cards under those conditions, but a lot of people are right in that nobody seems to read the fine print, and if you accepted these types of terms, you deserve it.
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#2 Consumer Comment

Sue for what?

AUTHOR: Flynrider - (U.S.A.)

You agreed to borrow money from Advanta under these ridiculous terms. What are you going to sue them for? They're only doing exactly what the card agreement says they can do.

For your future reference, most credit cards give the issuing bank the power to change the rates to whatever they like. Don't borrow money under such lopsided agreements. You'll always end up the loser.
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