• Report: #418215

Complaint Review: Advanta Bank Corporation

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Fri, January 30, 2009
  • Updated: Fri, January 30, 2009

  • Reported By:Coral Springs Florida
Advanta Bank Corporation
PO Box 844 Springhouse, Pennsylvania U.S.A.

Advanta Bank Corporation Increased credit card interest rate by over 300% without justification or adequate notice Springhouse Pennsylvania

*Consumer Comment: Your math is terrible.

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

My company opened a business credit card account with Advanta Bank Corp about a year ago with an introductory interest rate of 7.99%. Once past the introductory period, rates were fluctuating from 8-10% on balances carried forward.

Charges have not exceeded about 50% of the credit limit of $15,000. No payment has ever been missed or late. Payments have normally been significantly more than the minimum required. A check of my credit history with Equifax, Experian, and Transunion on 1/29/2009 reveals no negative issues of any kind, with credit scores being in the very good range (average score of 750).

On December 16, 2008, because of the "rate jacking" practices that seem to be increasing by unscrupulous credit card companies, I proactively called all of the credit card companies with whom we have accounts to check the status of interest rates being charged and to be sure that we had not been unknowingly "jacked".

In speaking with the Advanta Customer Service representative, I was informed that my interest rate had been increased on December 2, 2008 to 27.18%, a 300% increase! I advised the representative that I had no knowledge of such a change and asked what justification they used to triple the interest rate. She said they had sent me a notice prior to the increase (which I did not see), and she was unable to provide any specific reason for the increase.

I protested the increase vehemently in writing to the company, both through the Customer Service Department and with a registered letter to the president of Advanta, Mr. Dennis Alter. I never received back the registered mail receipt, nor a response from Mr. Alter. Advanta did reverse the interest rate on the balance, with the condition that the account be closed and the balance paid off. I have since paid the balance in full and the account has been closed.

This action by Advanta was unjustified, unscrupulous in the way it was implemented, and in my opinion, usury. In checking the internet for other victims of Advanta's practices, there are many. This company should be investigated for it's practices and held accountable.

B Newman
Coral Springs, Florida

This report was posted on Ripoff Report on 01/30/2009 12:55 PM and is a permanent record located here: http://www.ripoffreport.com/r/Advanta-Bank-Corporation/Springhouse-Pennsylvania-19477/Advanta-Bank-Corporation-Increased-credit-card-interest-rate-by-over-300-without-justific-418215. 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.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Advanta Bank Corporation

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Your math is terrible.

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

It is only a 19.19% increase but I guess that isn't 'shocking' enough to garner faux sympathy now is it?
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.

Ripoff Report Legal Directory