• Report: #418209

Complaint Review: Advanta Bank Corporation

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  • Submitted: Fri, January 30, 2009
  • Updated: Sat, February 07, 2009

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

Advanta Bank Corporation Jacked up my business credit card interest rate by 300% with no justification Springhouse Pennsylvania

*Consumer Comment: Advanta Insider Information

*Consumer Comment: BLOATED, CROOKED, VILE COCKROACHES AND VERMIN DESTROYED OUT ECONOMY WITH THEIR GREED AND LIES

*Consumer Suggestion: Advanta cuts 300 jobs, Advanta CEO Dennis Alter spents millions at Four Seasons Hotel Philadelphia, Elton John played Happy Birthday music!

*UPDATE Employee: Read you card holders aggreement

*UPDATE Employee: Read you card holders aggreement

*UPDATE Employee: Read you card holders aggreement

*UPDATE Employee: Read you card holders aggreement

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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
U.S.A.

This report was posted on Ripoff Report on 01/30/2009 12:47 PM and is a permanent record located here: http://www.ripoffreport.com/r/Advanta-Bank-Corporation/Springhouse-Pennsylvania-19477/Advanta-Bank-Corporation-Jacked-up-my-business-credit-card-interest-rate-by-300-with-no-j-418209. 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 7Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Advanta Insider Information

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

Investment Guru

There are some attorneys investigating what they can do to seek justice against Advanta. It is very hard to convince any of them to do so because they have to prove the arbitration clause, class action opt out, and choice of law clause is unconsicionable. More cases that have challenged them have been lost than one. They have been won in California and Missouri and growing.

My e-mail is listed. If you have any insider information you would like to share about what Advanta has been doing to help the attorneys out, let me know by e-mail if you would. My e-mail just in case is (dec458) (@) (msn.com).

It wouldn't be so bad if they actually did send in opt out notices to the several hundred who say they never got them. That way they would have at least had a chance to pay off their debt and the current rate.
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#2 Consumer Comment

BLOATED, CROOKED, VILE COCKROACHES AND VERMIN DESTROYED OUT ECONOMY WITH THEIR GREED AND LIES

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

ALTER,MADOFF,STUMPF AND THEIR EVILCLONES --AND SADLY THERE ARE HUNDREDS OF THEM GOT OUR MONEY TO GAMBLE AWAY AND PARTY LIKE IT WAS FOREVER AND WE WERE STUCK WITH THE BILL.
AND THE US CONGRESS WANTS TO GIVE THEM SOME MORE MONEY SO THEY CAN PARTY AND LIVE OF US LIKE THEY ARE A RULING CLASS AND WE ARE NOTHING BUT THEIR SLAVES AND THEY CAN USE OUR LABORS TO HAVE A GREAT TIME.

I HATE TO TELL THESE EVILDOERS THAT THERE WILL BE NOT MONEY FOR THEIR GAMBLING JUNKETS AND GOOD TIME PARTIES IF THERE ARE NOT JOBS AND WE CANNOT PAY OUR TAXES OR OUR MORTGAGES OR CAR PAYMENTS OR ANYTHING ELSE

I HOPE THIS BASTARD ROTS IN HELL FOR WHAT HE AND THE ARROGANT, GREEDY PARASITE THIEVES LIKE HIM HAVE DONE TO OUR COUNTRY!

SOMEBODY NEEDS TO ROUND THEM UP AND TURN THEM OVER TO THE TALIBAN FOR DISPOSAL!
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#3 Consumer Suggestion

Advanta cuts 300 jobs, Advanta CEO Dennis Alter spents millions at Four Seasons Hotel Philadelphia, Elton John played Happy Birthday music!

AUTHOR: Advanta Rip Off - (U.S.A.)

Investment Guru is right. First, thank you for coming out from daily indoctrination at Advanta. You will find better opportunities some where, they always do.

Advanta CEO Dennis Alter just slashed 300 family livelihoods.

Dennis Alter spent millions at Four Seasons Hotel Philadelphia. He invited Elton John to play Happy Birthday for him.

This story is also very similar to former Tyco International CEO Dennis Kozlowski throwing a $2-million birthday toga bash in Sardinia. Kozlowski is still in jail.

Remaining 600 employees must also be in state of denial at Advanta. They know for sure now that their days at Advanta are also numbered.

Best advice for them, please do the right thing. Please try to help cardholders anyway you can to reinstate back to beginning of contract interest rate which are in between 7.99% to 11.99%.

Do some KARMA while you are still drawing paycheck at Advanta.

Since you know Dennis Alter better than us, he will throw you under the bus any chance he gets for pure money.

For us, Advanta CEO Dennis Alter is always big time scumbag.
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#4 UPDATE Employee

Read you card holders aggreement

AUTHOR: Investment Guru - (U.S.A.)

All credit card holders should read your card holders agreement before signing on the dotted line. People are so happy to get a credit card that they simply sign and charge. I work for Advanta. The credit card industry calls what happened to you "re-pricing". Advanta is NOT the only credit card using this practice. Advanta like many banks are located in Utah. Because of this they can raise their apr % at anytime for any reason. It states that in again, the cardholder agreement. Currently banks are re-pricing as many consumers as possible. But rejoice ! Advanta Bank has just layed off 300 + employees. They have outsoursed these jobs to India. You think the Mighty Dennis alter would ever respond to you? He has a department that send out form letters STAMPED with his sig just to deal with complaints. You can write to your hearts content. It wont matter. Dennis spent hundreds of thousands for his birthday party. Who played Happy Birthday? None other then Sir Elton John. Who paid for that? You did! Now the company has to send jobs over seas to cut the costs of operations. Read the news. ABC stocks were down to .53 per share. Thats 53 cents. He says his employees are just like his family. I would hate to be his enemy. Be thankful you closed your account when you did. Because trying to talk to another country who cannot grasp the concept of an ant has already proved to be a disaster. Good luck in the future and please remember to read before you sign. Now I need to go surf the net for a new job. As of 01/31/09 my job will be given to a 3rd world country who by the way has all your personal information and will have a field day using it.
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#5 UPDATE Employee

Read you card holders aggreement

AUTHOR: Investment Guru - (U.S.A.)

All credit card holders should read your card holders agreement before signing on the dotted line. People are so happy to get a credit card that they simply sign and charge. I work for Advanta. The credit card industry calls what happened to you "re-pricing". Advanta is NOT the only credit card using this practice. Advanta like many banks are located in Utah. Because of this they can raise their apr % at anytime for any reason. It states that in again, the cardholder agreement. Currently banks are re-pricing as many consumers as possible. But rejoice ! Advanta Bank has just layed off 300 + employees. They have outsoursed these jobs to India. You think the Mighty Dennis alter would ever respond to you? He has a department that send out form letters STAMPED with his sig just to deal with complaints. You can write to your hearts content. It wont matter. Dennis spent hundreds of thousands for his birthday party. Who played Happy Birthday? None other then Sir Elton John. Who paid for that? You did! Now the company has to send jobs over seas to cut the costs of operations. Read the news. ABC stocks were down to .53 per share. Thats 53 cents. He says his employees are just like his family. I would hate to be his enemy. Be thankful you closed your account when you did. Because trying to talk to another country who cannot grasp the concept of an ant has already proved to be a disaster. Good luck in the future and please remember to read before you sign. Now I need to go surf the net for a new job. As of 01/31/09 my job will be given to a 3rd world country who by the way has all your personal information and will have a field day using it.
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#6 UPDATE Employee

Read you card holders aggreement

AUTHOR: Investment Guru - (U.S.A.)

All credit card holders should read your card holders agreement before signing on the dotted line. People are so happy to get a credit card that they simply sign and charge. I work for Advanta. The credit card industry calls what happened to you "re-pricing". Advanta is NOT the only credit card using this practice. Advanta like many banks are located in Utah. Because of this they can raise their apr % at anytime for any reason. It states that in again, the cardholder agreement. Currently banks are re-pricing as many consumers as possible. But rejoice ! Advanta Bank has just layed off 300 + employees. They have outsoursed these jobs to India. You think the Mighty Dennis alter would ever respond to you? He has a department that send out form letters STAMPED with his sig just to deal with complaints. You can write to your hearts content. It wont matter. Dennis spent hundreds of thousands for his birthday party. Who played Happy Birthday? None other then Sir Elton John. Who paid for that? You did! Now the company has to send jobs over seas to cut the costs of operations. Read the news. ABC stocks were down to .53 per share. Thats 53 cents. He says his employees are just like his family. I would hate to be his enemy. Be thankful you closed your account when you did. Because trying to talk to another country who cannot grasp the concept of an ant has already proved to be a disaster. Good luck in the future and please remember to read before you sign. Now I need to go surf the net for a new job. As of 01/31/09 my job will be given to a 3rd world country who by the way has all your personal information and will have a field day using it.
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#7 UPDATE Employee

Read you card holders aggreement

AUTHOR: Investment Guru - (U.S.A.)

All credit card holders should read your card holders agreement before signing on the dotted line. People are so happy to get a credit card that they simply sign and charge. I work for Advanta. The credit card industry calls what happened to you "re-pricing". Advanta is NOT the only credit card using this practice. Advanta like many banks are located in Utah. Because of this they can raise their apr % at anytime for any reason. It states that in again, the cardholder agreement. Currently banks are re-pricing as many consumers as possible. But rejoice ! Advanta Bank has just layed off 300 + employees. They have outsoursed these jobs to India. You think the Mighty Dennis alter would ever respond to you? He has a department that send out form letters STAMPED with his sig just to deal with complaints. You can write to your hearts content. It wont matter. Dennis spent hundreds of thousands for his birthday party. Who played Happy Birthday? None other then Sir Elton John. Who paid for that? You did! Now the company has to send jobs over seas to cut the costs of operations. Read the news. ABC stocks were down to .53 per share. Thats 53 cents. He says his employees are just like his family. I would hate to be his enemy. Be thankful you closed your account when you did. Because trying to talk to another country who cannot grasp the concept of an ant has already proved to be a disaster. Good luck in the future and please remember to read before you sign. Now I need to go surf the net for a new job. As of 01/31/09 my job will be given to a 3rd world country who by the way has all your personal information and will have a field day using it.
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