• Report: #377646

Complaint Review: Advanta Bank Credit Cards

  • Submitted: Wed, October 01, 2008
  • Updated: Thu, October 02, 2008

  • Reported By:Elmhurst Illinois
Advanta Bank Credit Cards
POB 8088 Philadelphia, Pennsylvania U.S.A.

Advanta Bank Credit Cards Advanta is ripping off small business we need help Philadelphia Pennsylvania

*Consumer Comment: Business Week Article on Advanta raising rates

*Consumer Comment: Advanta Policies

*Consumer Suggestion: just wait..........

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I have had the small experience with Advanta unjustly increasing my interest rate from 7.99 to 24.99. They claim to have sent a notice back in August which is an out right lie and know by viewing various forums it is apparent that this is how they have decided to take advantage of their customers. I need to know which attorney general office would be the correct office to file a complaint. I welcome a class action lawsuit against this corporation. We need to take action against this company FAST before innocent small business' start to fail.

Tami
Elmhurst, Illinois
U.S.A.

This report was posted on Ripoff Report on 10/01/2008 11:50 AM and is a permanent record located here: http://www.ripoffreport.com/r/Advanta-Bank-Credit-Cards/Philadelphia-Pennsylvania-19101-8088/Advanta-Bank-Credit-Cards-Advanta-is-ripping-off-small-business-we-need-help-Philadelphia-377646. 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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#1 Consumer Comment

Business Week Article on Advanta raising rates

AUTHOR: Normal Consumer - (U.S.A.)

Check out this article in Business Week about another couple's business and how Advanta jacked their rate to 30%.

http://www.businessweek.com/smallbiz/content/aug2008/sb20080820_288348.htm

Credit Cards Replace Small Business Loans
As commercial loans become harder to find, small business owners give in to aggressive credit card marketers and get slammed with 30% interest rates
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#2 Consumer Comment

Advanta Policies

AUTHOR: Normal Consumer - (U.S.A.)

Check out these items from Advanta:

The Advanta Story

At Advanta, our focus is on small businesses, and no one knows the needs of small business like we do. Started in 1951 with $30 in seed money in founder Jack Alter's spare bedroom, Advanta has grown into one of the nation's largest providers (through Advanta Bank Corp.) of business credit cards to small businesses, without forgetting what it is like to be a small or start-up business. For more about Advanta's half century of providing innovative financial solutions, click here.

Check out Advanta's Code of Ethics at:

https://www.advanta.com/assets/pdf/code_of_ethics.pdf

Very interesting. I love it they say "without forgetting what it is like to be a small or start-up business" and then they start jacking up dozens of it's customer's interest rates to ridiculous amounts and lie about sending out notices of the increases.
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#3 Consumer Suggestion

just wait..........

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

advanta is one to cancel cards without notice.....the "universal" clause gives them an out to raise interest rates and or cancel the card. A class action lawsuit only makes lawyers rich. Use the money you would spend on a lawyer for paying off your debt and get rid of the card. You have gotten bitten by the snake, pay off the card and stay away from credit cards. My husband and I have a small business and started very slow and never used a credit card to run our business. Advanta though is one card that has many, many complaints on and yes what they do is legal, you signed up for it in the beginning unfortunately.
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