• Report: #339959

Complaint Review: Advanta Bank Small Business Credit Card

  • Submitted: Fri, June 13, 2008
  • Updated: Mon, June 16, 2008

  • Reported By:Mills Wyoming
Advanta Bank Small Business Credit Card
P.O. Box 30715 Salt Lake City, Utah U.S.A.

Advanta Credit CardAdvanta Bank Small Business Credit Card Beware Of Advanta... Unexplained Interest Rate Increase To 31.99%! Something Needs To Be Done... Salt Lake City Utah

*Consumer Suggestion: Unfortunately you have no recourse

*Consumer Suggestion: Unfortunately you have no recourse

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I have been a card holder with advanta small business card for the past 2 years. I did a balance transfer to consolidate my other cards with higher interetst rates.

I've Always paid ontime and making more than the minimum payment.

This past December I decided to use the card to purchase some equipment for my business. The interest rate was then 10.99% on purchases. In March my interest rate rose to 15.99% then jumped to 18.74% in April. Before I knew it on my May statement they rose the rate to $31.99%!!! No notice was given whatsoever!

When I called Advanta to ask why the interest increase the customer service rep. acted baffled because he couldn't give a reason, he told me my account was in good standing and that rates are just going up.

I talked to his supervisor and was told I had the option to close the account at the 18.74% it was in April or she could lower it to 25.74%! I took that as in insult.

I asked the supervisor what happened to my 10.99% and she said that the company is just raising the rates and there was nothing else that could be done. So I closed the account.

I would suggest that anyone who has an advanta card to check your interest rate and close the account freezing the rate so they don't take advanta-ge of you!

It's a crime commonly called robbery that companines like advanta can just raise the interest rates on customer's in good standing that pay on time and more than the minimum.

The government is long overdue in working on this. I agree with one of the other victims of advanta... anyone for a class action lawsuit...

Rob
Mills, Wyoming
U.S.A.

This report was posted on Ripoff Report on 06/13/2008 10:05 AM and is a permanent record located here: http://www.ripoffreport.com/r/Advanta-Bank-Small-Business-Credit-Card/Salt-Lake-City-Utah-84130/Advanta-Credit-CardAdvanta-Bank-Small-Business-Credit-Card-Beware-Of-Advanta-Unexplaine-339959. 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
Updates & Rebuttals

#1 Consumer Suggestion

Unfortunately you have no recourse

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

Unfortunately these lowlifes can get away with what they're doing In your initial contract in very small print is says that they can raise your interest rate at ANY TIME for ANY REASON. You can pay on time, pay over your min payment and have a perfect credit score. It means ABSOLUTELY NOTHING to this company. Their entire reason for being is to sucker consumers into accepting their card and then sucking them dry through carefully planned periodic interest rate increases under the "universal default" guise.

The only way we can get a class action going against them is if we can prove they did a "bait and switch" or did not make the rates clear from the beginning. They DO send out notices informing you of their clockwork rate increases but they're clever and stuff them in the middle of junk mail they send you like convenience checks. If you don't opt out and close your account at that time there is NOTHING you can do. They can raise the rates to 100% if they want and it's perfectly legal as long as they notify you first in writing :( Your best solution is to transfer your balance to a respectable bankcard, get a loan or pay it off and close your account. That's what I did.
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#2 Consumer Suggestion

Unfortunately you have no recourse

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

Unfortunately these b******s can get away with what they're doing In your initial contract in very small print is says that they can raise your interest rate at ANY TIME for ANY REASON. You can pay on time, pay over your min payment and have a perfect credit score. It means ABSOLUTELY NOTHING to this company. Their entire reason for being is to sucker consumers into accepting their card and then sucking them dry through carefully planned periodic interest rate increases under the "universal default" guise. The only way we can get a class action going against them is if we can prove they did a "bait and switch" or did not make the rates clear from the beginning.

They DO send out notices informing you of their clockwork rate increases but they're clever and stuff them in the middle of junkmail they send you like convenience checks. If you don't opt out and close your account at that time there is NOTHING you can do. They can raise the rates to 100% if they want and it's perfectly legal as long as they notify you first in writing :( Your best solution is to transfer your balance to a respectable bankcard, get a loan or pay it off and close your account. That's what I did.
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