- Report: #1030289
Complaint Review: Advanta Corp.
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| Advanta Corp. PO BOX 30715
Salt Lake City, Utah U.S.A. |
|
Advanta Corp. Raised my rate 7.99 to 30.46%, no late pmts, credit rating 600 Salt Lake City Utah
*Consumer Comment: DEC458
*Consumer Comment: Response to fly-n-rider
*Consumer Comment: Class action?
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I opened a business credit card account with Advanta in April 2007 that provided a 7.99% rate. I have never been late and have always paid at least the minimum payment due and my rate has increased to just over 30%. The customer service at this company was of absolutely no help and could not give an understandable reason for the rate hike. The representative told me that it was due to the fact that I haven't used the card for some time, calling it a "card utilization" increase. The card was not being used because it was at its limit, plus I have destroyed the card. I was also told that I should make a $500.00 payment for the next three months and they would consider lowering my rate. This type of treatment is totally unacceptable and the individuals and businesses affected need to come together and file a class action lawsuit.
Brian
Indianapolis, Indiana
U.S.A.
Brian
Indianapolis, Indiana
U.S.A.
This report was posted on Ripoff Report on 10/29/2008 12:52 PM and is a permanent record located here: http://www.ripoffreport.com/r/Advanta-Corp/Salt-Lake-City-Utah-84130/Advanta-Corp-Raised-my-rate-799-to-3046-no-late-pmts-credit-rating-600-Salt-Lake-Ci-1030289. 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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A friend of mine has an Advanta business account. With all of the hoopla about Advanta lately, I asked him to save the next copy of his "fine print" agreement. I was interested to see if the agreement promised something different than just about any other unsecured credit card. It didn't really.
You are correct that there are teaser programs that guarantee 7.99% on transferred balances after the 0% rate expires. The kicker is that the rate only applies to the initial transfer amount. There's no guarantee that the rate will stay anywhere near 7.99% for any amounts beyond the initial transfer. I also found 3 different clauses in the contract that would allow the bank to weasel out of it. Additionally, the way they apply payments is skewed so that you will pay off the debt with the lowest interest rate first, leaving any purchases beyond the initial transfer open to the ridiculously higher interest rates (which they will determine based upon their estimate of your credit-worthiness).
The average Joe that does not read all of this fine print might be lead to believe that he is supposed to get a credit card with an interest rate of 7.99%, when in fact the agreement says no such thing.
As I've said here before, I in no way support these tactics. Reading Advanta's (or anyone else's) card agreement is an excercise in frustration, but the bad news is there if one takes the time to read it. Borrowing money under the regulations that have been established for revolving credit is about as risky as borrowing from a loan shark.
You are correct that there are teaser programs that guarantee 7.99% on transferred balances after the 0% rate expires. The kicker is that the rate only applies to the initial transfer amount. There's no guarantee that the rate will stay anywhere near 7.99% for any amounts beyond the initial transfer. I also found 3 different clauses in the contract that would allow the bank to weasel out of it. Additionally, the way they apply payments is skewed so that you will pay off the debt with the lowest interest rate first, leaving any purchases beyond the initial transfer open to the ridiculously higher interest rates (which they will determine based upon their estimate of your credit-worthiness).
The average Joe that does not read all of this fine print might be lead to believe that he is supposed to get a credit card with an interest rate of 7.99%, when in fact the agreement says no such thing.
As I've said here before, I in no way support these tactics. Reading Advanta's (or anyone else's) card agreement is an excercise in frustration, but the bad news is there if one takes the time to read it. Borrowing money under the regulations that have been established for revolving credit is about as risky as borrowing from a loan shark.
Respond to this report!
What's this? #2 Consumer Comment
Response to fly-n-rider
AUTHOR: DEC458@MSN.COM - (U.S.A.)
SUBMITTED: Monday, November 24, 2008
Advanta has been offering 0% to many small business owners and after 15 months could keep a 7.99% rate for the balance of the amount they charged. Their agreements didn't say they could raise the rates anytime they felt like it.
Respond to this report!
What's this? #3 Consumer Comment
Class action?
AUTHOR: Flynrider - (U.S.A.)
SUBMITTED: Wednesday, October 29, 2008
What did they do wrong? Did they guarantee a 7.99% rate forever? Probably not. I'm sure that your card agreement allows them to raise their rate to whatever they feel is appropriate (almost all card agreements say this). That's what you agreed to, so that's what they do. This is not just Advanta. Just about every card issuer is doing this these days.
In today's credit climate someone with a maxed out card is ripe for picking by the banks. That's why it isn't wise to borrow money on terms that are all in the banks favor (i.e. on a credit card). Unlike normal consumer loans, CC agreements give banks the power to do almost anything they like.
If your claim is that all credit cards are ripoffs, I'd probably agree with that.
By the way, a FICO score of 600 is not something to write home about. It's in the bottom 37% of all scores.
In today's credit climate someone with a maxed out card is ripe for picking by the banks. That's why it isn't wise to borrow money on terms that are all in the banks favor (i.e. on a credit card). Unlike normal consumer loans, CC agreements give banks the power to do almost anything they like.
If your claim is that all credit cards are ripoffs, I'd probably agree with that.
By the way, a FICO score of 600 is not something to write home about. It's in the bottom 37% of all scores.
Respond to this report!
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