• Report: #386661

Complaint Review: Advanta Credit Card Company

  • Submitted: Fri, October 31, 2008
  • Updated: Fri, October 31, 2008

  • Reported By:Monroe Washington
Advanta Credit Card Company
advanta.com Salt Lake City, Utah U.S.A.

Advanta Credit Card Company Arbitrary interest rate increase from 7% to 31% for NO REASON Salt Lake City Utah

*Consumer Suggestion: i have a solution

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I have had a business credit card with Advanta at 7% interest rate and when I received this months statement, they arbitrarily increased my interest rate to over 31%!! I was not over my limit nor was I late on a payment. My finance charges went from approximately $30 per month to over $160!! When I called them they said they had sent me a letter explaining the "change in terms" (which I have yet to locate) and that it was completely legal and they would do nothing to fix it, even after I spoke with a supervisor.

Dr. young
Monroe, Washington
U.S.A.

This report was posted on Ripoff Report on 10/31/2008 10:12 AM and is a permanent record located here: http://www.ripoffreport.com/r/Advanta-Credit-Card-Company/Salt-Lake-City-Utah/Advanta-Credit-Card-Company-Arbitrary-interest-rate-increase-from-7-to-31-for-NO-REASON-386661. 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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0Author 1Consumer 0Employee/Owner
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#1 Consumer Suggestion

i have a solution

AUTHOR: Cloudcowboy@aol.com - (U.S.A.)

contact the utah better business bureau; they will make it better; write advanta telling them that you will not accept their usurious rate and to cancel the card, and restore the 7.99% rate.
contact attorney alan finkel in new york, he's organizing a class action suit against these predatory weasels.
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