- Report: #384196
Report - Rebuttal - Arbitrate
Complaint Review: Advanta Credit Card
Advanta Credit CardAdvanta Corp. Headquarters Welsh And McKean Roads P.O. Box 844 Spring House, PA 19477-0844 Spring House, Pennsylvania U.S.A.
Advanta Credit Card Shady business practices - stay away Spring House Pennsylvania
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They increased my interest rate from 7.99% to 31.31%. One may wonder why a company would do this. Their answer is simple, they "randomly" did a review of my account (even though it was a rather new account) and determined that although I am never late on this card or any for that matter that my overall credit usage is higher than they would like to see. Therefore they have the right to increase my interest rate to the maximum they are allowed by law. They claim they sent me a disclosure explaining this would happen and giving me an "opt-out right" After inquiring further their "opt-out right" simply means they would cancel the card and freeze my interest rate where it was at. Anyone who knows about credit knows that this would hurt your credit by closing a tradeline.
The fact that credit card companies can use shady practices as this amazes me and enrages me as well. In my world, we call this the "bait and switch" technique which in any other industry is illegal. They lure you in with lies about what they can offer and give you a low interest rate and then when you are locked in they change everything.
Advanta Credit Card is a terrible company in my eyes and you should avoid them at all costs, there are tons of other cards which are far better .... STAY AWAY!!!
This report was posted on Ripoff Report on 10/23/2008 01:35 PM and is a permanent record located here: http://www.ripoffreport.com/r/Advanta-Credit-Card/Spring-House-Pennsylvania-19477/Advanta-Credit-Card-Shady-business-practices-stay-away-Spring-House-Pennsylvania-384196. 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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