• Report: #354006

Complaint Review: Advanta Credit Card

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  • Submitted: Mon, July 21, 2008
  • Updated: Tue, October 06, 2009

  • Reported By:Jena Louisiana
Advanta Credit Card
www.advanta.com Wilmington, Delaware U.S.A.

Advanta Credit Card Raising interest rates for no reason other than to line their pockets!! Wilmington Delaware

*Author of original report: Advanta offering settlement

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Go ahead and add me to list of innocent hard working consumers that this company has taken advantage off. Started a small business credit card account at 7.99% and after a year of no late payments or ever going over my limit they increased the rate to 24.99%. I never received any notice and it was 3 months afterwards before I even noticed it had increased.

Then yesterday it increased to 34.99%. They also were nice enough to raise my credit limit from $5k to $9k!! Wasn't that sweet? They are crooks and should not be able to get away with this!! Canceled my card and think that I will definitely do a search before taking another credit card for my business.

Matt
Jena, Louisiana
U.S.A.

This report was posted on Ripoff Report on 07/21/2008 09:57 PM and is a permanent record located here: http://www.ripoffreport.com/r/Advanta-Credit-Card/Wilmington-Delaware/Advanta-Credit-Card-Raising-interest-rates-for-no-reason-other-than-to-line-their-pockets-354006. 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:
1Author 0Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

Advanta offering settlement

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

I received a letter from Advanta today regarding my old account.  I transferred my balance to another card when they raised my rate for no reason to 30+%.  The letter writes:
The enclosed check in the amount of $105.19 is a reimbursement relating to certain changes in terms that resulted in an increased interest rate on your Advanta Business Card account between June 1, 2007 and December 31, 2008.  Please cash this check as soon as possible.  It will be void after 180 days.

The FDIC is the primary federal regulator of Advanta Bank Corp..  The FDIC has determi ned  that the repricing events may have constituted an unfair practice under section 5 of the Federal Trade Commision Act.  The bank disputes this, but it has entered into a Consent agreement with the FDIC as part of a settlement with the FDIC in connection with their determination regarding the repricing Events.

The amount of your reimbursement check equals the difference between (a) the full amount of interest that accrued on your account from the effective date of the repricing event.

Upon accepting and cashing the enclosed check, you agree to release Advanta Bank Corp. and its parent and subsidiaries from any and all claims or actions that might exist or might have existed on the date of this letter that involve and reprice event.
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