Advanta Bank Corp Unwarranted interest rate increase to my small business credit card. Spring House Pennsylvania

I opened a business credit card with Advanta Bank Corp in early 2007. They raised my interest rate from 7.99% to 12.99% in Feb 2008 then to 30.39% in Aug 2008 then to 31.31% in Oct 2008. I contacted them to ask for the reasons and was told that my credit reports indicated a problem.

So I got my credit reports from Experian, Equifax and TransUnion and called each one to have them tell me what was wrong with my credit. They all said that my credit was excellent and that nothing on the reports warranted this change by Advanta. They also told me that I had a right to know the exact reason for the increase and needed to call Advanta and demand an answer.

I once again contacted Advanta's customer service "800" number. I asked repeatedly to be told the exact reason for the increase and was given a lot of vague comments about policies and methods. And potential future problems. (Can they actually tell the future?)

Bottom line - I didn't get an answer. The customer rep kept telling me that he could not tell me the precise reason. I'm sure he was giving me scripted answers and I decided to ask him where his call center was located. He said, "Actually, I'm in India." I then knew the conversation was over.

I have told my employees that this card is not longer usable and I'm in the process of paying it off and closing the account. It is too bad because prior to this, I had felt that the card was good for our business and their web site was very usable. They only way they could keep me as a customer would be to pay back all of the excessive interest I have paid, roll back my rate to it's original level and assure me that this outrageous and unacceptable practice was no longer going to continue for me or anyone else.

I anyone has a means to resolve this, I'd like to know.

Laura
Staatsburg, New York
U.S.A.