Report: #1081948

Complaint Review: Advanta Credit Cards

  • Submitted: Thu, September 05, 2013
  • Updated: Thu, September 05, 2013
  • Reported By: Craig — New Market Virginia
  • Advanta Credit Cards
    PO Box 31032
    Tampa, Florida

Advanta Credit Cards Advanta Bank Interest Rate Rip Off Tampa Florida

*Consumer Comment: Beware of Advanta

Show customers why they should trust your business over your competitors...

 When I first started using the Advanta Bank-Credit Card the interest rate was 9%. This bank was closed down by the Utah State Financial System, for poor management , unlawful practices and other illegal and unethical practices. Now the financial institution that has taken over their accounts continues to charge unjust fees and substantially higher then normal interest rates. I have called this company several times to have my interest rate lowered as I pay this account and other accounts that I have on time, however to no avail they will not lower a 17% interest rate and there is no one at Advanta which is willing to do anything about this. I should not have to pay a interest rate that is at a loan shark rate due to their failure! It is unreasonable and should not be taken place.  

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This report was posted on Ripoff Report on 09/05/2013 11:44 AM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Beware of Advanta

AUTHOR: RipOffRaider - ()

Similarly, Advanta raised my interest rate to 29.99% and would not lower it.

I also discovered they would surreptitiously raise the minimum payment even if there were no additional fees or charges (since Advanta filed bankrupsy cand closed all accounts, customers cannot even make charges). So what happens is that if a customer had set up an auto bill pay from their bank (i.e, always $150 every month), Advanta would raise the minimum payment to $160. So when the payment of $150 is sent, Advanta would say they didn't pay the entire bill and assess a $39 late fee and report it as delinquent!

To the original poster's issue with not lowering the interest rate, I had been dealing with the same problem. But when they pulled this minimum payment stunt they offered to lower my rate. They also told me that they'll lower the rate for any account if and only if it is delinquent. So if you are willing to pay your bill 15 days late (credit agencies usually will sometimes wait for a bill to be 30 days late before listing on your report), you can have your APR lowered.

There is a fee to lower your APR (the fee is applied to your balance). Tow lower your rate to:

  • 16.99%, you must pay whatever your outstanding payment is,
  • 7.99%, you must pay approx. 2.5X whatever your outstanding payment is,
  • 0%, you must pay $1,000 (or approx 5X whatever your outstanding payment is)
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