ED Magedson – Founder
ADVANTAP.O.Box 8088 Philadelphia, Pennsylvania United States of America
Advanta closed out it's account this past year. That's old news. I read where others rates were hiked to 35%. I called at that time and was told that my rate would stay the same.
They did raise it to 15% though they listed 34.9% as a "default" if I didn't make a payment. I have paid on time every month.
This month I noted they raised my rate to 34.9% without notification! I called and the operator stated that they had raised it in January, which was not my understanding. He told me since it was closed, I needed to call another number of 1-800-388-2227.
Before I hung up, I asked if the part of my balance that is 35% be paid off in tandem with the promo rate I still have a balance on of 2.9%. He said "no, all goes to the lower amount first."
So, the higher amount is just compounding interest at this ridiculously higher rate!
I called the number. It was a debt counseling center! I would have to consent to having them take over the debt to have them negotiate this!
This is incredible! I have been thinking I was staying on top of this and was ripped off all along. Any help out there for this?
This report was posted on Ripoff Report on 08/22/2009 03:09 PM and is a permanent record located here: http://www.ripoffreport.com/reports/advanta/philadelphia-pennsylvania-19101-8088/advanta-credit-card-advanta-raised-rates-without-notification-gerrardstown-west-virginia-483961. 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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