• Report: #392262
Complaint Review:


  • Submitted: Mon, November 17, 2008
  • Updated: Sat, July 18, 2009

  • Reported By:denver Colorado
Welsh & McKean Rds Spring House, Pennsylvania U.S.A.
  • Phone: 215-657-4000
  • Web:
  • Category: Loans

Advanta Ripoff Bait And Switch.CEO Dennis Alter Is A Liar With Zero Integrity Offered 3.99% for 2 years and 3 months later jacked my rate to 37% , Spring House Pennsylvania


*Consumer Suggestion: Class Action Lawsuit

*Consumer Comment: You're not alone

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CEO Dennis Alter is a bad manager, bad person, terrible example to his family, community, and guys like this are ruining our country. Advanta is his very own perfected scam.

Ok People listen up because this will save you thousands of dollars. Advanta works like this;

When you start a company you file with the state. Advanta takes that info and if you have good credit they offer you huge lines and low rates. BUT DON'T BE FOOLED BY ADVANTA. They will send you checks offering rates like 3.99% good for 2 years. But the second you use it they hammer you by reversing the deal, keeping your balance transfer fee of $1,000 and jacking your rate to 35+%!! They also raise your minimum payment to 4% of what you owe. Trust me, these are huge payments and at 37% the balance never goes down. I was a loyal customer for 10+ years. I was never late and I was well under the limit. I was also never notified.

So if you ask yourself what kind of a sick person created this corrupt loan sharking operation? Well his name is Dennis Alter. He's the founder and CEO and he lulls you into trusting because you think he's a great guy who "gets" small business. He writes papers cheering on small business. He does interviews with professors from Wharton and politicians from Delaware (where there are no limits on interest rates). He collects art and donates paintings. He gives lots of money to crooked politicians in all the right places. He builds buildings at his alma matter. In other words, he is just like any other corrupt CEO.

But what makes him really disturbing is that evidently he thinks he's a good person. Most corrupt CEO's know what they are. Dennis Alter doesn't.

I have to pay Advanta off because I must have good credit. I have dreamed up every way possible to not pay these people after what they did to me. But they hold my credit hostage so I just have to pay this and chalk it up to one more company that earned my trust and took advantage of me.

Dennis Alter is a very sick old man.

Advanta- Don't do it.

CEO Dennis Alter is a criminal Pig
denver, Colorado

This report was posted on Ripoff Report on 11/17/2008 11:59 PM and is a permanent record located here: http://www.ripoffreport.com/reports/advanta/spring-house-pennsylvania-19477/advanta-ripoff-bait-and-switchceo-dennis-alter-is-a-liar-with-zero-integrity-offered-399-392262. 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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#1 Consumer Suggestion


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

To those of you that were harmed by Advanta like me by raising your interest rates like loan sharks, they have settled with the FDIC and are required to contact you and pay you for their actions. I'm not an attorney but as I understand it, they will pay 150000 in fines ad up to 21,000,000 to effected customers.Go to this FDIC site and get all the details including a PDF of the settlement, then contact ADVANTA and remind them of your account, just in case they "Cant" contact you... It makes for interesting reading... Good Luck... and the FDIC PRESS RELEASE is here
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#2 Consumer Suggestion

Class Action Lawsuit


A class action lawsuit is brewing. I am working with a couple of attorneys pursuing it. An attorney in Doylestown PA was able to sue them for his client getting his rate jacked in small claims court in Philadelphia and got him back over $2,000 in interest they overcharged his client and his court/attorney fees. Just prey they don't go out of business before they get what's coming to them.
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#3 Consumer Comment

You're not alone

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

Advanta did the EXACT same thing to me. Had a rate of about 10%.. had the same rate for years.. never once paid it late. Always paid 3-4 times the minimum at the least. Called and spoke to them about doing a transfer.. they stated that there would be no increase in rate and no problem.

After the transfer, they arbitrarily raised our rate by 5% - 8% every month. Every month I would call and they would apologize. Every month the rate kept going up. When our rate jumped from 29% to 37% I finally told them enough is enough.. and haven't paid them since.

If anyone finds out about a class action against these guys.. let me know.. I'd love to join the party.
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