Advanta Bank Corp Interest rate goes from 7.99% to 25.08%! Salt Lake City Utah

I, too, have had an huge and unfair interest rate increase on my Advanta Bank Corp credit card. My story is similar to everyone else's. I have excellent credit, pay my bills on time, never exceed or even come close to exceeding my credit limit yet Advanta has chosen to raise my interest rate from 7.99% to 25.08% with zero warning. After calling them today, they also have zero reason for doing so other than 'it's their right'.

They also told me that they sent out a notice in August letting me know that the rate was going to increase. Oddly, all of my other mail arrived in my box except for that one.

I want to thank Chrisp802 for posting 'How to file a complaint against Advanta with the FDIC' [9/16/2008 10:18:02 AM]. I went to the FDIC site and did just that. I urge everyone else to do the same. I also filed a complaint with the Federal Trade Commission. I don't know which, if any, organizations can actually do something about it but if enough complaints are received maybe it will get to the right place.

SB
Quakertown, Pennsylvania
U.S.A.