Advanta Bank Corp Increase interest rate 7.99 fixed to 20.49 for no reason. Salt Lake City Utah

Contacted company to see why interest rate was increased for no reason. We had never been late and always paid more than minimum payment due. They told us that it was due to the economy and that we had been sent a notice, but we never received one. We talked to a supervisor, and he agreed to reduce the interest rate to 17.99% (not retroactive). We read the fine print in their "Account Terms". It states that our rate remains the same as long as our account remains in good standing. The interest rate charged for the month of May was $91.73, under the increase it was $266.56. We are closing out this account and would definately like to see a class action lawsuit against this company.

Rosa
East Liverpool, Ohio
U.S.A.