Ripoff Report Needs Your Help!
X  |  CLOSE
Report: #440508

Complaint Review: Advanta Bank - Spring House Pennsylvania

  • Submitted:
  • Updated:
  • Reported By: Eagle Point Oregon
  • Author Confirmed What's this?
  • Why?
  • Advanta Bank Welsh & McKean Roads, Spring House, Pennsylvania U.S.A.

Advanta Bank It doesn't get any worse than this bank Spring House Pennsylvania

*Consumer Suggestion: Your interest rate is due to YOUR actions

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

Is this
Report about YOU
listed on other sites?
Those sites steal
Ripoff Report's
content.
We can get those
removed for you!
Find out more here.
How to fix
Ripoff Report
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

I have read many of the reports listed under Advanta Bank and I too am a victim of this rip off financial institution. I have had a credit card with this company for 5 years and carried a balance on it for most of that time. I have made the payments on time however I was late over the 5 year period I have been with them perhaps 3 times but usually only by a week or so. Well, my interest rate has gone to....get this......37.1% and they lowered my credit limit to within $200.00 of the balance due.

The lowering of credit limits is happening everywhere and the banks are well within their rights to do this. The problem for us, as consumers and business owners, is that your credit scores are based in large part to the amount of your credit limit vs. the amount of your outstanding balance. In my case, I had a credit limit of $20,000.00 and an outstanding balance of around $9,000.00, less than 50%. Now the limit gets reduced to the amount of the outstanding balance so the credit reporting agencies see this account as being maxed out and your credit score goes in the tank.

I can borrow money on the street for less than this. Seeing this ridiculous rate of interest, I decided to start making large payments to pay this card off. I made a payment of $4,000.00 on the 30th of March and it cleared my bank on the 31st. I saw that the payment posted to my Advanta account online but when I called the bank the automated recording said I was over my limit. I called customer service which of course is answered by someone in India or Pakistan with the name of Moses and I can hardly get over the language barrier forget the issue at hand so I ask that I be transferred back to the Untied States. I am informed that the payment that has already cleared my bank has a hold on it for 8 days. I made another payment of 1,000.00 today and will make payments to clear the balance over the next 3 weeks and I am done with them. I canceled the account with the individual I spoke with in the US.

This bank should be taken down for all the scams they are perpetrating on people. It is shameful. Is Bernie Madoff part of the executive management of this gang of theives?

John
Eagle Point, Oregon
U.S.A.

This report was posted on Ripoff Report on 04/03/2009 10:36 AM and is a permanent record located here: https://www.ripoffreport.com/reports/advanta-bank/spring-house-pennsylvania-19477/advanta-bank-it-doesnt-get-any-worse-than-this-bank-spring-house-pennsylvania-440508. 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

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Updates & Rebuttals

REBUTTALS & REPLIES:
0Author
1Consumer
0Employee/Owner

#1 Consumer Suggestion

Your interest rate is due to YOUR actions

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

POSTED: Friday, April 03, 2009

Read you terms & conditions.. YOU were late, therefore YOU agreed that they would raise your interest rate. This is YOUR fault.

Respond to this report!
What's this?
Featured Reports

Advertisers above have met our
strict standards for business conduct.

X
What do hackers,
questionable attorneys and
fake court orders have in common?
...Dishonest Reputation Management Investigates Reputation Repair
Free speech rights compromised

WATCH News
Segment Now