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Kevin of Elyria OH (07/22/08)
I have been an ADVANTA customer for 1 year. my rate went from 9.9% after the fourth billing cycle to 16.99%. It had a small balance so, no problem. I received my June 2008 statement and the rate had gone up to 34.99%. I have always paid more than the minimum payment. I called to find out the problem and was told by TRAVIS that the economy is in bad shape and they need the money.
I asked him how this could be legal with no warning to pay the balance off or to transfer the amount. He said there is a subsection in article 12 of the original credit card agreement that allows them to change the rate at any time and there is nothing I nor anyone else can do about it.
$1000.00 in unnecessary finance charges. There should be a class action lawsuit filed against this company. After searching the web there are thousands of similar complaints.
Jer-Lyn of Stone Mountain GA (07/10/08)
July 1, 2008 I received a letter in the mail denying me credit for the Advanta BusinessCard. The letter stated that they based their decision entirely or in part, on the credit report(s) obtained from Equifax and RiskWise (a company I have never heard of). My reason(s) for being denied had nothing to do with any information reported on my Equifax report so I have to assume that the information is coming from the RiskWise report. For example one denial reason was that I had an insufficient outstanding credit limit on open real estate trades. Well truth of the matter is, is that I don't own a home, never have, and I don't have a mortgage reporting on any 3 of my credit reports.
For 2 days I have done research on RiskWise trying to find out what type of company it serves as. Then I decided to contact Advanta's credit services department to get information on RiskWise since they use them to make their decision on denying me credit. I explained to the representative that none of the denial reasons given in the letter reports the same in my Equifax report. She then asked me where I had gotten my Equifax report from and if I had not gotten it from Equifax solely then my report might have been given to me incorrectly from other sources. I then logged on to Equifax's website and requested my FREE report and score and believe it or not the report was the exact same report I had recently purchase along with the same score.
Nevertheless, I should not have been denied credit with the score that I maintain. The reasons I was denied credit doesn't match up to any information listed on my Equifax report or my other 2 reports. What is RiskWise and why did Advanta choose to take their WRONG information over Equifax? The representative had no other explaination for me but to advise me to try my best to get in touch with RiskWise (which contacting by phone you are only prompted to leave a message and hope someone will return your call...haven't gotten a call back yet). She then told me that once I receive the report from them if the information is incorrect Advanta will then take another look at my application for me.
As I read all of the 25 complaints against Advanta for this year along, I think that it might have been a good thing for me to have gotten denied. The only thing upsetting to me is that my credit score dropped 10 points due to this denial. I honestly feel I was denied credit for other reasons. If this is the way this company values themselves doing business, then I greatly appreciate their denial. I will continue to research RiskWise LLC, and hope to find out how they gathered bad credit information on me. I am very disappointed that Advanta would base their decision off of a company that reports 100% different credit information than Equifax reports(one of the nations top credit reporting agencies).
Credit score dropped 10 points Places a halt on moving forward with business.
Jer-Lyn of Stone Mountain GA (07/10/08)
July 1, 2008 I received a letter in the mail denying me credit for the Advanta BusinessCard. The letter stated that they based their decision entirely or in part, on the credit report(s) obtained from Equifax and RiskWise (a company I have never heard of). My reason(s) for being denied had nothing to do with any information reported on my Equifax report so I have to assume that the information is coming from the RiskWise report.
For example one denial reason was that I had an insufficient outstanding credit limit on open real estate trades. Well truth of the matter is, is that I don't own a home, never have, and I don't have a mortgage reporting on any 3 of my credit reports. For 2 days I have done research on RiskWise trying to find out what type of company it serves as. Then I decided to contact Advanta's credit services department to get information on RiskWise since they use them to make their decision on denying me credit.
I explained to the representative that none of the denial reasons given in the letter reports the same in my Equifax report. She then asked me where I had gotten my Equifax report from and if I had not gotten it from Equifax solely then my report might have been given to me incorrectly from other sources. I then logged on to Equifax's website and requested my FREE report and score and believe it or not the report was the exact same report I had recently purchase along with the same score. Nevertheless, I should not have been denied credit with the score that I maintain. The reasons I was denied credit doesn't match up to any information listed on my Equifax report or my other 2 reports.
What is RiskWise and why did Advanta choose to take their WRONG information over Equifax? The representative had no other explaination for me but to advise me to try my best to get in touch with RiskWise (which contacting by phone you are only prompted to leave a message and hope someone will return your call...haven't gotten a call back yet). She then told me that once I receive the report from them if the information is incorrect Advanta will then take another look at my application for me.
As I read all of the 25 complaints against Advanta for this year along, I think that it might have been a good thing for me to have gotten denied. The only thing upsetting to me is that my credit score dropped 10 points due to this denial. I honestly feel I was denied credit for other reasons. If this is the way this company values themselves doing business, then I greatly appreciate their denial. I will continue to research RiskWise LLC, and hope to find out how they gathered bad credit information on me. I am very disappointed that Advanta would base their decision off of a company that reports 100% different credit information than Equifax reports(one of the nations top credit reporting agencies).
Mark of Republic MO (07/10/08)
Same thing as others have reported, sudden, unexplained hike to 34.99% Fortunatley I can afford to just pay the thing off as my balance was not much. I feel bad for folks that can't, surely there is some legal remedy. This is obviously unethical if not illegal.
Kevin of Emsworth PA (07/04/08)
Advanta Bank Corp is now officially employing usury practices with customers. I recently inquired as to the astronomical hike in fees and interest. I've never had a late payment and always pay more than the minimum balance. This was their response to my inquiry regarding an exceptional hike in interest and fees.
Dear Mr. XXX, As you requested, Advanta is providing you with the following account information. We understand it can be frustrating when changes are made to your account. However, in accordance with the terms and conditions of the Advanta Business Card Agreement, we periodically review our accounts and evaluate the credit status of our cardholders. As a result of our review, the annual percentage rate increased to LIBOR + 22.59, currently 25.490%, for credit card purchases and balance transfers. The cash and convenience check rate increased to LIBOR + 32.59, currently 35.490%. We appreciate the opportunity to serve you and your business needs. If you have any other questions or concerns, please feel free to contact our Customer Service Center. You can visit us online 24 hours a day.
As you can see, no real explanation other than 'we just decided to do it.'
Higher fees and interest resulting in the obvious: less disposable income, and all that entails. I recently read that Advanta Bank Corp has increased it's lobbying efforts/expenditures to Congress. Appears that investment is paying off for them. I will pay this card off and be done with them forever. Recommend others do the same by any means necessary.
Kevin of Emsworth PA (07/04/08)
Higher fees and interest resulting in the obvious: less disposable income, and all that entails. I recently read that Advanta Bank Corp has increased it's lobbying efforts/expenditures to Congress. Appears that investment is paying off for them. I will pay this card off and be done with them forever.
Bob of Niskayuna NY (07/02/08)
Interest rate jacked to 34.99%. I've been doing some legal research on Westlaw. I think that there may be a solution or two available to us, especially if you live in NY.
Kenneth of Carlsbad, CA (07/01/08)
I got a promotional deal from Advanta to transfer balance to them for a low 2.99%. All was well for a short time until I noticed late fees tacked onto the bill.
I asked why and was told that they did not receive payment on time. Problem is I mailed out the payments 7-10 days before the due date. I was told, since I'm in California, it took a long time to get the payments, and a few days to process. I got the first late fee waived, and asked to set the due date for the middle of the month, and started mailing the next payment a few days after I recieved each bill.
Recently, for the last bill, I sent it priority mail because it was due in 4 days. It was delivered on time (day due) but for some reason they did not get around to processing it. (Weekend?) My next bill went from 2.99% to 10.74% (but no late fee). When I called to set things straight, was told there was nothing that could be done! Mail payment in earlier, as many California accounts have same problem.
Let's see, follow this logic and you need to mail in the payment before you receive the statment to ensure it gets there on time. The pony express could get the mail there in 7 days, why can't Advanta receive/process payments mailed 10+ days in advance, or priority mail delivered on due date? They have been trying to get more $ out of me since I got the 2.99% promotional rate.
Jana of Santa Rosa CA (06/25/08)
Advanta states they made a business decision to increase their rates. Our rate went from 14.24% to 24.99% on purchases. Advanta states they mailed us a letter (which I have requested another copy) giving us the option of closing the account and keeping the lower rate until it is paid off.
This is outrageous because it is not based on our credit history or any other factor that we have any control over that I am aware of. It will cost us significantly more in interest each month. Plus, we have with them special offers that revert to their normal interest rates when they expire. We will not be able to afford the monthly payments at these higher interest rates!
Al of St Ignace MI (06/20/08)
I signed up for a new business card and it said fixed 7.99 for a least 15 months locked on purchases and tranfers Paid all my payments after 6 months interest jumped to 24.99 percent 34.99 on cash advances
I called them They said things have changed and rates have gone up! This is not unfair practice company should be sued! Goverment should do something about this!
I dont know yet! Higher payments then expected!
Gail of Huntington NY (06/16/08)
They have my account up to 34.99% interest on a $17,850 balance. With the next interest charged, they will put me into overlimit and slam me with another fine on top of which there will be more interest. I tried to use logic with them (my mistake) that they are going to force me into bankruptcy and we will both lose. I asked them to lower the rate so I could pay off the debt.
They said ...have a nice day. I have to choose between a mortgage and food or paying their .01% from usury rate. With the economical environment we are now living in, this should be considered anti-American. I am in real estate and live from one closing to another and have to spread the $ thin to survive. We should all be working with each other; Advanta's greed is going to put the nail in my coffin. So, the $500-600 I am forced to pay in interest just to keep the account static is keeping me from paying my other bills. They are devasting me financially. I want to pay this off and they are making it impossible. My credit is through the ground, I can't sleep at night, can't focus on work and Lord knows where my blood pressure is at this time. Can't anyone help?
William of Mastic Beach NY (06/16/08)
This credit card company has begun charging me 34.99% APR to continue using its services. This was a significant jump from an already high 18.74%. They said the reason was based on viewing recent activities from my personal credit report. I have not had any problems financially other than a late payment with their company. I have approximatelly $40,000 in bank accounts, my balance with their card is only $5,560.38. I have not had any problem with any of my finacial institutions I deal with.
This makes it virtually impossible to make advancement in paying off my balance. It also means a considerable (and unreasonable in my opinion) amount of financial fees is going to this company. I can get a better rate from a loan shark. I would like to know who would be the best agencies to contact to report this type of abuse. Thank you.
Felicia of Flat Rock MI (06/14/08)
Jacked my interst rate from 0% to 24% for no logical reason. They claim they sent notification, what? Conveniently accused bill payment of being 1 day late. This is a first for me in my 2 decades of credit card history! If you have this company's credit card, you are asking for trouble. Transfer this balance immediately!
Rob of Olympia WA (06/09/08)
First, these bad actors move my low intro rate amount from 2.99% to 24.74%. I call and clear that deception up. Now, a year later, they raise the money I have at 24.74% to 34.99%, for no reason. I have never been late or overlimit with anyone. The [person]on the phone says it's just because they can. They know I'm in a bind with all my cards near their limit.
Ron of Reseda CA (06/09/08)
On May 28, 2008 I called customer service department to get a explanation as to Why my interest rate went from 7% to 24%. I was told by a very rude representative that because People were not paying there bill and that the companies delinquency rate was high that Advanta Had to increase the interest rates on the good paying customers to make up for losses. I was out raged And demanded that my interest rate be reduced back to the amount agreed. The rude customer service Representative said that he could not do that and the only way to do that is to OPT OUT OF THE CONTACT AND CLOSED MY ACCOUNT. I ask the rep to review my account to see if I have ever been past due or over 30 day late he stated that I was late once back in 2007. This was a lie.
I then was to speak to a manager and he transfer my call to a Manager and she also refused to reduce my interest rate back to the 7% she said that I only made my monthly payments nothing extra so that also why along with the delinquency on the customers that didnt make there payments I had my interest rate increased. I told her with that rate (24%) I would never payoff this balance and I should think about filing bankruptcy. I NEVER SAID I WOULD FILE BANKRUPCY. SHE THEN CLOSED MY ACCOUNT ANY WAY.
MY ACOOUNT WAS CLOSED FOR NO REASON. I MADE MY PAYMENTS AS AGREED TO THERE TERMS AND THEY INCREASE MY INTEREST RATE FROM 7% TO 24% TO COVER THERE LOSSES FROM THERE OTHER DELIQUENT CUSTOMERS. I HAVE NEVER BEEN OR PAST DUE ON MY ACCOUNT WITH ADVANTA CREDIT CARD COMPANY.
Sharon of Woodbine GA (06/03/08)
About 2 yrs ago I applied for a Platinum Business Visa with an introductory 0% APR on balance transfers for 18 mos and a FIXED 7.99% APR on purchases. I've always paid more than the minimum payment, made payments on time or even weeks or months before the due date and have a decent credit score. I have a handful of other credit accounts and loans with other institutions with fairly low rates and modest credit limits, all of which are in good standing under the same circumstances.
I was shocked to see after the first year that my FIXED interest rate had been raised from 7.99 to 10.39%. When I inquired as to why the rate went up I was told that I must have done something adverse to affect my credit and the increased rate was the result. Only thing is, I had no adverse incidents. So the first thing I did was look up the creditcard on Google to see if other consumers were also being treated unfairly by this company. Well, I was not surprised to see hundreds upon hundreds of complaints on dozens and dozens of websites about Advanta's preditory lending practices and bait and switch tactics. Most of the other consumers also had good credit ratings, paid on time or early, paid over the limit, etc yet the same thing happened to each of them.
It's a pattern w/Advanta. Like clockwork every 6 mos or so they impose a bogus interest rate increase of not just a few percentage points but HUGE jumps ...from 7.99 to 13.99 to 16.99 to 23.99 and now to 34.99 with absolutely NO reason to warrant an increase other than the fact that with all the JUNK MAIL and outrageously high percentage convenience checks they bombard you with they happen to slip in tiny unremarkable pieces of paper in microscopic fine print notifying you of an interest rate increase that you have to opt out of or you agree to the rate hike by default.
Well...most consumers, like myself, took advantage of what looked like great rates for a business card, only to find ourselves literally held prisoner by this company. Many people , believing they were making a sound business decision transferred large sums of money with the promise of low fixed and introductory rates, only to see them change within months , not only racking up HUGE finance charges but large monthly payments as well making it impossible to pay balances down. With each rate hike it becomes more and more difficult to pay down. It also makes it far more difficult to get a balance transfer to another creditcard so that you can close your Advanta account.
Also... Advanta DOES NOT report to any credit bureaus and I believe this is one main reason they are able to get away with these unscrupulous practices. Consumers think they are keeping their credit scores/ratings in check by paying early or on time, paying over the minimum, etc... but it has absolutely NO effect whatsoever because it's NEVER reported. So, when you want to transfer a huge balance to close out your account, the legitimate banks who do report and do look at your credit record want to know where this account came from and why it's not listed on your report where the balance would affect your rating.
I don't understand how Advanta has had a number of previous class actions against them for the EXACT SAME issues ( and LOST ) yet still is practicing them blatantly and obviously getting away with it ! Something really needs to be done. This kind of debauchery and exploitation has gotten out of hand. It used to be years ago that a contract was a contract and it was BINDING. A FIXED percent meant just that... FIXED as in DOES NOT CHANGE and variable rates were usually tied to the Prime Rate or affected only if you had late payments or defaulted on your contract. There IS no such thing as a contract anymore. Once you sign that piece of paper, anything it promises becomes null and void once you see the microscopic clause on the back that allows them to change rates and terms at ANY TIME for ANY REASON.
As of this billing cycle, I am now paying a whopping 34.99% interest which has DOUBLED my finance charges and has made it so that if I made the minimum payment the account could never be paid off in my lifetime. There is also no guarantee that the rate won't even go higher in another 6 months. What's to stop them ? Absolutely NOTHING.
The consequences of this situation are that I can't transfer the balance of an account that doesn't officially exist as far as the credit bureau is concerned. By not having it reported, the balance will adversely affect my credit score and make it less likely that I can acquire another credit account with which to pay it off. Also, I am unable to close the account without paying it off in full and as long as I have to pay on it, the outstanding balance is subject to all interest rate increases. I've always prided myself on being able to handle my credit and reap the rewards of being a responsible consumer but Advanta is taking this control away from myself and other consumers. The economic impact may not be huge but my financial reputation is at stake as well as the emotional distress it's caused and financial hardship. I am being unfairly punished by Advanta because I am not being judged on the merits of my creditworthiness or my payment history but as part of a scheme to bilk honest, hardworking consumers out of billions of dollars under deceptive practices and false pretenses.
Joanne of Winthrop MA (06/01/08)
i received my june bank statement and noticed an increase on my interest rate...with no notice from advanta they increased my rate from 7.99 to 24.99....when i called they said we should have gotten notice of the increase....i had to fax a letter stating them to close my account and reverse the rate back to 7.99 until we pay if off...i am a struggling business ownere trying to make it in a very poor economy.
i no longer have this credit card to help me out on bills....i cannot afford to pay an interest rate that has tripled.
Marc of Highland NY (05/28/08)
As I am reading other complaints on this site about Advanta Credit Cards I am seeing our situation repeated over and over. We have had an Advanta Business card for 3yrs. NO LATE PAYMENTs ever...they raised our rate from 7.99% to 24.95%. When I called they said it was due to the ecomony. Well, as everyone else here has said, they said they have the right to raise the rate for any reason. The only saving grace is we caught it in time and have an opportunity to send a fax and cancel by 6/16. Then we have to follow up with a phone call to them to make sure it has been processed.
The number of faxes are in the thousands from what this supervisor told me, so they have done this to thousands of other card holders. There are no words to describe what this will do to our county, as these credit card companies have the power to do this to us. Why hasn't congress listened to the complaints that have been brought to them by many consumers organizations. I hope someone will be able to stop this madness before the entire county is in poverty!
At this time we are hoping to resolve this with the op out letter, and pay off the card at the orginal rate, if they receive and process it in time. I will also be sending a letter certified mail to make sure it is received.
Jeffrey of Littlerock CA (05/25/08)
We accepted a business credit card with no fee and a 12.99% rate to establish business credit and make major equipment and office pruchases. We have always made our payments on time and paid more than the minimum most months. Recently they changes our interest rate to 25.99% claiming it was an annual review of our credit. I understand if they chose to change the rate for future purposes and that gives me the choice of continued use, but they are gouging us for purchases made under the belief that it was and would continue to be 12.99%. This appears to be a bait and switch and fraudulent advertising.
More than double the interst rate! We may have to consider Consumer Credit Counselors or other financial alternatives to resolve this debt. We entered into the agreement honestly we have been swindled.
Rob of Mililani HI (05/16/08)
For no reason what so ever, our FIXED apr rates jumped from 16.99% to 34.99%. Payments are always on time and NEVER late. We believe once you sign a contract that it should be good. We believe this is a breach in contract.
We are forced to pay an additional $140.85 per month. My guess from all over the internet that we are not the only one's seeing this.
Dave of Gulf Breeze FL (05/16/08)
Worst of the worst, very deceiving on how they jack up the interest rates-- when you fall behind. Unwillingness to work with a cardmember-- our business has hit hard times. Be careful. now paying 31%.
Roy of Medway MA (05/14/08)
With less than two weeks notice my 11.99% interest on my Advanta card jumped to 29.99%. This increase of an additional $98. a month to my CC payment should be against the law. How is one to pay down the debt on the CC with additional charges. I have NEVER been late and have ALWAYS paid more than the requested amount.
Instead of working with us during these trying times the CC company had added additional stress and concern to these troubling days.
Louise of Oakham MA (05/09/08)
I have been a customer of Advanta for around 2 yrs. We first responded to an offer of a fixed rate of 7.99% on purchases. Everything had been going fine. Never had a late payment, never any issues. We usually paid the balance off in full every month. The last 4 months or so, we have been carrying balance. 7.99% just as promised. Well, to my dismay, I opened the statement for May and noticed a whopping $73.66 finance charge. They raised our interest rate from 7.99% to 24.99%! I do not understand the sudden jolt in interest rate. We had been paying at least double the minimum payment every month. Is this even legal? What have we done to deserve this?
Also, they dropped our credit line from $12,500 down to $4,600. Completely uncalled for. They can drop the credit line to zero, because we will switch companies and closing this account. I just regret ever opening this account. I hate it that they are racking up interest charges as I type. STAY AWAY FROM THIS CREDIT CARD, IT IS A SCAM. If they did this to someone who pays on time and is a good customer...imagine what they would do if you messed up once!
They are charging nearly $75.00 in finance charges on a balance that is only $3500...I will never be able to pay this off. I will be getting rid of them!
Gail of Huntington NY (05/04/08)
They bumped the finance charges to 29.9%. Certainly there is some law preventing this kind of rate hike
I have no chance of ever paying this off at this rate! If I pay on the principal and the interest they are charging, I will have to chose between mortage payment and groceries for a month! They have guaranteed that I will always be late (because I can't cover the full amount) and then they pile the late charges on and compound it against the 29.9% interest rate. I might as well file bankruptcy right now! Up until they did this, I was able to make payments...now there is no hope.
Tanya of Amarillo TX (05/01/08)
I've had this card about 6-months, never a late payment. Always paid way more than minimum. The interest rate jumped to 26%. Unfortunately, I had recommended this card to friends and family and at the same time, their rates increased as well. It's just bad business.
The only damage is the extra $80 or in interest they charged. Fortunately, I had the ability to transfer the balance off immediately. Unfortunately, Advanta lures people who have not so good credit, they give a high limit and low intital interest rate. Then when an balance has accumulated, the up the interest rate to surpass usury. Many people with borderline credit would not be able to move it easily. That's a shame.
Van of Columbia SC (04/25/08)
BEWARE of thie COMPANY! They changed my interst rate from 12.99% to 31.99%. I contacted a representative and requested a supervisor who finally answered I believe that her name was Kelly. She stated that the interest rate increased after they reviewed my credit history. This company IS NOT SMALL BUSINESS FRIENDLY. We were at Lake Tahoe on a business trip in August 07. I tried to contact customer service for a small rate increase, but to my surprise they were closed on weekends. VERY POOR BUSINESS PRACTICES. AVOID AT ALL COSTS!
This practice of theirs is very high stress! Not sure what they will do next and when trying to get a small business started, there needs to be a company that is consistant in helping a small business, not leaving them high and dry in time of need like ADVANTA does.
Sheryl of Marseilles IL (04/09/08)
I just noticed that my husbands credit card rate went from 7.9% fixed to 16.99% as noted on the bottom of his credit card statement! YIKES!
It is an ADVANTA Business card and was advertised on the brochure as 0% for 15 months and then 7.9% fixed thereafter. False advertising? Bait and switch? Yes, yes and yes!!!
I immed. called Advanta and was informed by Kelly, a supervisor there to read the fine print, specifically Sec. 12 under admendment of terms. From the sounds of it, there is a loop-hole in this legal jargon that allows them to do this and they state we agree to it when we sign up for the credit card. What about what's advertised on that brochure? Very deceptive in my opinion and misleading.
Breach of Contract? One place, the brochure, advertises the good rate and in the not so easy to read or understand, fine print, is another lurking! BEWARE!
I did however keep the original brochure advertising these advertised rates of 0% to 7.9% fixed thereafter in my file for future use and I'm glad I did.
What happened here? I looked back through the statements and the change occured sometime between December to January and apparently, my husband did not notice this. Our mistake and a big one when it comes down to it and I'll tell you why.
In addition to when I was speaking with Kelly, he stated we should have noticed this on our statement and a letter was mailed out to us on the change also. At that time of the interest change, I think he said 30 days, we could have optioned out and the interest rate would have been changed back but no new purchases could be made. Well anyway, that time is now past and I informed him we didn't get a letter and that would have been right around Christmas time then. If I would have got a letter to that effect he would have heard from me a long time ago and I wouldn't be wishing him Merry Christmas. I would of also been angry that they would do this at Christmas time. No letter was received at all by us!!!!
In addition, I questioned why a letter, a legal notification, that is so important isn't sent in a more secure fashion to confirm the cardholder's receipt. Delivery confirmation maybe? He replied their only obligation is sending it in the mail, not confirming it's receipt. I guess their responsibility, at least legally, ends at the drop box. I suggested maybe a signature but then he said many would not sign it and they did look at this. I then suggested that from now on they notify the customers of rate changes by placing in big, black, bold text on the TOP of statement that is visually different from the current format for the customers to take notice as sometimes the numbers on the bottom do fluctuate depending on if cash advances were made, etc. He said the one number should stay the same.
He did inform me he would forward my request to the people who review these matters.
I do plan on writing to the President of Advanta with my ideas and I will ensure he gets them by certified mail!
In addition, and a very interesting and important note is that we have NEVER, NEVER, been late and he confirmed that. Also, we have always paid well over the minimum payement on this card and this is how paying and responsible customers are rewarded?
I went on to tell them how I have worked as nurse with the public for over 20 years and you don't treat people this way. I went on to tell him how these things have an impact on people and their lives. We are people with lives here that your making these big decisions about. This is how people go under and your decisions are affecting people not just financially but physically and emotionally as well.
This whole thing can have a snowball effect and they are the ones who put the ball rolling right over the American consumer!!!
Charles of Pleasant Mount PA (03/20/08)
I own a small business and took advantage of Advanta's offer of a 0% balance transfer and 7.99% purchase card. My personal credit is excellent and payments were always made on time. The rate was arbitrarily increased to 13.99 purch/19.99 adv in March '07. An erroneous charge by a vendor overdrew the account by $141 in 9/07, and the rate was increased again. Each month, although more than the minimum payment was made in an attempt to bring the balance below the limit (and anticipating the next interest charge), the monthly rate increases sent the balance over the limit by $25-$50. The rate ended up at 32.74 purch/34.74 adv. Requests to lower the rate only brought it down to 25.99%.
I was informed that a letter was sent out each time the rate was to be increased. These letters were never received, as I am meticulous in reviewing all mail. I was told that I could have canceled any previous rate increase simply by canceling the account when the rate increases were announced. I have canceled the account and tried to lower the rate, but they refuse to negotiate a lower rate because the account is now closed. This is a policy that they claim they informed me of before I chose to close the account (another lie).
Their practices to me are unfair and predatory. Is there any possibility of a class action suit?
Peter of Newton NJ (03/14/08)
I also opened an Advanta Corp Credit Card, I believe in 2002, based on an offer of 0% for 18 months, and a low variable rate after that. After about an 18-month period my rate was between 11% and 14%, which was OK; my Credit Score was and still is in the 670-720 range. I paid anywhere form the minimum to over the minimum balance due, and with a few exceptions over the years I have paid on-time. The interest rate quickly climbed until in reached 28.99%! When I contacted Advanta about this, they responded by saying it was due to an interest re-evaluation and could not be reduced because no other offer was available. They were uncooperative and rude. One rep actually referred to me as, and I quote: a potential deadbeat. I wont bother you with the details of my response.
My credit score is still between 670-720. Advanta customer support is very unprofessional. I agree with others who have done business with Advanta--their methods are unethical, predatory and abusive. Something needs to be done and soon! I Just called them the other day to tell them that I am waiting for confirmation on a balance transfer request to pay off half my Advanta Balance to another business card. I received the confirmation that the balance transfer is in process. I sent Advanta an interest only payment, and they responded by increasing my interest rate to--ready for this--36.99%!
We need help out here. Advanta Bank needs to be fined and investigated, A class action lawsuit is in order. Their activity is Criminal!
I have probably paid close to $1-2,000 over 3 years in interest payments because of the abusive and excessive interest rates and increases.
Robert of Santa Monica CA (03/10/08)
In December 2005 I opened an Advanta credit card account based on an offer of 0% for 18 months, and a low variable rate after that. After the 18 month period my rate was consistently between 11% and 14%, and my credit score was in the 670 range. I use the card to help finance the start of my business. Payments are completed online, more than the minimum amount monthly, and the experience was relatively low maintenance. Until now.
In reviewing my statement I noticed the finance charge seemed exceptionally high. Finding the interest rate at 28.99% I was shocked! There is a movie and book called Maxed Out and here I was living the real experience depicted in the movie in regards to unethical practices by credit card companies. Evidently I was re-evaluated and had become a credit risk. Credit Risk? My score had now improved to 730+, and the wisdom of Advanta had increased my rate from 11-14 to 28.99%? A call to Advanta customer support was less than helpful, and less than professional. I do not see the effort to maintain a loyal cliente. What is clear, is Advanta and its methods are unethical, unexplainable, and not a good or reasonable option. I have paid off my card and chalk Advanta up to experience. Having worked with Advanta for over two years, under no circumstances would I support anyone having a credit account with this company.
Ball park $500 in overpaid interest over 4 months.
Felix of Killeen TX (02/26/08)
I got the Advanta credit card bill 2 days after the due date. We've had some crazy mail delivery problem in this city. Immediately I went online and made payment, then called their rep and explained that mail just arrived. She said she would take care of it; unfortunately, I will have to wait and call back during next billing cycle. When I received the next bill, there was a huge late fee and finance charge, I was reminded to call again. And with another rep, he refused to remove the late/finance charges. Do you think Advanta is scamming by providing promotional rate, then send out late statement to collect on fees?
I've had bills arrive late before and others were nice enough to forgive, but not Advanta. The 3.9% promo rate was great deal for consolidating, but it turned out to be over $500 in late/finance charges due to late mail arrival. The Advanta rep also lied to me that they had automatic payment system. I always paid their bills online, and I know for fact they didn't have automatic payment feature. If they did, I would have used it. I've had Advanta MC for near 7 years, and I used it occasionally on promo rates to consolidate. And I can't remember being late on a payment once. If I ever had been late, it could have been years ago when I was traveling overseas.
Since the Advanta's rep declined a waiver, I've emailed, faxed, and snail mailed a written request for a waiver.
Warren of Bonita CA (11/23/07)
They say they did not receive my payment - that the check was lost. I have never had a late pay or a lost check in over 10 years. Several months later they bumped the interest rate to 15.99% and when I called they woul not take off the late charge. They charged me twice and I got them to take that one off but no luck on the other. They would not lower my interest rate and the next month they raised the rate to 29% because I bothered them. I had a high line of credit with no late pays and I paid them almost all of balance and intended to get them to send me a bill every month for a $1.00 balance. Don't ever apply for a card from this company. They offer one reasonable rate and raise it if your balance is high. I am lucky I could pay mine off, but am sorry for those who are stuck. They cost me about $500 in bogus charges.
Ron of Liberty MO (11/22/07)
Advanta Business Cards has begun sending me credit card offers to my business to a person that I do not know. The person's name is Helen Crosby. I am in the registry of persons that do not want unsolicitated credit card applications but businesses are exempt. I have called and requested information on how this person because attached to my business (which has been open for 11 years at this address). Advanta stated that they could (would?) be able to determine that as they use multiple data bases to generate solicitation letters. I have asked to have this person removed from my account and to also stop sending solications to me. To date they continue to come. I am concerned that if a Helen Crosby has used my business name with Advanta, they should tell me. I am not able to get anyone to acknolwede that this is even a problem.
Chris of Blairstown NJ (07/02/07)
I have a an Advanta Business Credit Card when traveling I took 2 $750 Cash Advances one on 5/22 and on 5/23. I pay my bill in full everymonth and wanted to make sure I did not accrue interest so on 5/31 I over paid them a total of 13,019.19 which is Max Amount the let me Pay them. Its over by 3% so at that moment I did not owe them anything. They decided that they would credit one of the Cash Advances but hold a Cash Advance to the next month. I called them at the end of the billing cycle to make sure that the cash advance was paid off. They said during the closing between the due date and cycle end they cant look into the acount you have to call back after the billing cycle to make sure it was taken care off. I called back after the cycle to find out they will not credit the Cash Advance for another month because there were charges between the closing and the opening of the cycle so even though I did not owe them anything they are still accruing the interest for another month. In trying to figure out how to pay the cash advance off I feel that Advanta is taking advantage of its customers but making it almost impossible to pay the advance off.
John of Pierre SD (06/30/07)
Advanta Credit card offers 2.9% for the balance of the loan. If you are ONE day late they bump your interest up to 10.74%. The way they make this work for them--it doesn't matter how early you pay your bill, it posts one day late. I mailed two seaprate credit card payments, one to Advanta and one to First National Bank on May 29. The Advanta bill was due June 5 and the First National bill was due June 4. The Advanta conveniently posted to my account on June 6 charging me a $39 late fee while the First National payment posted June 2. In 10 months time this has happened FOUR times and Advanta says there is nothing they can do. This is how they make their money.
I was paying my bill in full so I was charged a late fee of $39.00 plus an interest fee of $95.69 in finance charges. I would not recommend this credit card for ANY one!
David of Brighton MI (08/23/06)
Tried to establish a payment for higher percentage charges on a current loan.Present balance of $3900. total w/ $250.00 of that being charged @ 38.64% and the balance @6.99% but monthly pymts.will only be considered for the lower interest rate and cannot be applied to the 38.64% portion until the whole balance is paid. Over time the 38.64 rate goes higher and higher.
We are retired people on a fixed income and have gone back to work to try and exist in our economy and are being taken advantage of in late life. Have never filed bankruptcy in our lives and now don't know what to do! Help !
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