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Advanta Bank - advanta card raised our rates to 35% no reason

  • by   Sep 29, 2008
  • 5 comments
  • Review #: 137432
Company Advanta Bank
Location Reston, Virginia
Category Banks
Views 51
 

we have excellent credit and advanta business card raised our rate to 35%!!!we are a small business in business since 1989 never late on any payment we received our statement with the rate from 7.9% to 35% the reason the guy said is that they have so many businesses not paying they have to get their money some how!

we cannot afford 500.00 a month interest!! this has to be illegal!

what can we do??we cannot transfer because no ones lending so thanks to this loan shark lending they will most likely put us into bankruptcy
308b464

 
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Oct 18, 2008  from Meyenburg, Brandenburg
They did the same thing to me and many many others. If you would like to join our class action lawsuit, please e-mail me (take out the pluses) dec+458+@+msn+.com.
Reply to D Carpenter

Oct 11, 2008 
This also happened to us recently. We've never made a late payment, exceeded our limit, or anything else that should have triggered the unrealistic increase. I've called several times, and the best excuse I've gotten is that the increase is due to the "bad economy." Ripping off good customers doesn't sound like a good philosophy to adopt if you're wanting to improve your financial outlook. Something about this seems really fishy to me. Unfortunately, the law currently allows this type of unfair business practice within the credit industry.
Reply to Very Disappointed

Oct 09, 2008 
I just noticed mine went to 35% all of a sudden too. No problems here, always paid on time more than necessary, I'm going to demand it be lowered dramatically or I'm gone.
Reply to Pissed off too

Oct 01, 2008 
This just happened to me as well. No credit issues, no late payments, always pay off - or more than minimum. There must be some way for companies to be punished for this. All I am aware of is to STOP USING ADVANTA CARDS. THEY ARE NOT A TRUSTWORTHY COMPANY.
Reply to Robert

Sep 30, 2008 
The same thing happened to my husband and I a few months ago. I'm just happy that we only owed a few thousand at the time so we paid it off and got rid of the card! We opened a business credit account with PNC bank to replace it and couldn't be happier! The rate is good and the card even has rewards! I'm sorry to hear that Advanta is messing with you too. I hope that you can get rid of them soon too!
Reply to Seeking Great Service
 

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