Complaint Review: ADVANTA BANK CORP

You should go ahead and sue them in small claims court. There have already been a couple of people get back their excess interest, attorney fees, and after closing the account, been able to pay back at their previous terms.

The exact same thing happened to me... my rate was raised from 11% to 38% for absolutely no reason, after having an account with them for over 5 years and having a perfect credit history... but I chose to fight back a different way. I told them they could take their debt and shove it where the sun don't shine.

Yeah, I get threatened with lawsuits. Yeah, I stall them with threatening bankruptcy and countersuit.

Every "law firm" which they've hired to collect I've batted down by using their own lies against them. Last couple offices that threatened me with a lawsuit, I sent them a fax of every complaint posted here... and they've all backed down. Even if this ever does go to court.. I intend to fight Advanta tooth and nail. They won't see a single penny from me. I hope there will be more like me. I want these people out of business.. people should be able to stand up and say "I refuse to be bent over for no reason".. legal or not. And if enough people do what I did.. I guarantee you they'll be out of business in short time.

Expect more of this to come. Yes it is perfectly legal under the "universal default" clause. They can change the terms because they do not like green hair. It does not have to make sense at all. They will use any excuse in the book and right now, with all the problems in the economy they will no doubt be raising it again soon. You best bet is to get this paid off and then cut the thing up and get rid of it! Your better off without it anyway!

For those who haven't received their opt out notices or with only a few days notice:

How often can the bank change the rate on my credit card account? Generally, a national bank can change the rate and other terms on a credit card account at its discretion. However, it can do so only if it discloses those changed terms to you at least 15 days in advance.

The 15-day timing requirement does not apply if the consumer has agreed to the change, or the change is due to a consumer's delinquency (late payment) or default (going over the limit). In both these instances, the bank must provide some notice prior to the effective date of the change, but there is no 15-day rule. Be sure to review your Account Agreement, which is the contract governing your credit card account. It provides information on changes that may occur to an account.

The bank is charging a higher interest rate than my State allows. Is this legal?
This may be legal because the maximum interest rate is determined by State lawin the State where the national bank has its headquarters. You should review your Account Agreement, which is the contract governing your account, or any subsequent notifications regarding your account. These will provide information on where your bank is headquartered and any other change that may occur.

Advanta Stock Is Down To $1.39 TODAY. Dennis Alter Advanta Is Going Down Fast. I smell Lehman Brothers (which filed for bankruptcy) !

If I were you, I will just stop making payments for at least for straight four months. By then, market rumor is most of these credit card companies will file for protection under chapter 11.

You can then consolidate your debts with non-profit agency and settle your debt for 14 to 20 cents on a dollar.

For example, if you owe them $10,000 now, you can settle account by paying $1,400 to $2,000 in one to three installments.

Big Caution: make sure you have everyting in writing from them. Pay extra attention to how they are worded on late fees, interest and extra penalties. Just remember, they will try to suck last drop of blood from you. They have no mercy on you.

Good luck!