Complaint Review: Advanta Bank

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.