Advanta Bank raised my business credit card intereste rate from 15% to 36.18%. I have been a customer for 8 years and NEVER been late. They were rued to me when I called in and offered no explanation for the increase other than that was the best they could offer me. This makes my min payment $427.00. SOmeone has to hold them accountable for the way they are mistreating their customers. Salt Lake City Utah
I have a business credit card with Advanta Bank and have been a good customer for 8 years. I have never missed a payment or paid late and yet my interest rate jumped from 15% to 36.18% this month ( Jan 2009 ) I have a min payment of $427.00 due to the increase and have no idea how to pay this.
I did call in and speak to a customer service rep and a "so called" supervisor. I was treated with no respect by either employee and basically told "Good Luck" on my decisions in the future. I explained that I have been a long time customer with no late payments and needed an explanation!
How can this be legal? Isn't the Federal Trade Comm. able to do something to deal with them. I know that I can't be the only one being done this way. Who can help us? I have a fed tax id # for my business and can't file bankruptcy or I will loose my business. Please send me information on what options I have.
Cindy
Woodstock, Georgia
U.S.A.