ADVANTA Bankcard ADVANTA credit card raised interest rate 29% for no reason at all Salt Lake City Utah
This scam company raised my interest rate on my small business CC I obtained from them just over a year ago. They lured me in with a teaser rate of 7.99% then 6 months later jumped it to around 17% then most recently to 37.81%
Their customer service team is a joke, as they are very cold and non committal on the phone. The thing that is ridiculous, is I have never been late, never been over my limit, and have good credit. I have never even been late or over my limit on any other cards I have.
I would LOVE to team up with other individuals who have had the same problem with this company and sue them in a class action lawsuit. Does anyone out there know if there is any legal recourse that could be taken to lower the rates?
Tom
Jackson, Wisconsin
U.S.A.
2 Updates & Rebuttals
DEC458@MSN.COM
Cleveland,Tennessee,
U.S.A.
Comment to Fly-n-Rider
#3Consumer Comment
Tue, November 25, 2008
They are obviously doing something wrong despite your pithy comments. One small business owner used Scott Feldman in Doylestown, PA to sue them in Philadelphia. The gentlemen was able to recover around $2,600 in overcharged interest and $800 in attorney and court costs by filing against them in small claims court. Advanta caved in, in 2 weeks. They had provided the same treatment to this plaintiff of suddenly raising his interest rate. Unless in default, most credit agreements in the past did not allow this. Advanta's latest credit card agreement says they can change the rates for any reason whatsoever at any time they want. I hope people are stupid enough to get one of their cards under those conditions, but a lot of people are right in that nobody seems to read the fine print, and if you accepted these types of terms, you deserve it.
Flynrider
Phoeix,Arizona,
U.S.A.
Sue for what?
#3Consumer Comment
Mon, November 10, 2008
You agreed to borrow money from Advanta under these ridiculous terms. What are you going to sue them for? They're only doing exactly what the card agreement says they can do.
For your future reference, most credit cards give the issuing bank the power to change the rates to whatever they like. Don't borrow money under such lopsided agreements. You'll always end up the loser.