Advanta Corp. Interest rate increase Spring House Pennsylvania
Totally unprovoked interest rate increase from 7.99% to 19.99%. Great payment history, never late. Called Advanta June 25th 2008 after seeing new interest rate on statement. Spoke to Joe who said you can close account by fax by July 21st, 2008 - (wrong information!). Faxed letter on July 11th. Received new statement on July 28th with 19.99% rate called Advanta immediately spoke to Valerie, then Glen sorry your fax was late, can not revert interest rate. Told them what Joe said... no comment. Sounds totally illegal or ay least extremely unfair practices. Some action must be taken to prevent this.
Salvatore
Smithtown, New York
U.S.A.