Complaint Review: Advanta Bank Corp.

I am a small business owner (opened 3-31-07). I was misled into thinking that the 0% introductory rate for one year would be great to help with my business expenses. I have always paid more than the minimum balance due and have always paid my bill early. A couple of months ago, I happen to notice that my balance really wasn't going down, so I checked my statement and noticed the APR was 24.99%!

I promptly called and was told that they use several factors to determine the APR. The person I spoke to said they would not be able to adjust the APR, but he would have my account credited $100.

As if 24.99% wasn't insulting enough, I just checked my statement (9-17-08) and in a matter of weeks, it's now 35.08%!!! This has to be criminal! With a balance of $5000.00, I'll never pay this off!

Nick
Mary Esther, Florida
U.S.A.