- Report: #386148
Complaint Review: Advanta Bank Corp. - Salt Lake City Utah
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Author Confirmed
Why?
Advanta Bank Corp.
P.O. BOX 30715 Salt Lake City, 84130-0715 Utah, U.S.A.
Phone:
800-705-7255
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Advanta Bank Corp. After 4+ yrs use of credit card at 7.99%, got an interest rate increase to 25%, No Notice, No Explanation Salt Lake City Utah
The company increased my business credit card interest rate over 300% without notice and without any reasonable explanation as to why?
I called to find out why. I was told that the initial credit card terms which I accepted (for me, it was issued 4 yrs ago and I could not find ), gives them the right to change the rate, without notification.
Reason given was my account balance was $1,000 higher than last year (still well below my credit limit) and I had one late payment. I asked for a wrttten explanation, which I have yet to receive.
I have Fico Credit score in the low 800's, an outstanding credit card balance that amounts to only 15% of the total credit limit on my card.
I think this increase is at the least, Outrageous! and a perfect example of a "predatory lending" practice, particularly in the recessionary downturn in our present Economy.
I plan on filing a complaint with my congressman and also writing a letter to the Los Angeles Times for publication. I'd be happy to join in with others in filing a law suit - if there is a legal basis for doing so.
John
Westminster, California
U.S.A.
I called to find out why. I was told that the initial credit card terms which I accepted (for me, it was issued 4 yrs ago and I could not find ), gives them the right to change the rate, without notification.
Reason given was my account balance was $1,000 higher than last year (still well below my credit limit) and I had one late payment. I asked for a wrttten explanation, which I have yet to receive.
I have Fico Credit score in the low 800's, an outstanding credit card balance that amounts to only 15% of the total credit limit on my card.
I think this increase is at the least, Outrageous! and a perfect example of a "predatory lending" practice, particularly in the recessionary downturn in our present Economy.
I plan on filing a complaint with my congressman and also writing a letter to the Los Angeles Times for publication. I'd be happy to join in with others in filing a law suit - if there is a legal basis for doing so.
John
Westminster, California
U.S.A.
