- Report: #338635
Complaint Review: Advanta Bank Corp - Salt Lake City Utah
-
Author Confirmed
Why?
Advanta Bank Corp
PO Box 30715 Salt Lake City, 84130-0715 Utah, U.S.A.
Phone:
800-705-7225
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
Advanta Bank Corp RIPPED OFF TWICE IN ONE DAY!! Advanta went from 0% all the way to 34% !! Salt Lake City Utah
I was ripped off twice today. At around 4AM this morning, someone broke through a plate glass door of our store and stole cash and equipment. Later this afternoon, when I got my Advanta statement, I was ripped off the second time.
Advanta Platinum card for small business seemed like a great idea when our store was in it's start-up phase in late 2006. The initial rate was 0% for 12 months, then a standard 7.99% rate. This was the highest rate I had ever paid, but since it was to get our new business credit established, we went with it.
Everything was fine for the first 15 months or so, then my rate was hiked way up to 16.99% in January 2008 and when I got my current statement, it was at 34.99%!! (YES, THAT'S 34.99%!!!)
That means that I made a minimum payment of $450.00 last month, but I had interest of $428.50!!
I called to speak to a representative. I knew that there had to be a mistake. Lakeea(#2-122)informed me that there was no particular reason for the increase. I had made on-time payments, made more than the minimum payments most times. I asked if this is how Advanta rewarded thier customers in good standing. She said she really had no answer to that. She then told me that part of my problem could be solved by closing my account and Advanta would knock my rate down to 25.99%! She agreed with me that basically what her company was doing was getting small business consumers to get credit, then increasing thier rates for no reason other than they had the power to do so.
She then put me in contact with Travis(#TD1)He told me that I still could have my husband fax an agreement to Advanta to get a rate of 16.99% back! I insisted on the 7.99% original offered rate. He said there was nothing I could do or could have done to maintain that rate. He agreed with the first rep, that the company was basically luring people in to rip them off once they were stuck. I told him that I didn't know how he slept at night, knowing that he was working for a company like this. Then I told him that since he sounded like a young guy, he still had time to change his career path, and not work for a bunch of crooks!!
We are very dissapointed and angry with this company! PLEASE do not let them fool you. My husband and I are honest, hard working people with a dream of having a business to pass on to our children one day. I am also a schoolteacher, and it's sad to think that anyone would have the nerve to rip-off a school teacher!
ADVANTA BANK CORP should have consumers start a CLASS ACTION SUIT!!
P.S. It cost me 3%, but I tranferred EVERY LAST PENNY off of that Advanta Card as soon as I got off the phone!! I WILL NEVER DO BUSINESS WITH THEM AGAIN!!
Ripped off in Georgia
cumming, Georgia
U.S.A.
Advanta Platinum card for small business seemed like a great idea when our store was in it's start-up phase in late 2006. The initial rate was 0% for 12 months, then a standard 7.99% rate. This was the highest rate I had ever paid, but since it was to get our new business credit established, we went with it.
Everything was fine for the first 15 months or so, then my rate was hiked way up to 16.99% in January 2008 and when I got my current statement, it was at 34.99%!! (YES, THAT'S 34.99%!!!)
That means that I made a minimum payment of $450.00 last month, but I had interest of $428.50!!
I called to speak to a representative. I knew that there had to be a mistake. Lakeea(#2-122)informed me that there was no particular reason for the increase. I had made on-time payments, made more than the minimum payments most times. I asked if this is how Advanta rewarded thier customers in good standing. She said she really had no answer to that. She then told me that part of my problem could be solved by closing my account and Advanta would knock my rate down to 25.99%! She agreed with me that basically what her company was doing was getting small business consumers to get credit, then increasing thier rates for no reason other than they had the power to do so.
She then put me in contact with Travis(#TD1)He told me that I still could have my husband fax an agreement to Advanta to get a rate of 16.99% back! I insisted on the 7.99% original offered rate. He said there was nothing I could do or could have done to maintain that rate. He agreed with the first rep, that the company was basically luring people in to rip them off once they were stuck. I told him that I didn't know how he slept at night, knowing that he was working for a company like this. Then I told him that since he sounded like a young guy, he still had time to change his career path, and not work for a bunch of crooks!!
We are very dissapointed and angry with this company! PLEASE do not let them fool you. My husband and I are honest, hard working people with a dream of having a business to pass on to our children one day. I am also a schoolteacher, and it's sad to think that anyone would have the nerve to rip-off a school teacher!
ADVANTA BANK CORP should have consumers start a CLASS ACTION SUIT!!
P.S. It cost me 3%, but I tranferred EVERY LAST PENNY off of that Advanta Card as soon as I got off the phone!! I WILL NEVER DO BUSINESS WITH THEM AGAIN!!
Ripped off in Georgia
cumming, Georgia
U.S.A.
3 Updates & Rebuttals
Fuhghedaboudit
Statesville,North Carolina,
U.S.A.
In Response to "Learn to Read the Fine Print"
#2Consumer Comment
Wed, July 16, 2008
You are correct that the "fine print" says that they can dp whatever they want. That doesn't make it right to bait consumers with an introductory rate and then raise it to a sinful 35%
Creditcrusader
Woodbine,Georgia,
U.S.A.
Learn to read the fine print
#3Consumer Suggestion
Tue, June 17, 2008
The same exact thing happened to me. Thing is... you need to go back and READ your original contract. They never guaranteed you a 7.99% interest rate. The deal was 0% for BALANCE TRANSFERS and then a 7.99% rate at the end of the promo period. It just so happened that in 2006 the base interest rate on PURCHASES started out at 7.99% whic is how they bait you to open the account. BUT... turn over the agreement and read the fine print. It says... VERY CLEARLY.... We can raise your interest rate at ANY TIME for ANY REASON. And they do just that...like clockwork, every 6 months. EVERYONE who has an Advanta card starts out at either 7.99% or 9.99% depending on which promotion you answer , and everyone has the same increases every few months until they jack you up to 34.99%. It's planned from the minute you accept the card and there is no way out of it and no matter if you pay over your limit, pay early, etc... it makes NO DIFFERENCE WHATSOEVER. Notice also that this company NEVER reports to any of the 3 credit reporting agencies either. Their entire mode of operation is to sucker consumers into transferring balances at super low rates and then get caught up in making purchases. Of course the payments you make go to paying off the low interest balance first and in the meantime you're still racking up charges because you're using your card for business purchases and getting suckered into the "rebate" gimmick. Face it... we're all just a bunch of dupes who don't know how to read a contract. Like they always say... if it sounds too good to be true... IT IS ! Unless we can PROVE false or deceptive advertising there is no case. I've already spoken w/a class action atty and also you only have a 1 yr statute of limitations from when you open your account to file a claim. I just closed my account and paid it off. When they asked why I was closing it I simply stated that I don't do business with thieves. :)
John
Califon,New Jersey,
U.S.A.
Im with ya
#4Consumer Comment
Tue, June 10, 2008
Tried to do the same to me 2 months ago. I told them to take a hike since 'there was nothing they could do'.
