Advanta Rip Off
San Francisco,#2Author of original report
Wed, October 08, 2008
Dear Mr. Xxxxxxxxxx, Thank you for contacting us about the terms of your Advanta account. Your Advanta rates are based on a variety of factors including information about your Advanta account, such as credit line utilization and payment history and information we obtain from credit bureaus about your personal and business credit. The information we obtain from the credit bureaus can include your activity on any other accounts you may have including mortgages and other credit cards. As a result of our review, your Annual Percentage Rate is now LIBOR + 32.59, currently 36.310%, for purchases and balance transfers. The cash and convenience check rate is now LIBOR + 32.59, currently 36.310%. Our lending criteria are more conservative and may differ from other financial institutions. These changes do not mean you have bad credit. It means that based on our criteria, this is the APR (interest rate) we are able to offer for you to obtain credit from us with your business card account. If you are having difficulty making your payments due to your interest rate please contact the National Foundation of Credit Counselors (NFCC) at 1-800-388-2227. We appreciate the opportunity to serve you and your business needs. If you have any other questions or concerns, please feel free to contact our Customer Service Center. You can visit us online 24 hours a day at www.advanta.com or call us toll free at (800) 705-7255, Monday - Friday 8:00 am to 8:00 pm and Saturday 8:00 am to 5:00 pm Eastern Time. Deborah Williams Account Manager Advanta
Ken
Randolph,#3Consumer Comment
Fri, October 03, 2008
Find a new card provider. Beyond that, frankly, I couldn't make a great deal of sense out of this post. But at least the solution is obvious.