- Report: #324621
Complaint Review: ADVANTA - Salt Lake City Utah
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ADVANTA
PO Box 30715 Salt Lake City, Utah, U.S.A.
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ADVANTA INTEREST RATE FROM FIXED 7.9% TO 16.99% AND NEVER LATE WITH MORE THAN MINIMUM PAYMENTS! Utah Salt Lake City Utah
Opened credit card as advertised on brochure for 0% apr for 15 months and 7.99% thereafter. Advanta recently raised our rates to 16.99% for no apparent reason! NEVER made a late payment and ALWAYS made well more than minimum payments. Called them and asked for specific reason since we never made a late payment, etc. Stated they couldn't give me a reason.
Said the introductory rate was over. BEWARE FO THIS BAIT AND SWITCH CREDIT CARD COMPANY. Their written statement read:
...we understand it can be frustrating when changes are made to your account. However, in accordance with the terms and conditions of the Advanta Business Card Agreement, we periodically review our accounts and evaluate our cardholders. We look at a number of factors including your Advanta credit card usage, account payment and other history with us, as well as external credit data relating to both personal and business information...
Hope this helps anyone out there.
Boo
Marseilles, Illinois
U.S.A.
Said the introductory rate was over. BEWARE FO THIS BAIT AND SWITCH CREDIT CARD COMPANY. Their written statement read:
...we understand it can be frustrating when changes are made to your account. However, in accordance with the terms and conditions of the Advanta Business Card Agreement, we periodically review our accounts and evaluate our cardholders. We look at a number of factors including your Advanta credit card usage, account payment and other history with us, as well as external credit data relating to both personal and business information...
Hope this helps anyone out there.
Boo
Marseilles, Illinois
U.S.A.
1 Updates & Rebuttals
Boo
Marseilles,Illinois,
U.S.A.
ADVANTA RAISED RATE UP OVER 31.74%!!!! VERY TRICKY WAY!
#2Author of original report
Fri, April 25, 2008
Just to update you on ADVANTA and their TRICKY WAYS. After getting a confirmation letter that they decreased our rate to 13.99% from 16.99%, within 10 days rec'd another letter from President Moore. It looked like a flyer letter in the mail advertising DHL shipping and stuff. Being burned before by them and not "gun shy," I turned it over to read the very, very fine print. Rate for purchases up to variable plus 31.74%!!! No bold print by the way and very deceptive in my opinion when reflecting this rate on the back! They hope people will not notice. More money for them! I called Advanta to clarify the recent conflict in rates and was told after a couple of phone calls, it probably will go up to this May 1st. I will try to post this letter for others to see so we can be one step ahead of their tricks. I almost threw out this letter as it was very plain. Another trick they have up their sleeves. Anyway, I have reported this company to Subcommittee of Investigations in Washington D.C. Write to your local representative on this also. Also contact your Senator or Senator Carl Levin's office, you can just google to get the info. If enought of us complain, they will have to do something. Please remember by law they have to at least give you 14 days notice from what I was told by the supervisor there. Read every piece of mail! They do not have to confirm it's receipt! Another problem with the system! Write for reform and changes to protect us all! The credit card industry is partially responsible for our failing economy and putting people under! Also, Advanta was one time in trouble before I think for changing rates. Just google: class actions Advanta.
