Advanta Bank Corp offered me a business card with a 7.99% annual interest rate. I applied and got a card with a $12,500 credit limit. I opened a store-front retail business and used the card for many of my purchases. I ran monthly bills as high as $7,500 which I always paid in full when I got my statement. Last month I got a statement of $4,032.25 of which I paid $3,932.25 leaving a balance of $100. None of the charges I made was of the cash advance category.
So this month I got my statement that had a $36 finance charge. I called Advanta's customer support to inquire about the charge. Advanta's employee told me that by leaving a $100 balance on my credit card made me liable to pay interest on the full amount including the new charges that I made after the statement.
To end my association with such bloodsucking firm I asked for a total payoff so I can throw my advanta card in the trash where it belongs. She added another $12 in interest to the total and told me she is going to close my account as i requested. I want the people to know that they may think they are going to pay 7.99% on the money they owe but they end up paying 7.99% inerest on the money they already paid. Is this legal? Why do our courts and politicians allow the theft of US citizens by these huge corporations?
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