Advanta sent us a notice (11/07) that our interest rate on purchases was being raised from 8.6% to 12.99%. Last week (3/14/08) we received another notice of rate increase - this time from 12.99% to 31.99%!
We have incurred no new debt, have never made a late payment to any creditor - and we deserve this rate - why? Just like so many of their peers (Bank of America et al) Advanta is raising rates - because they can!
We also have a balance transfer rate of 7.99 fixed - and this rate has not been increased (yet!) - but as we have "opted out" of their generous 31.99% for purchases, so we'll see if they try any funny business on our fixed rate balance.
This is just one more example of credit card companies greedy, usurious practices.
Of course we expect to pay them for the use of their money (but a fair rate). Obviously, two increases in less than 4 months is outrageous and greedy.
It is time to stand up against these practices. Everyone should get in touch with their House of Rep. State rep - support H.R. 5244, The Credit Cardholders' Bill of Rights Act of 2008.
E-mail your rep today!
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