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.
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