I read a recent report from a consumer who was complaining about Advanta raising their interest rate from 7% to 24%. We've had an Advanta Business credit card for 10 years, and within the last 5 years it's gone from 17% to 36%!! I had the same conversation as the last report... Transfer after transfer to someone higher up the chain... With the same results, sorry can't do anything. They say it's because of "Advanta's criteria" but I pointed out to the last manager that we have another Advanta card with a 19% intererst rate, so how could that be? They also suggested I write their president John Moore, which I will do, but I also emailed my local representative of congress.
If you have a similar situation with Advanta or any other credit card company, please let your local congressman or state senator know. There is legislation in Congress that is attacking these practices and we have to let them know that while making a profit is fine, it shouldn't be done on the people's expense!
0 comments