I have been a card holder with advanta small business card for the past 2 years. I did a balance transfer to consolidate my other cards with higher interetst rates.
I've Always paid ontime and making more than the minimum payment.
This past December I decided to use the card to purchase some equipment for my business. The interest rate was then 10.99% on purchases.in March my interest rate rose to 15.99% then jumped to 18.74% in April. Before I knew it on my May statement they rose the rate to $31.99%!!! No notice was given whatsoever!
When I called Advanta to ask why the interest increase the customer service rep. Acted baffled because he couldn't give a reason, he told me my account was in good standing and that rates are just going up.
I talked to his supervisor and was told I had the option to close the account at the 18.74% it was in April or she could lower it to 25.74%! I took that as in insult.
I asked the supervisor what happened to my 10.99% and she said that the company is just raising the rates and there was nothing else that could be done. So I closed the account.
I would suggest that anyone who has an advanta card to check your interest rate and close the account freezing the rate so they don't take advanta-ge of you!
It's a crime commonly called robbery that companines like advanta can just raise the interest rates on customer's in good standing that pay on time and more than the minimum.
The government is long overdue in working on this. I agree with one of the other victims of advanta... Anyone for a class action lawsuit...
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