I have been a customer for over 2 years of Advanta, carrying their "Platinum" business cards with a "Fixed" 6.9% interest rate. This changed today. (Wait for it!) Now we all know that banks are in the business of bait and switch, but this is one for the ages.in extremely fine print, the notice told me my new rate was 32% the Libor! Did I miss a payment? No. Never. Over my limit. Not hardly. No, this was not a penalty rate - this was MY BASE RATE! The penalty rate would be 29 points additional! Stay away from Advanta!
I am not so naive as to think any bank is my buddy, but trying to slip that past means they are haing problems. I went to the Investors website and the stock is falling, and stories like mine are rampant.
All I am saying is protect yourself - watch these guys and put as much distance between your pockets and their greedy little hands.
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