As reports before the same situation has occurred for us.
We are a small business that has been using the Advanta biz ccard for nearly 3 years now. We have an amazing payment status. Our new July statement shows a finance charge of nearly $55. Our balance is only about $2500. I thought no way! I contacted Advanta and pulled out our old statements from the filing cabinet. Sure enough there was A SUPRISE INTEREST RATE change. Our interest rate went from (JUNE 08 statement) 7.99 to 19.99???
I thought to myself there is absolutely no way did we deserve this.
I contacted their customer care department and spoke to a general rep. He was baffled and clueless, telling me i could close my biz account???
I told him i didn't want to close our account i wanted to have my interest rate back. He transferred me to a "supervisor" her name is Irene id # 7822. She was less helpful than he was. She told me and i hope all of you are aware of this that in order to get my old interest rate back i have to fax a letter stating i'm going to CLOSE my account at the OLD TERMS. Fax to 800-352-4738. This means my account with Advanta will be closed but i will get a credit for the interest rate change. THIS FAX NEEDS to be received by JULY 1st 2008.
So, i further questioned Irene and Advanta's Business ethics. I asked her why this is happening... She said it's because of the Economy. I said so we're in good standing and great credit card holders and in order to increase your business you are just going to DRIVE us and those that are responsible AWAY???
She didn't respond and i realized as i told her how ridiculous this is that her and Advanta aren't So PROUD of their actions enough to acknowledge that they are truly screwing a lot of people.
To my knowledge as well we did not receive any "letter" opting out of a rate change???
Who want's a rate change???
Idiocracy!
So, at this point i will Transfer our Balance to Discover Card, where at least they have more card designs with balance transfer rates of 4.9%apr and 1.9%apr.
So maybe a class action suit would be nice!
Or maybe everyone should jump on the bandwagon and leave ADVANTA.
If e'one left ADVANTA then maybe they will see how ridiculous their SUPRISE rate increase actions are!
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