My experience was the same as many others who have reported on this site. I applied for Advanta Corporate Mastercard with a fixed rate of 7.99
After I had the card for about a year my company experienced tight cash flow last February and when Advanta sent me an offer of cash advance checks at the same rate as purchases 7.99 % until the balance was paid
I thought that was a good rate even with the cash advance fee. Nothing was said in the offer that the rate could be increased ther than for late payment or exceeding my credit limit neither of which happened.
After about three months at 7.99% I receive a statement with an interest rate of 29.99%. Like every one else, I called customer service to ask why and was told that they could review my credit record and change my rate at any time I said I didn't think that was legal because their offer guaranteed a rare of 7.99% until the balance was paid unless I was late or exceeded my credit
limit which I had not. I also said that this was very dishonest on their part and I would be contacting my congressman, attorney, and any regulatory agencies that could help. I also sent the Advanta President a letter voicing my anger as his name appeared on the solicitation offer I responded to.
What this bank needs is a very large class action law suit to get their attention that this is deceptive, dishonest, unethical and should be illegal.
My congressional office did request an explanation from the FDIC. I suggest others who have had this experience contact their congressional office and the legislators who serve on th banking and credit regulatory committees
and also The Federal Deposit Insurance Company and any other agency that regulate banks.
Is anyone out there interested in a class action law suit? That is what is needed to bring this arrogant bank and it's president into reality. These
practices could put many small businesses out of business. Fortunately, I was able to pay off our $27,000 balance and close our account the day my statement arrived. Again, if anyone is interested in a class action law uit let me know. There are probably thousands of people and companies who had been defrauded by this bank. Of course the attorney gets most of the money in a class action but I am more interested in justice than a big settlement.
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