Complaint / Review
Advanta Business Cards
Tripled interest rate without cause

I received a small business credit card offer from Advanta with a 12% APR offer.interest was a little high but as a new business I accepted the offer.

I have had the account for approx. 2 years never a late payment always paid twice the minimum payment. Advanta increased my APR to 34.99 % without notification.

I called and the only explanation they could give me was the economy was bad and that may me a higher risk. "account manager" claimed to have mailed me a letter in May stating that the rate was increased. I never received such a letter. I requested to close the account and pay off balance at original rate, they stated that I was "outside the window of oppurtunity" to do that.

I was never given the notice or "window of oppurtunity". No one in there right mind would agree to a 34.99 % APR.

I am contacting the Florida Attorney Generals Office as well as the FDIC. I am also awaiting a call back from an attorney in Texas that is working on starting a new class action suit.