Obviously in financial distress, Advanta is completely screwing over all of its loyal customers by jacking up their interest rates to absurd levels. From 7.99% to over 25% in a day, they say it's because of "various reasons".
I've never had a late payment, very high credit scores, never been over the credit limit... in fact, they had just RAISED it!
You can call and complain, they don't care. They "say" they mailed me a notice of the increase on 8/13... And yet they began charging this new crazy interest rate before the billing cycle ended, less than two weeks later. Of course, I have no notice to speak of. Obviously there's some serious restructuring going on, and they are desperate to trim down exposure as they move towards financial failure, my guess.
So be it. Advanta should not be any intelligent business man's choice now. Which is a shame, as they were a smaller, less significant company that succeeded by being savy and more customer oriented than most of the large credit card issuers.
Now they've taken a giant step towards insignificance and obscurity by doing something even worse than the large credit card companies would consider.
What a huge PR nightmare... The fallout will be tremendous.
Cancel your cards and move on to BofA, Citibank, Chase, etc. They may be bigger and less personal, but at least they aren't two faced and amateur like this small Utah-based (read, unregulated) card issuer!
Google it... It's everywhere!
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