I have had an Advanta Card since I think. I was paying 7.99% intrest. I had a spotless payment record.
I was out of town on summer vacation when the "Infamous" Advanta letter came stating that in less than a month I would have to opt out of my account or pay the rest of the balance at the higher 30 per cent interest rate. My bad for not opening all mail the DAY I got back.interesting timing, sending the notifications when many Americans are out of town.
I called Advanta THREE times and heard the same "canned" talk I see reprinted here in these other reports about this company. NO real reasonable explaination, just a lot of double talk about "a variety of criteria" no Advanta employee would discuss. I called back two more times because I basically could not believe my ears!
I then called my other credit card companies to see if I indeed had a credit blemish. I did not. One card company had even recently lowered my rate. All my other cards still have interest rates in the single digits as of today Sept 4.in the course of checking on the interest rates of all my other cards I was offered very advantageous rates to move balances or just take a 10,000 cash advance... And who knows when those rates could bump.
I agree with one of the previous postings: open all mail PROMPTLY and keep all bulletins from the card companies... Buyer (and card holder) beware.
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