I have been an Advanta small business card user since 2006 and had been paying 7.99 'fixed' interest on my balance. I have never been late, missed a payment or been over-limit. My credit scores are above 800 and I am offered credit on a regular basis.
When I noticed that my rate had soared to 25.08%, I assumed that some sort of mistake had been made. I called the company and was told that They had increased my rate based on a number of factors including the present state of the economy and that I was considered a risk to default. Well. I am now!
I called 2 more times and spoke with supervisors who confirmed that I would not be able to qualify for a lower rate and offered no better explanation as to why.
Then I googled 'Advanta 7.99-25' and discovered that I am not alone!
One of the "supervisors" told me that in Utah there is either "no limit or maybe it's 39%" interest that is the maximum that can be charged!
Surely this kind of consumer gouging can't be legal... I am hoping that we can stand up to this deception an initiate a class action suit!!
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