I have had an identical experience with my Advanta small business Platinum card as have the others posting on this site. I too was under the impression the 7.99% rate was for the life of the balance until paid in full. I too had the cash advance rate jump to 19.99%. I too called to complain and got the same script read to me that stated I was mailed a letter (which, I too did not recieve) and that nothing could be done to lower the rate. My August bill had a rate of 20.39% across the board.
Like the other posters to this site I and my company have great credit. We all accepted Advanta's constant offers of low rate credit. Their decision to jack up the rates on small businesses is shameful. Especially in this economy. Small businesses are the backbone if this country. One can only assume they are in a severe financial crunch and this is their only solution to infuse some cash.
As a real estate broker of 20 years I know how to read contracts and I open my mail. Advanta never sent out a letter outlining my choices or explaining any rate increase and the reason for any said increases. Like the rest of you I will simply pay my account in full in the next few days and cut up the card.
One wonders if the decision makers at Advanta thought of the long term effects this will have on their company.
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