I received my Advanta statement today, to discover that my interest rates had tripled. After doing my due diligence (talking to three people - two in management), I was informed that in spite of the fact that I had a perfect payment record, and a credit score of 780, I was still subject to the increase in interest rates.
I immediately closed my account, and have just written a check for $12,000.00 t0 pay off my card. Too bad for Advanta. Had my rates remained at the previous levels, there is no doubt that over the next few years, I would have charged tens, if not hundreds of thousands of dollars.instead they are stuck with one lump payment and no more, ever again.
For those of you experiencing the same raping I just did, I urge you to send registered letters to your Congressman, to your Attorney General, and a copy to Dennis Alter, CEO, Advanta Bank Corp., Welsh & McKean Roads, P.O. Box 844, Spring House, Pennsylvania 19477-0844. Urge your Congressman and Attorney General to look into this. Furthermore, there are already a couple of attorney's in the process of garnering information that will allow them to file a class action law suit. Get you name and circumstances to them.
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