I own a small business and have an Advanta credit card. I havnt used the card in sometime and have been paying down the balance on time. Ive never been late and always pay with a scheduled pay thru their system that way i am guaranteed the payment is always there on time. I checked my new statement and noticed interest rate jumped to 30.04%!!! Went and checked last month and low and behold same thing, how stupid of me to not notice it, this is for the periods ending august and september '08 with current payment due october.
I wrote the company thru their secure message system and have yet to get a response back after the 2 day notification time as they state. My first message was simple, Hi, why have my rates increased to over 30%, please respond so i can take proper action upon reply. No reply, second message was simpler, Hi why have my rates been raised to over 30%, thanks.
I have never ever ever received a rate increase notification not thru the mail or thru their message notification system. Somethings not right that i will say, anyone demanding that amount of interest is loan sharking imho. They offer a rate of 7.99% right on their page, i wonder if thats a lure you in rate then they slam the whammy on the unknowing.
If i dont receive a reply in the next day or 2 and a rate reduction back to my normal rate then i will be transfering my balance to another company thats for sure! This has nothing to do with the current state of affairs and the credit crunch as many claim it does.
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