I originally accepted this card with a life interest rate of 7.99 percent. Since accepting my card March Advanta has increased my interest rate to 30.09%.
I have a 835 (thats correct) personal score and my business has a paydex score of 89. I've never missed a payment or have I ever paid late, have always paid more than the minimum due and days before the due date, yet they raised my rate based on current market conditions.
I immediately paid off my balance in full for the month $33K. The next month I received a bill for $219.41 in finance charges for a zero balance.
This has to be one of the most deceptive businesses I've ever run across. Though I'd never had any problems with this company prior I can only imagine that their reasons for this are pure greed and their attempt to obtain as much money as possible for the execs golden chute.
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