I, like the others, never received the claimed snail mail notice. I did send an e-mail indicating that my "payment did not indicate an acceptance of the 26.59% APR and that this payment is being made under protest."
I sent a website e-mail (I wanted to keep a paper trail) questioning the increase and received a same day response in typical form letter."... We use various factors in determining an increase in your interest rate. These factors reflect an increased risk..."
OK... If there is an "increased risk" why would the bank not close down the credit line?
(The bank is fully aware that most of us don't have $15,000, in my case, just laying around and are more then happy to extort the higher rate.)
When I called Advanta and asked "what factors?" I was informed that the factors are "proprietary" and can't be released. I indicated that without knowing that information how can I dispute what might be erroneous information?
That stumped them. I am now seeking a class-action attorney as, I'm sure the FDIC isn't going to leap into action.
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