Our small business has a $13,000 balance on our Advanta card... We have excellent credit and have no late payments. Last March I had a problem with my online banking and my payment to Advanta ended up being 4 days late. I called and was assured that this was okay this once and wouldn't affect my credit. I DOUBLED my payment that month because I felt so bad about the mishap.
Fast forward 6 months later and my interest rate suddenly jumps to 36%! I was completely shocked. I called and pleaded with customer service to put it back but was told I'd be "elgible to apply for a lower interest rate in 3 months." They said it was primarily because of my 4 day late payment in March.
I understand that they make the rules and I agreed to them but I never expected them to do this. I was so disappointed in this company that I've been a loyal customer to for years. I immediately transferred my balance to a card with a lifetime 3.9% rate.
This disturbed me, too, because I realized how much these companies control our finances. They can take us to the cleaners at a moments notice. Shame on you, Advanta!
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