Complaint / Review
Advanta Bank Corp
After 4 yrs use of credit card at 7.99%, got an interest rate increase to 25%, No Notice, No Explanation

The company increased my business credit card interest rate over 300% without notice and without any reasonable explanation as to why?

I called to find out why. I was told that the initial credit card terms which I accepted (for me, it was issued 4 yrs ago and I could not find), gives them the right to change the rate, without notification.

Reason given was my account balance was $1,000 higher than last year (still well below my credit limit) and I had one late payment. I asked for a wrttten explanation, which I have yet to receive.

I have Fico Credit score in the low 800's, an outstanding credit card balance that amounts to only 15% of the total credit limit on my card.

I think this increase is at the least, Outrageous! And a perfect example of a "predatory lending" practice, particularly in the recessionary downturn in our present Economy.

I plan on filing a complaint with my congressman and also writing a letter to the Los Angeles Times for publication. I'd be happy to join in with others in filing a law suit - if there is a legal basis for doing so.