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

Business & Finance

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.


Company: Advanta Bank Corp
Country: USA
State: Utah
City: Salt Lake City
Address: P.O. BOX 30715
Phone: 8007057255
  <     >  

RELATED COMPLAINTS

Advanta Bank Corporation
Increased credit card interest rate by over 300% without justification or adequate notice

Advanta Credit Card Company
Arbitrary interest rate increase from 7% to 31% for NO REASON

Advanta
Tripled Interest rate for no reason

Advanta Bank Corporation
Advanta Bank Corporation engages in abusive, predatory, "bait and switch" tactics

Providian Credit Card - Washington Mutual
Providian Credit Card Interest Rate Raised Without Notice high interest rate

Providian Credit Card - Washington Mutual
Providian Credit Card Interest Rate Raised Without Notice high interest rate

Bank of America
Credit Card Rate Raised to Over 19 Percent Despite On Time Payments

JPMorgan Chase And Company
Interest rate raised from 9.9% to 29.9% despite perfect record