Hello I am a small business owner and I opened up an account with Advanta bank in 2006 and made a balance transfer on their introductory rate of 0% apr for 15 months. I made my payments on time and never went over the limit, I even several payments a month, as you can make up to 4 payments a month on the internet. Their website advertises 0% for15 months and then 7.99% fixed thereafter on balace transfers. For purchases it advertises prime 2.00% which according to the website it states (7.99% as of July). Every month I have continued to pay my bill on time, never letting the card go over the limit, I have been on time with all of my bills and have an excellent credit score of 789. They recently sent me another promotion for a balance transfer of a fixed rate of 0% once again for 12 months.
Which I made a transfer in the spring of 08. Then on September 1st for no reason and without any notice advanta decided to raise my rate to to 26.31% without any notice. I called and emailed them and they sai my rate was raised on Libor 22.99% and I asked them if the could give me an explanation and they said that I was considered high risk. I could not understand, my credit is excellent, I have never been late, I have never been over the limit, my credit score is high, I am on time with all of my bills. I asked to talk to a supervisor instead of some offshore customer service rep that barely spoke English and they said supervisors do not speak to customers. But they would leave a message to have one call me back.in two months I have been charge almost $1000 in interest. I asked them to credit me the finance charges and they said could not. I then said can you at least re-evaluate and give me a specific answer as too why I am at high risk, and they said they were unable to tell me that as it was confidential.
I don't understand this. I see they are doing this too many of their good customers. It seems as if they have become greedy and trick the good customers to transfer balances fooling them it will be at a low or 0 rate and then quadruple the rate when they are not looking. This seems to be a scam. Each time I called and asked to speak with someone about lowering the interest rate I was told by the operator could not offer a lower rate at that time. BUT I was welcome to call back in 90 DAYS to ask for a lower rate again. When I told her that was not acceptable she offered to have me talk to a supervisor. One would call me. No supervisor ever called and their is no supervisor available to speak with me. This is the type of things that are hurting our economy and small businesses. We trust an institution and then they try to suck as much money out of good customers. They actually punish the good customers. It is what causes companies to have to default. I think something needs to be done.
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