Complaint / Review
Advanta Bank
Interest Rate raised on customer who was not late and still has high credit scores

I have been a customer of Advanta for several years. I still have high credit scores and I have not been late on any payments on a credit card with Advanta. Recently, Advanta raised the rate to 27.18%. I called and inquired why they did it and I got an answer that I was now considered a high risk. I accelerated my payments and canceled the card. After paying several thousand on the card, I asked them to reconsider their actions but I was told that I was still considered a high risk and therefore, they were still going to charge the high rate.

I feel this is wrong of the bank to jack someone's rate to 27.18% for reasons that are general. They could not state specifically why they did it.