Advanta
Greedy and manipulative

After years of paying full balances every month and maintaining a superlative credit rating, Advanta started playing games. First, the payment reminders showed an account balance amount (implying that this higher amount was the amount due) rather than a balance due amount (if you make the mistake, they won't refund the difference, just credit a month later. They get your float).

Finance rates have been jacked up to 29.99% although our payment history, purchasing patterns, and credit status are unchanged. We never carry a balance so finance rates don't affect us, but the fact that Advanta does this is repugnant.

Grace periods have been reduced and unless A/P issues payment within 3 or 4 days, payments will be late and the sky-high finance rate kicks in. No other vendor we use imposes such ludicrous terms.

Advanta's pat answer (from their overseas support rep) was that they had jacked the rate because they had determined that we were more likely to default than previously. I asked them what this was based on, and there was no answer (of course).

We recently canceled Advanta and went to another CC company and they were delighted to have us and provide a 9.7% non-introductory rate, even though they didn't have the years of spotless payment history that Advanta could review. W

Bottom line, these people are greedy morons. Anyone with decent credit can (and should) do far better elsewhere, and jacking up rates on marginal customers makes their default more likely.

There's a banking law in Congress that will stop a lot of this. It just barely made it out of committee because the big banks hate and are pressuring hard. Start screaming at your legislators to get this bill passed. This is happening right now. April

Company: Advanta
Country: USA
State: Utah
City: Salt Lake City
Site: advanta.com

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