I have been a customer of Advanta Business Cards for about 4 years now. At first the interest rates were 9.9% and over time they increased to 15%, last month I was at about 25% and I just got my statement today and it's at 30%. I closed my account last month with the intention of paying off my balance in the next few months. I have called numerous times asking why my APR was so high and they couldn't give me an answer.
I have never missed a payment with them or any other creditor. My credit score is almost perfect, so having an interest rate well in to the 20s is absurd. Today I called and asked why it's now at 30% and the guy could not tell me anything. He said well, if you wouldn't have closed your account I could have adjusted your rate, but now I cannot. I called him on this saying that why before I called when my account was open and they couldn't change anything. I asked if they just have the liberty to raise rates to whatever they choose and the guy basically said yes. He would not allow me to speak with his supervisor. How can we pay off this debt if they continue to raise their interest rate.
I have given them $2000 in one month and they raised my APR 5%. That is ridiculous. I am not putting up with this. I am contacting everyone and going to do everything I can to make this company realize they cannot do this. I am still in my 20s and have a lot to learn about what it is I can do so I appreciate any advice. If any of you are even considering doing business with Advanta Bank Corp., please don't. Read all the complaints and you will see that you are making the biggest mistake of your life. Even if they claim to offer the best deal. I also failed to mention that during this interest rate increase, they continued to raise my credit limit. Ridiculous!
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