Three years ago, I was issued an Advanta Small Business Card for my small Repair business. The original interest rate was 16.99% and I was happy with it. I did some purchases and on the maturity of my first installament. I received a call that my payment was late. I do all my payments electronically. I called Advanta and told them that My paymets are programmed to go on the 10th of every month for all my bills and wil therefore prefer them to schedule my monthly payment to be made on the 15th of every month. They accepted. However, in November of last year I got a rude awakening. I loked at my bill and my interest rate has been increased to 34.99%. I called Advanta Bank and they said there was nothing they could do and that moreover, i have been consistently late on my payment. My payemnt went in electronically ontime every month. WIth this hiogh interest rate, coupled with t he fact that one of my major clients just went out of business, I am not able to pay this card. Just the other day, I received a letter form Advanta Bank that if I paid $1600.00 They will reduce my interest rate to 16.99%. What type of Blackmail is this? They should have not raised my interest rate in the first place. Consumers beware!!
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