I was ripped off twice today. At around 4AM this morning, someone broke through a plate glass door of our store and stole cash and equipment. Later this afternoon, when I got my Advanta statement, I was ripped off the second time.
Advanta Platinum card for small business seemed like a great idea when our store was in it's start-up phase in late 2006. The initial rate was 0% for 12 months, then a standard 7.99% rate. This was the highest rate I had ever paid, but since it was to get our new business credit established, we went with it.
Everything was fine for the first 15 months or so, then my rate was hiked way up to 16.99% in January and when I got my current statement, it was at 34.99%!! (YES, THAT'S 34.99%!!!)
That means that I made a minimum payment of $450.00 last month, but I had interest of $428.50!!
I called to speak to a representative. I knew that there had to be a mistake. Lakeea (#2-122) informed me that there was no particular reason for the increase. I had made on-time payments, made more than the minimum payments most times. I asked if this is how Advanta rewarded thier customers in good standing. She said she really had no answer to that. She then told me that part of my problem could be solved by closing my account and Advanta would knock my rate down to 25.99%! She agreed with me that basically what her company was doing was getting small business consumers to get credit, then increasing thier rates for no reason other than they had the power to do so.
She then put me in contact with Travis (#TD1) He told me that I still could have my husband fax an agreement to Advanta to get a rate of 16.99% back! I insisted on the 7.99% original offered rate. He said there was nothing I could do or could have done to maintain that rate. He agreed with the first rep, that the company was basically luring people in to rip them off once they were stuck. I told him that I didn't know how he slept at night, knowing that he was working for a company like this. Then I told him that since he sounded like a young guy, he still had time to change his career path, and not work for a bunch of crooks!
We are very dissapointed and angry with this company! PLEASE do not let them fool you. My husband and I are honest, hard working people with a dream of having a business to pass on to our children one day. I am also a schoolteacher, and it's sad to think that anyone would have the nerve to rip-off a school teacher!
ADVANTA BANK CORP should have consumers start a CLASS ACTION SUIT!
P.S. It cost me 3%, but I tranferred EVERY LAST PENNY off of that Advanta Card as soon as I got off the phone! I will never do business with them again!!
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