I have had an account with Advanta for a long time with a 7.99% interest rate. They have just jumped my rate to 34.99% with no explaination.
I called and asked why it was jumped, as I have not had a late payment. I was told that their practices are confidential and therefore they could not give me that information.
I asked for a lower rate and after holding several minutes, the gentleman came back on the line and said no. I again asked why and he responded that he was not allowed to tell me.
This same basic senerio happened with Advanta several years ago. I paid off and closed the account.
The only reason I decided to give Advanta (for small business) a try again was that I heard they had changed their practices.
Apparently, they are great for a few years and then comes their Rip Off.
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