I am a small business owner which received an Advanta Bank business credit card with a 0% introductory rate and 7.99% after 12 months. I have paid my bill on time, I have never been late, and I have only used 45% of the available credit. Advanta bank raised my interest rate to 27.18% with cash advance rate of 37.18%. I contacted customer service and they informed me that I am a high risk customer and the current economic conditions calls for this action. I stated that my payment history with them has been outstanding and my credit score is 730. However, they would not change and I requested a supervisor. A supervisor called me back and stated the same information as the customer service and he was very rude. I requested and the complaint department and their address in order to put my complaint into writing.
I wrote my complaint letter and mailed on 10/06 certified mail. I received my delivery confirmation which confirmed that they signed for the letter on 10/09. I contacted the office on 11/10 because I had not received a response to my letter and the supervisor stated that a letter was mailed out on 11/05. Once again I informed the supervisor about my current situation and she replied that a lower interest rate is not available for me, however, I could opt out of the interest rate change to the higher rates of 27.18% if I allowed them to close my account. If they closed my account they would reduce my interest back to 7.99% and credit back the finance charges at 27.18% and I must submit a letter by fax no later than 11/15. The letter from Advanta also arrived on 11/10 with the same proposal. I told the supervisor that her company is using strong-arm tactics to get me to either cancel the card or charge me such high rates that I will not use my card so they can makeup for their financial troubles by charging good customers extremely high and unfair interest. Also if a lower rate is not available, how can you offer me a lower rate if I allow you to close the account. I will not except these terms and I am going to file a report to the FDIC as well as congress. This company should be put out of business.
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