I received Advanta's letter the other day offering me the choice to either close the account or pay 37% interest on new charges 45 days retroactively effective Jan. 19. Are the people making these decisions at Advanta out of their minds?
I never missed a payment, was never late on a payment, always paid 3x the minimum required payment, never went over limit and I have a high FICO score to boot. Originally I went with Advanta for their attractive and fair 7.99% rate.interest rates have fallen radically since then yet this company is deliberately attempting to take advantage of Americans before Congress' new regulations to curb these renegade loan shark credit card companies go into effect in (a day late and a dollar short).
So this is how Advanta treats their banking customers who have never exceeded their credit limit nor ever missed or been late on a payment?
Sounds to me like upper management is trying to cover their mistakes by sticking it to whoever will agree to such completely ridiculous terms. Also sounds like upper management will be in the unemployment line soon, the Advanta ship is obviously sinking if they've already sunk this low.
Usury (pronounced /'ju??? Ri/, comes from the Medieval Latin usuria, "interest" or "excessive interest", from the Latin usura "interest") originally meant the charging of interest on loans. The word means the charging of unreasonable or relatively high rates of interest.
Is this organization controlled by organized crime? I don't see he difference.
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