If one looks on the Internet one finds that my story is similar to hundreds, probably thousands, of other small business owners who fell for the advertising solicitations that Advanta Corporation sent to small business owners in 2007. The brochures sent advertised boldly that the business was qualified for a high limit Business MasterCard which had cash backs on purchases made with the card, and an introductory interest rate of 0% for 18 months on balance transfers. It also stated boldly on the outside of envelope and high quality brochure within that following the 18 month introductory 0% rate the rate would change to a fixed rate of 7.99%. From the very first month however, they conveniently never get that first payment and start raising rates. The only purchase I made was a balance transfer, and despite having having been late on payment once in three years (due to problems with their website) my interest rate was raised to 37% and a $12,000 balance had monthly interest financial charges of $500.00. The company call center in India will do nothing about this if you complain except to tell you to pay off your entire account balance, which is difficult to do in today's financial business climate. The website has about 800 complaints from Advanta customers—small business owners—from across the country who have stories similar to mine.
John
Santa Monica, California
U.S.A.
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