Advanta Bank Corporation
Unannounced Interest Increase fraud, interest rate, business card, unethical

I will just get in line behind the other 246 complaints. Two years ago this was the rated the best small business credit card, and it was a great card. I used it frequently for business and paid off what I put on and even transferred a balance due to the fixed 7.99% rate. How can a rate be fixed if it can change at anytime? My credit is good, I pay bills on time. I have two car payments a mortgage and two credit cards. I have never been late on a single one, ever. I read my december statement and out of nowhere I am apparantly paying 27. Xx% interest. I immediately called and cancelled the card. I was irritatted though so I called back and wanted to know the reason my rate changed and was told that I was deemed "high risk". If I deemed someone high risk the last thing I would do would be to make it harder for someone to make a payment! Anyhow, they claimed that they sent a notice that my rate was going to change and like many of the reports before mine, I did not get a notice or I would have immediately closed the account. They say that it was mailed and that is good enough for them. I have every statement from advanta along with the original brochure and application paperwork, I do not believe that a letter was ever sent. This is unethical and cannot be legal can it? Too many people did not recieve this letter and I think everyone should contact their Attorney General, if enough people speak up something will be done. Hopefully all these Advanta complaints will deter future victims.

Company: Advanta Bank Corporation
Country: USA
State: Utah
City: Salt Lake City
Address: Po Box 30715
Phone: 8007057255

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