Advanta-never late with a payment and still did a bait and switch!

My husband's Advanta credit card went from an advertised "7.9% fixed thereafter" rate to 13.99%. Called and I said we were never late so why?

Stated reasons are "propriatary." They confirmed we were never late and always paid well over the minimum so why? Still would not give reason. BEWARE OF THIS COLD-HEARTED COMPANY CALLED ADVANTA!

It's time for all of us consumers to take action and write to the regulating branches and to our representatives about their tactics. We need to demand they are held to not only legal standards but to morally right and fair standards!

Comments (7)

1. Written by :I, on 22-10-2008 08:12 Please submit all your complaints to the FDIC Credit Card Center, 2345 Grand Boulevard, Suite 100, Kansa City, MO 64108. They are the regulator for Advanta. what they are doing is called bait and switch. Remember Cross Country credit card scam, it is very similar practice in regards of interest rate. dec458, I can't get through your email link. Report

2. Written by dec458, on 11-10-2008 20:37 I have an attorney in NY working on filing a class action lawsuit against Advanta for doing the same thing to him. Please add this together for my e-mail (dec458+@+msn.com) and send me your e-mail or contact info. and I will pass it along to him. He's looking for members to participate. Report

3. Written by Douglas Carpenter, on 30-09-2008 15:53 I have had this same problem. I have carried a balance and paid Advanta 2% with about a 10.5% rate. I was never late for years. I ended up a few days late in August due to illness and they jacked my rate to 29.99% and minimum payment to about 4%. They claimed they sent me a notice on 8/13 and myself, like many of you, never received it. I have just begun the fight against this injustice. Report

4. Written by Pissed Off as well, on 30-08-2008 04:19 I carried this card for at least 4 years and had a 7.9% rate. All of a sudden I get my statement and they went to 20.39% over night. I have never been late. I called them and they would night even talk to me about any reduction. They have lost my business. I called my employees and had them shred the card immediately. Report

5. Written by ADVANTA FALSE ADVERTISING, on 13-08-2008 18:14 I OBTAIN MY ADVANTA AT THE PROMISE OF O% INTRODUCTORY OFFER FOR 15 MONTHS THE 7.99% FIXED APR THEREAFTER AND IN THE ADD NO STATEMENT THAT 7.99% WAS ONLY TO BALANCE TRANSFERS. IN DECEMBER 2007 MY INTEREST WENT TO 16.74% AND I DID NOT RESEARCH THIS I JUST FIGURED IT WAS TIME BUT DID NOT REALIZE MY PRIOR INFO SHOWED FIXED. THEN TODAY 08/13/2008 MY STATEMENT SHOWS MY INTEREST AT 35.39 % AND I HAD RECEIVED NO PRIOR NOTICE. I CALLED AND WAS TOLD THAT MY CREDIT WAS THE SAME IF NOT BETTER THAN WHEN I STARTED WITH THEM. ALSO THAT I WAS NEVER LATE AND NEVER OVER WITH THEM OR ANYONE. BUT THE REASON IT WENT UP IN DECEMBER IS I HAD PAID OFF THE BALANCE TRANSFER AND THESE WERE NEW MONIES. AND NOW IT IS DUE TO THE ECONOMY AND A PERSON LIKE ME WILL LIKELY DEFAULT SO THEY ARE RAISING THE INTEREST. I TOLD THEM THAT IF ANYONE GETS AND INTEREST RATE OF 35% THEY WILL DEFAULT. THEY OFFERED TO REVIEW IT IN 6 MONTHS OR A YEAR TO REDUCE THE INTEREST RATE. I WOULD PAY $3000 IN INTEREST PROBABLY ALONE IN 6 MONTHS. THIS IS THE GOT-CHA. GOOD LUCK TO ANYONE THAT HAS THIS COMPANY. Report

6. Written by Credit Newbie, on 01-06-2008 03:46 What I've been hearing around the web is that people who carry a balance each month are the ones being hit with the higher rates. I don't know if that's true or not, but i makes me wary of anyone. I've also heard that you can cancel your card and reapply for the 2.99 BT for life and 7.99/0%BT for 15 months, but your credit line will be 2500 or less.    Did you always carry a balance, or was it across the board? I'm also glad to hear that they actually 'lowered' your rate. I've heard horror stories of people getting their rates jacked even higher after calling. Report

7. Written by runningbull1, on 15-04-2008 17:33 Just to set the record straight, the initial increase was to 16.99% from 7.9% and they lowered it to 13.99% after I complained. Sorry for the mistake. Report

Comments on Advanta-never late with a payment and still did a bait and switch!
Consumer Forum is another great place to discuss consumer concerns NOT RELATED to this article.
Name:
Comment:
Code:*
	I wish to be contacted by email regarding additional comments