Advanta Bank Credit Card Complaint
Advanta Interest Rate Ripoff - Small Business Credit Card
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Reviewed by dec458 Complaint |
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Comments - Consumers and Companies Connect by Commenting
0 e work with people who have been screwed by advanta. send an email to debtrelief@rocketmail.com detailing how much you owe and if you are delinquent. We can negotiate these balances down to approx 55 cents on the dollar, cut your interest rates to 0 and put you on a repayment program of 6 to 60 months. Your credit report will show up as 'paid as agreed;
0 I have a somewhat different situation than many people, but it still shows advanta banks complete lack of concern or compassion for the average guy who's been struck hard by the current economic crises.
I tried to work with them and explained my situation. For over 20 years I've had excellent credit and never missed a single payment. When the housing market crashed it took my home improvement business with it.
I asked Advanta if we could somehow work this out with smaller payments, temorarily, because I'm confident that when the economy springs back, I will be able to make great strides towards paying this debt off in full.
Instead they chose to conduct business as usual. They jacked my interest rates up to the maximum (over 27%) raised my minimum amount due each month, and started adding late fees for the unpaid amount.
I guess they're within their legal right to do so, because they tell me it was clearly written in one of their change of terms amendments, that they could raise my rates at any time for any reason without notice. You know, one of those 10 page, multi folded inserts, typed in a tiny # 4 font, with about 5000 words of legalese, that they slip into your bill every couple of months...
When I called them again, they said if I made a payment they would reduce my rates back down. So I made a payment (on time) and they still refused to lower my rates to a payment I could regularly afford.
I am now in default on the debt and they are taking me to court to put leins on all of my assets. Unfortunately for them, I have already sold most of my assets to pay for simple luxuries like rent, electricity, and food.
This bank it the prime example of predatory lending that has, in no small part, led to the financial meltdown in this country, and in the world.
I don't know if my situation makes me eligible to be a part of any class action lawsuit, but I will absolutely give my full support to anyone who has the legal means to bring this company down.
I tried to work with them and explained my situation. For over 20 years I've had excellent credit and never missed a single payment. When the housing market crashed it took my home improvement business with it.
I asked Advanta if we could somehow work this out with smaller payments, temorarily, because I'm confident that when the economy springs back, I will be able to make great strides towards paying this debt off in full.
Instead they chose to conduct business as usual. They jacked my interest rates up to the maximum (over 27%) raised my minimum amount due each month, and started adding late fees for the unpaid amount.
I guess they're within their legal right to do so, because they tell me it was clearly written in one of their change of terms amendments, that they could raise my rates at any time for any reason without notice. You know, one of those 10 page, multi folded inserts, typed in a tiny # 4 font, with about 5000 words of legalese, that they slip into your bill every couple of months...
When I called them again, they said if I made a payment they would reduce my rates back down. So I made a payment (on time) and they still refused to lower my rates to a payment I could regularly afford.
I am now in default on the debt and they are taking me to court to put leins on all of my assets. Unfortunately for them, I have already sold most of my assets to pay for simple luxuries like rent, electricity, and food.
This bank it the prime example of predatory lending that has, in no small part, led to the financial meltdown in this country, and in the world.
I don't know if my situation makes me eligible to be a part of any class action lawsuit, but I will absolutely give my full support to anyone who has the legal means to bring this company down.
0 Ok, I am new at this, did not realize I had already made a comment. I have the same story. Low interest rate, established a sizeable balance and then they jumped the rate to 34.99%. Yesterday I sent a complaint to the FDIC and this morning I finished a complaint to the Attorney General in my state. My new hobby is getting Advanta to stop robbing people with high interest rates. I will e-mail my information this afternoon to be included in the class action.
0 I recently closed my account after selling my business. I paid the entire balance over the phone and closed the account. I was then called a month later by Cust. Ser. telling me that I had a balance still due. I then explained that I wanted to see a statement to get to the bottom of it, and that they needed to send it to a new address. 2 months later (3 similar calls later) I found a "seriously delinquent notice on my credit report.
If this helps in anyway, I want in on the class action. ajbretschneider@gmail.com
If this helps in anyway, I want in on the class action. ajbretschneider@gmail.com
0 Same deal as others-talked to a rep with extremely heavy accent. asked him to repeat his comments several times,could not understand him. i requested him to characterize my account and credit before asking him the rationale of a 34% rate without notification. he described our account as "perfect" and "excellent". When asked to explain rate, he could not. he offered 30% as "the best I can do". Interestingly, I get notice my new rate is a variable (I did NOT agree to a variable rate nor was that stated)of 28.99%. These people must make it up as they go.Count me in on any legal action that might be taken against this bunch.
0 Same deal as others-talked to a rep with extremely heavy accent. asked him to repeat his comments several times,could not understand him. i requested him to characterize my account and credit before asking him the rationale of a 34% rate without notification. he described our account as "perfect" and "excellent". When asked to explain rate, he could not. he offered 30% as "the best I can do". Interestingly, I get notice my new rate is a variable (I did NOT agree to a variable rate nor was that stated)of 28.99%. These people must make it up as they go.Count me in on any legal action that might be taken against this bunch.
My business partner and I own a tree removal company in CT. New in biz, we needed and cc and signed up w/ Advanta. Had it for three years. Was NEVER late! Our limit was 7k at first and then bumped up to 15k. We NEVER maxed it out. Was up to 11k and we paid it ALL off, again, NEVER late. Our interest rate went from 11%, (which was too high to begin w/ if you ask me) to a whopping 37.14%!!!! Highway robbery!
0 Advanta nailed me in a collection agreement. They reported my account to the Credit Bureau's for this "corporate account". Call me with harassing calls. Threats every time, and never respond to legitimate requests.
0 We are close to having a couple of CA law firms file a class action against Advanta. We are still working on moving forward across the nation where possible. If interested in joining in our ever growing group, please contact me at dec458@msn.com.
Ditto... rate increase from 2.99 "lifetime" to 27%. The kicker.. I paid off the balance, closed the account, got a statement (due 1/19/09)for $95 even tho there was a 0 balance forward (customer service says it's for the months interest.. even tho the balance was paid in full). I'm not paying it. When they Fu** my credit... I'm taking them befor a judge for damages (lower FICA = higher mortgage rate). Hopefully I can collect "difference"
Another one in San Antonio Texas!
Let me know what I can do to help.
Mine jumped from 7.99 to 27.18%
Let me know what I can do to help.
Mine jumped from 7.99 to 27.18%
same issue here - I have had card for just over 3 years and have made $672,000 in payments now I went over limit (not uncommon as I spend about $30k a month for business with them EVERY MONTH) and they jacked my rate to 33% (the feds prime rate is only 3%) count me in on any law suites. Im moving all my business to my AMEX card.
0 Advanta is nailing anyone carrying a balance with the high interest rates. I had luck with a complaint to the Utah BBB after I closed my account because they jacked the interest rate. A Mindie Emmertson (who is also listed as contact on the BBB) sent me a letter and said they are accepting my Opt Out letter for September and gave me back my excess interest. I am also working with an attorney Alan Finkel in NY on a class action lawsuit along with a bunch more of us who they have done the same thing to. Contact me at dec458@msn.com if interested in joining.
I have had an account with Advanta (Small Business Card) for slightly over two years. I signed up under the intro rate of 2.99% (life of balance transfer) - I never charged anything on the card other than what we transferred to it initially. We have excellent credit and have NEVER been late on this card (or ANY card). In May of this year I made an electronic payment which was 'kicked back' three days later due to insufficient bank routing #. I called and the lady told me they had a 'system glitch' over the weekend (I made the payment on Friday) and not to worry she would fix this to where I wasn't late and wouldn't owe a late fee. "Great!", I thought to myself, and went on about my life. In October of this year my husband just happened to notice my statement and that the rate was a whopping 20.31% !!
I have never, ever had a finance charge remotely like that in my entire life! I called Advanta and expressed my *concerns* and flounced around a bit. I told them that what they were doing was unethical and to reduce my rate. They declined. I was carrying a $7,100.00 balance at the time - Out of sheer disgust I found a way to pay the entire balance off by the next due date (last month) to avoid such unreasonable finance charges. I told them to CLOSE out my account and to kiss off essentially. Here is where it gets GOOD.
Listen to this CAREFULLY ...... SO I paid the ENTIRE BALANCE OFF, IN FULL, LAST MONTH at the outrageous rate of 20.31%....
I received a bill TODAY in the amount of $171.14 AT THE INTEREST RATE OF 37.18% !!! I called "Lana", a supervisor, who advised me that yes, they did increase the rate LAST MONTH and sent me a notice THAT I NEVER RECEIVED and told me I missed the "opt out" grace period if I wanted to refute the (SECOND) rate hike. The reasons they gave for the increase were totally bogus. I have a 800 beacon score and we have never charged anything on the card since I transferred the balance TWO YEARS AGO. This company is absolutely the WORST I have ever delt with. BEWARE! I don't know where to go from here, or even if all the reporting in the world (to various agencies) will make a difference but SOMETHING MUST BE DONE. I didn't even know a 38% interest rate EVEN EXISTED!! WOW. The most I have ever paid on a credit card at any point in my life was 9% during college! They jacked my rate up after sabotaging a late payment and jacked it up again AFTER I closed the account AND paid the balance in full! If I didn't have to pay off the $7,000 balance I could afford to hire an attorney just out of principle! Not sure what an attorney could do but certainly hiring one would be more effective than writing to Barney Frank (what a total embarrassment he is.... but that's a different story)
OK. WHERE'S MY BAILOUT? Companies like this deserve to fold like a cheap suit. Unfair lending practices, unethical (and I have to believe illegal) dealings and simply OBSCENE rate hikes -- HOSING GOOD paying customers and then those same customers have to BAIL their asses out with our tax dollars while they wine and dine in the Bahamas. Where's the justice and where's my bail out? Those rats should be forced to go down with the sinking ship...
I'm not done. I swear I'm going to keep screaming about this to anyone who will listen. I've never been so victimized by a company - EVER - and that's saying something!
I saw your post and decided I'd send my story. Lots of folks are really unhappy with Advanta right now. Let me know if I can help.
Paige
I have never, ever had a finance charge remotely like that in my entire life! I called Advanta and expressed my *concerns* and flounced around a bit. I told them that what they were doing was unethical and to reduce my rate. They declined. I was carrying a $7,100.00 balance at the time - Out of sheer disgust I found a way to pay the entire balance off by the next due date (last month) to avoid such unreasonable finance charges. I told them to CLOSE out my account and to kiss off essentially. Here is where it gets GOOD.
Listen to this CAREFULLY ...... SO I paid the ENTIRE BALANCE OFF, IN FULL, LAST MONTH at the outrageous rate of 20.31%....
I received a bill TODAY in the amount of $171.14 AT THE INTEREST RATE OF 37.18% !!! I called "Lana", a supervisor, who advised me that yes, they did increase the rate LAST MONTH and sent me a notice THAT I NEVER RECEIVED and told me I missed the "opt out" grace period if I wanted to refute the (SECOND) rate hike. The reasons they gave for the increase were totally bogus. I have a 800 beacon score and we have never charged anything on the card since I transferred the balance TWO YEARS AGO. This company is absolutely the WORST I have ever delt with. BEWARE! I don't know where to go from here, or even if all the reporting in the world (to various agencies) will make a difference but SOMETHING MUST BE DONE. I didn't even know a 38% interest rate EVEN EXISTED!! WOW. The most I have ever paid on a credit card at any point in my life was 9% during college! They jacked my rate up after sabotaging a late payment and jacked it up again AFTER I closed the account AND paid the balance in full! If I didn't have to pay off the $7,000 balance I could afford to hire an attorney just out of principle! Not sure what an attorney could do but certainly hiring one would be more effective than writing to Barney Frank (what a total embarrassment he is.... but that's a different story)
OK. WHERE'S MY BAILOUT? Companies like this deserve to fold like a cheap suit. Unfair lending practices, unethical (and I have to believe illegal) dealings and simply OBSCENE rate hikes -- HOSING GOOD paying customers and then those same customers have to BAIL their asses out with our tax dollars while they wine and dine in the Bahamas. Where's the justice and where's my bail out? Those rats should be forced to go down with the sinking ship...
I'm not done. I swear I'm going to keep screaming about this to anyone who will listen. I've never been so victimized by a company - EVER - and that's saying something!
I saw your post and decided I'd send my story. Lots of folks are really unhappy with Advanta right now. Let me know if I can help.
Paige
Advanta just sent me one of these notices, too. I also have NO delinquencies and a high FICO score. MIN RATE 35+! I will join a class action lawsuit!
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