Complaint information
  • Author: Tony
  • Date: 09.5.2008
  • 0
 (Votes #: 0)
09.5.2008

Advanta
Tripled Interest rate for no reason

This is a Complaint / Review about Advanta.


I have been an Advanta small business card user since 2006 and had been paying 7.99 'fixed' interest on my balance. I have never been late, missed a payment or been over-limit. My credit scores are above 800 and I am offered credit on a regular basis.

When I noticed that my rate had soared to 25.08%, I assumed that some sort of mistake had been made. I called the company and was told that They had increased my rate based on a number of factors including the present state of the economy and that I was considered a risk to default. Well..I am now !!

I called 2 more times and spoke with supervisors who confirmed that I would not be able to qualify for a lower rate and offered no better explanation as to why.
Then I googled 'Advanta 7.99-25' and discovered that I am not alone!

One of the "supervisors" told me that in Utah there is either "no limit or maybe it's 39%" interest that is the maximum that can be charged !

Surely this kind of consumer gouging can't be legal....I am hoping that we can stand up to this deception an initiate a class action suit !!


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Complaint author: Tony

Offender: Advanta

Country: USA
State: Utah
City: Salt Lake City
Address: PO Box 30715

Category: Business & Finance

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