Avoid Advanta

SyscomDTSyscomDT Posts: 1subscriber
edited April 2008 in Startup Funding
I was recently bitten bad by Advanta, and would like to warn everyone to stay away from this company.  We have a perfect Credit rating and no late payments.  We have a 3 year history of making purchases and paying them off on this account.  I recently took a look at my statement to find that they had increased our interest rate from 7.99% to 25.99% with no warning or information as to why this had happened.  They have our current e-mail address, phone number, and mailing address.  When I contacted their customer service, they promptly told us that they had evaluated our account and external factors and then then more than tripled our interest rate without notice.  The said they could "help me" in one of 3 ways.
1. We could stay at this awesome new rate, and watch our finance charges pile up. 
2. We could fax them and they would consider lowering it to 14.99%.
3. We could fax them telling them we wish to close the account and they would reduce it to 7.99%. 
Well you can guess which option we chose, but what a pain.  They`ve now got several hundred more dollars in finance charges out of us and they can`t admit any wrongdoing.
What a joke.  Please stay away from this company.  We`ve had great success with American Express and plan to move our purchases to our other accounts, but again, what a pain. Advanta has got to be one of the worst credit card companies out there.
Sincerely,
-Scott

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