Advanta offered me a zero % balance transfer for 15 months. I transferred about $15000 in July 2008. I paid of about 5000 within 4 months and was never late in making payments. I have credit scores of 750 and above. On 11/20/2008 I got a letter saying that they will be raising my interest rate to 30 % beginning 12/02/2008 . I called their customer service two times; the customer service reps told me that my interest will not be raised until the 15 month time period passes. I don’t believe them, because it says clearly in the letter that the interest rate will go up to 30 % on December 2. I have read hundreds of similar complaints about Advanta Bank in various websites. I am wondering whether I have any recourse. I am small business owner and this sudden jump in interest rate will be devastating to my business.
Thanks