I have a business credit card with Advanta Bank and have been a good customer for 8 years. I have never missed a payment or paid late and yet my interest rate jumped from 15% to 36.18% this month ( Jan 2009 ) I have a min payment of $427.00 due to the increase and have no idea how to pay this.

I did call in and speak to a customer service rep and a 'so called' supervisor. I was treated with no respect by either employee and basically told 'Good Luck' on my decisions in the future. I explained that I have been a long time customer with no late payments and needed an explanation!

How can this be legal? Isn't the Federal Trade Comm. able to do something to deal with them. I know that I can't be the only one being done this way. Who can help us? I have a fed tax id # for my business and can't file bankruptcy or I will loose my business. Please send me information on what options I have.

I was also a victim of this highly unethical Bank that offers a low start rate, claiming it will last much longer and then raises the rate 10 fold. My initial rate was 2.99 and raised to 27.18. I have perfect credit and have never paid any payments late. I was told I had been pre notified by mail (never was) and had the option to opt out? Now I'm stuck with payments multiple times higher that initially promised. This is a great example of why banks cannot be trusted and should be highly regulated. I would advise to close any accounts with this company, payoff or transfer to another company.

Where is the Congressional action that had been promised for this blatant consumer abuse?

I have been a business customer with Advanta Bank corp for over three years. I have always paid my business credit card on time each month. They increased my interest rate from 7.99% to 34.99% I called customer service and they said they couldnt do anything about it. I asked for a supervisor and spoke to him and he said there is nothing he can do about it. I told him I was going to email the President of Advanta Bank and the supervisor told me they are the ones that increased the rate, so they will know what you are emailing them about. I told him that I would call FDIC and make a complaint about the bank. I NEVER received a letter or a phone call they would be increasing my interest rate NOTHING!!! FDIC referred me to the US consumer affairs and they took a report and reported it to the state of New York FDIC where this bank if regulated. I never heard anything back from them but at least I got my complaint in. It looks like Advanta Bank will be bought out as their stock is declining..They get what they deserve!!!

I got a Credit card (small business) from Advanta Bank in May 08, caught by VERY attractive offer on balance transfers (0% for 15 mo) and good rate on purchases (7.99%). In Sept I received a GENERIC amendment to CC agreement bumping my rate to 26%. Customer service - including supervisor - claim this is based on an individual review of my credit rating, income/debt ratio and payment history...

YET all the above are excellent: I've been paying more than min payments on time or early -EVEN THOUGH PAYMENTS Go towards the INTEREST -FREE section of my total balance due...- They must be in financial trouble and trying to get more cash from us or they are truly abusing the system and their executives should be in JAIL.

I conquer with Fred in LA (posting 359279) and wish I could contact him but there is no contact address in his posting.

Advanta arbitrarily increased an existing account interest rate which was started by a promotional invitation. The account was in good standing even tho the promotional rate expired, it was being paid down with no incidences. They said they sent a change of terms letter which was never received.

First notice of this was on a statement which I called on immediately. No customer service rep was able to satisfy the request to withdraw the increase even tho they saw there was nothing wrong with the account. One rep suggested I opt out of the account, have it closed and continue to pay off the balance at the old terms. He closed the account, but they refused to allow me to opt out and continue to charge me these egregious interest rates even tho I am still paying on the account. The interest charges are more than I charge on the account and since it is closed have not made any new charges.

In fact, there were very few new charges on this account to keep the balance manageable for payment on a timely basis. I take great efforts to pay my bills on time and honor my credit commitments. However, this is totally unfair and pushing me to default when I didn't want to do so. Very poor client relations and no contact to work out the terms whatsoever after repeated efforts on my part to contact them. They continue to ignore and charge rates I refute and totally disagree with and do not want to pay.

I sent them a letter FAXED the day the account was supposedly closed to ask for a settlement amount which they didn't give so I gave them the amount expecting there would be some interest to settle, but now don't want to pay them at all any interest due to their poor business manners.

The company needs to be reprimanded and consumers made aware of their habits which I see from all the ripoff reports already online.