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Originally Posted by advantaisbad
Please I warn you not to apply for an advanta business card. As verified by them I have never been late, never went over my limit. after a few months they said I may look like a credit risk and changed my rate from 7.9 to 35%, yet they will not tell me why, just that I may be a risk to them, they never called to verify if I was to pay them a certain way or so much a month so as not to fall into this category, even though I have the money to pay them all off. I was only building what I thought was a stronger credit. They are prey on the small business owner to lure them in and then stick to them. How do they sleep at night.
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I have seen Advanta do this now to over 200 of their perfectly legitimate small business card owners. Do a google search for Advanta complaints and you'll be amazed. We have an attorney in NY and CA working on filing a cl*** action lawsuit against them for their practices. If interested in participating, please e-mail me at
dec458@msn.com. They have already lost 1 case in Philadelphia and paid back $2,600 or so in interest they overcharged one small business.
In their latest credit card agreement they are currently offer as of 9/08, they have a clause that says they can increase your rate for any reason any time they feel like it. So, say you get a new card with a 0% transfer rate good for 15 months or so and then supposedly 7.99% thereafter. Your screwed if you maintain a balance. They will jack your rate to 36% because they can get away with it with this clause in place. They are jacking the rates up for anyone carrying any sizeable balance, even though they never missed a late payment, excellent FICO scores, and excellent credit records.