Advanta Business Card

[Dee]

Thank you for a most informative website. I recently recd some info on Advanta Business Card, and went searching for reviews when I came upon your site. My concern with Advanta is their statement, "...all of your account terms are subject to change. This means that your account rates, including any introductory or promotional rates offered, are not guaranteed.....We may change your account terms at any time for any reason....."

This sends up a red flag for me. Should I be concerned or is this normal for credit cards to put this verbage in their "Terms and Conditions"?

Thank you for your kind advice.
Dee

[aquariancore]

Almost all credit cards maintain a similar statement in one form or another.

[dec458]

Quote:

Originally Posted by Dee Thank you for a most informative website. I recently recd some info on Advanta Business Card, and went searching for reviews when I came upon your site. My concern with Advanta is their statement, "...all of your account terms are subject to change. This means that your account rates, including any introductory or promotional rates offered, are not guaranteed.....We may change your account terms at any time for any reason....." This sends up a red flag for me. Should I be concerned or is this normal for credit cards to put this verbage in their "Terms and Conditions"? Thank you for your kind advice. Dee

Dee,

Your are absolutely correct. In the past year, they have been using this language to jack the interest rates on small business owners (over 200 that I know of - google advanta complaints). Most of the small business owners never received an opt out notice. I have seen two copies of their latest terms and they specifically say they can change any terms of the agreement at any time they want and any time they feel like it.

BIG red flag if you asked me.

[dec458]

Quote:

Originally Posted by Dee Thank you for a most informative website. I recently recd some info on Advanta Business Card, and went searching for reviews when I came upon your site. My concern with Advanta is their statement, "...all of your account terms are subject to change. This means that your account rates, including any introductory or promotional rates offered, are not guaranteed.....We may change your account terms at any time for any reason....." This sends up a red flag for me. Should I be concerned or is this normal for credit cards to put this verbage in their "Terms and Conditions"? Thank you for your kind advice. Dee

It is of definite concern. Advanta for instance offers 0% for 15 months and then 7.99% thereafter. But, with this clause, there is absolutely no guarantee for these terms. Since summer, they have been increasing the rates on anyone carrying a balance to as high as 37.5% regardless of perfect credit, high Fico scores, and excellent payment history. I looked at two other of the banks the other day that are offering business credit cards, and to my amazement, all of them had this clause in them. That means you can't trust any of their terms. I would stay away from anyone's card that has this kind of clause in it!

[cowbulls]

Quote:

Originally Posted by Dee Thank you for a most informative website. I recently recd some info on Advanta Business Card, and went searching for reviews when I came upon your site. My concern with Advanta is their statement, "...all of your account terms are subject to change. This means that your account rates, including any introductory or promotional rates offered, are not guaranteed.....We may change your account terms at any time for any reason....." This sends up a red flag for me. Should I be concerned or is this normal for credit cards to put this verbage in their "Terms and Conditions"? Thank you for your kind advice. Dee

Don't open the Advanta card with these crooks. You would be better off with a loan shark straight out of a Mafia movie. These s*** bumped the interest on my business card from the “lifetime” rate of 4.99% to 30.74%. I complained to everyone that would talk with me to no avail. These people are evil. Google Advanta lawsuits and you will find that this bait and switch with interest rates is standard operating procedure with these lowlifes.

[dec458]

Quote:

Originally Posted by Dee Thank you for a most informative website. I recently recd some info on Advanta Business Card, and went searching for reviews when I came upon your site. My concern with Advanta is their statement, "...all of your account terms are subject to change. This means that your account rates, including any introductory or promotional rates offered, are not guaranteed.....We may change your account terms at any time for any reason....." This sends up a red flag for me. Should I be concerned or is this normal for credit cards to put this verbage in their "Terms and Conditions"? Thank you for your kind advice. Dee

It is HUGE red flag!! Advanta for the past 6 months or so has been luring customers in with a 0% balance transfer offer for 15 months. The problem is this is not guaranteed for the very reason you mention that they can change the terms any time they want for any reason, and they have been doing just that. People with excellent credit and FICO scores have been getting their rates jacked to as high as 44% when they have transferred large balances to their Advanta card. With that kind of clause, it's like signing a blank check to let Advanta charge you whatever rate they want and they can do so legally since they are in Utah with no usuary laws to protect the credit card holder. Read any of the consumer complaint sites such as ripoffreport, badcreditcards, etc. and you'll see hundred of complaints against Advanta for rate jacking innocent credit card holders without even sending them an Opt Out notice.

I would avoid getting an Advanta card at all costs. They will take you to the cleaner sooner or later because their delinquency rate has doubled and their stock is in the toilet at 54 cents which about 15 months ago was $24 a share. Several analysts have predicted they will go under eventually.

[Creditnet.com]

Advanta was one of the most popular credit cards for small businesses because of the generous credit lines it gave to new accountholders. The generosity, however, has essentially caused the downfall of all Advanta accounts.

Advanta announced it will be closing all Advanta accounts by early June. Prior to this announcement, I would have recommended this card to all small business owners because of the credit limit alone. But now, those who have this card may find themselves struggling to get a new card or cards to fully replace the available credit they'll be losing in June.

[expertcredit09]

Advanta operates two FDIC banks (Advanta National Bank and Advanta) and caters to small business owners and business professionals around the globe. They have developed two Advanta business credit card products:
* No fee platinum and executive cards that features creative and custom designs.
* Bonus miles card that enables you to turn your business expenses into free travel awards.

[cowbulls]

Don't open the Advanta card with these crooks. You would be better off with a loan shark straight out of a Mafia movie. These bandits bumped the interest on my business card from the “lifetime” rate of 4.99% to 30.74%. I complained to everyone that would talk with me to no avail. These people are evil. Google Advanta lawsuits and you will find that this bait and switch with interest rates is standard operating procedure with these lowlifes.