Allthingznew
Contributor
User Power
Value/Post Ratio
13%
- Aug 26, 2007
- 408
- 52
I just got off the phone with Advanta, and I must warn you, I am lit.
I have a business credit card with them which I recommended here and I retract now!
I have always paid early, yes I said ALWAYS, and usually more than the minimum. I had a 7.99 interest rate. YES I SAID HAD!
I just noticed that they raised my rate on my last statement to 8.39 on charges and 30.39 on cash advances. (Which I've used once) I was like WTF? (I hadn't noticed it because I actually pay online and pay before I get the statement. I caught this last night.
So today I go to the website to do some investigation before I call and find that overnight (new statement period I paid last night before the statement has been sent to me) I find that now they've raise the interest rate on charges to 25.08 and cash advances to 35.08!!!
I call immediately cuz there is obviously a mistake. The first guy I talk to of course spouts the "various factors", "economy" crap and I'm like let me talk to your supervisor.
The supervisor tell me the same thing. I'm like I've always paid you early, most often more than the minimum, last I checked I had an 800 credit score which I know of no reason it's different, I have handled my account perfectly with you and you tell me you can't do anything to fix this mistake?
Yes you have and no we can't. I can close the account at the previous terms if I send a letter of request. He can't tell me one thing I've done wrong to triple and quadruple my interest rate and there is nothing he or his supervisor can do. (I am waiting for her to call, right)
I will get my credit reports to find out if I've been hijacked, but none of my other cards have changed, and I would think they would if that were the case.
Any ideas? I just can't believe they can do something this outrageous and there is no recourse.
Argh!
I have a business credit card with them which I recommended here and I retract now!
I have always paid early, yes I said ALWAYS, and usually more than the minimum. I had a 7.99 interest rate. YES I SAID HAD!
I just noticed that they raised my rate on my last statement to 8.39 on charges and 30.39 on cash advances. (Which I've used once) I was like WTF? (I hadn't noticed it because I actually pay online and pay before I get the statement. I caught this last night.
So today I go to the website to do some investigation before I call and find that overnight (new statement period I paid last night before the statement has been sent to me) I find that now they've raise the interest rate on charges to 25.08 and cash advances to 35.08!!!
I call immediately cuz there is obviously a mistake. The first guy I talk to of course spouts the "various factors", "economy" crap and I'm like let me talk to your supervisor.
The supervisor tell me the same thing. I'm like I've always paid you early, most often more than the minimum, last I checked I had an 800 credit score which I know of no reason it's different, I have handled my account perfectly with you and you tell me you can't do anything to fix this mistake?
Yes you have and no we can't. I can close the account at the previous terms if I send a letter of request. He can't tell me one thing I've done wrong to triple and quadruple my interest rate and there is nothing he or his supervisor can do. (I am waiting for her to call, right)
I will get my credit reports to find out if I've been hijacked, but none of my other cards have changed, and I would think they would if that were the case.
Any ideas? I just can't believe they can do something this outrageous and there is no recourse.
Argh!
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