Comments on: Reviews Of The Best Advanta Business Credit Cards and Offers http://www.moneybluebook.com/reviews-of-the-best-advanta-business-credit-cards-and-offers/ Personal Finance Beyond Credit Cards and Balance Transfers Sun, 08 Nov 2009 03:34:20 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: dec458@msn.com http://www.moneybluebook.com/reviews-of-the-best-advanta-business-credit-cards-and-offers/comment-page-1/#comment-51477 dec458@msn.com Mon, 19 Jan 2009 04:39:01 +0000 http://www.moneybluebook.com/?p=2933#comment-51477 Advanta would like to suck in more small business owners to have them get their financing from them so they can then turn around and jack their interest rates to 35-40%. Google Advanta complaints to verify. On their latest credit terms they try to get new businesses to get their card with a 0% balance transfer option and then they have a clause that says nothing is guaranteed and jack the rate if they carry a balance. They have jacked my rate to 30.05% with NO OPT OUT notice ever received. They have jacked up over 300 small business owners rates to as high as 40% without the legal Out Out notice. All these small business owners have high FICO scores, excellent credit, card for several years, no late payments, etc. All they did was carry a balance and pay on it. Advanta jacked their rates even when they paid 2-10 times the minimum balance. Google Advanta complaints and you'll be amazed at their predatory lending practices. If anyone is interested in participating with us ever growing group of small business owners Advanta has shafted and get some class action lawsuits against them, please e-mail me at dec458@msn.com. IF anyone is thinking of getting a new Advanta card, be sure you read the terms and conditions first!!! Their latest ones offer a 0% interest for a balance transfer for some period of time. Then in the agreement they have a clause that says they can change any terms in your agreement for any reason, any time they want to. So, if you carry a balance after the transfer, they will likely jack your interest rate to 35-40% regardless of your credit. Advanta would like to suck in more small business owners to have them get their financing from them so they can then turn around and jack their interest rates to 35-40%. Google Advanta complaints to verify. On their latest credit terms they try to get new businesses to get their card with a 0% balance transfer option and then they have a clause that says nothing is guaranteed and jack the rate if they carry a balance.

They have jacked my rate to 30.05% with NO OPT OUT notice ever received. They have jacked up over 300 small business owners rates to as high as 40% without the legal Out Out notice. All these small business owners have high FICO scores, excellent credit, card for several years, no late payments, etc. All they did was carry a balance and pay on it. Advanta jacked their rates even when they paid 2-10 times the minimum balance.

Google Advanta complaints and you’ll be amazed at their predatory lending practices. If anyone is interested in participating with us ever growing group of small business owners Advanta has shafted and get some class action lawsuits against them, please e-mail me at dec458@msn.com.

IF anyone is thinking of getting a new Advanta card, be sure you read the terms and conditions first!!! Their latest ones offer a 0% interest for a balance transfer for some period of time. Then in the agreement they have a clause that says they can change any terms in your agreement for any reason, any time they want to. So, if you carry a balance after the transfer, they will likely jack your interest rate to 35-40% regardless of your credit.

]]> By: JimW http://www.moneybluebook.com/reviews-of-the-best-advanta-business-credit-cards-and-offers/comment-page-1/#comment-45477 JimW Sun, 14 Dec 2008 19:13:26 +0000 http://www.moneybluebook.com/?p=2933#comment-45477 Phil, If you're carrying such a high balance on your Advanta credit card, why would you even miss a few payments at all then? If I was carrying such a large balance amount, I would have set up automatic debit payments or multiple payment alerts so that I always pay on time to avoid any extra interest charges or late payment penalties. You call it predatory, but I think it's just common sense. I suspect the same increase in your interest rate would have made imposed if you had gone with any other credit card issuer including Citibank, Bank of America, Chase, Amex, Discover, or any of the other "non predatory", nicer issuers. Phil,

If you’re carrying such a high balance on your Advanta credit card, why would you even miss a few payments at all then? If I was carrying such a large balance amount, I would have set up automatic debit payments or multiple payment alerts so that I always pay on time to avoid any extra interest charges or late payment penalties.

You call it predatory, but I think it’s just common sense. I suspect the same increase in your interest rate would have made imposed if you had gone with any other credit card issuer including Citibank, Bank of America, Chase, Amex, Discover, or any of the other “non predatory”, nicer issuers.

]]> By: Philip Mathews http://www.moneybluebook.com/reviews-of-the-best-advanta-business-credit-cards-and-offers/comment-page-1/#comment-45389 Philip Mathews Sun, 14 Dec 2008 08:16:10 +0000 http://www.moneybluebook.com/?p=2933#comment-45389 My experience with my Advanta card with a high (35,000) limit has been rather different. I would call Advanta a 'predatory' credit card. Do a search online and see all the complaints against Advanta. My own complaints echo these: I missed a payment (or two) by a few days and pow! Default to 37% interest rate, folks. I had been carrying a high balance on this and a few other cards presuming I could close them all out with a new home equity line of credit. None were available. 'Too much credit card debt!' OK. . . so now I am stuck carrying a 35,000 balance with a 1400/mo payment, which would if it were a HELOC, be a more reasonable 200 or so per month. They do not negotiate one bit, not very surprising. My advice: stay far, FAR away from anything to do with Advanta, and carry just one card and pay its balance off every month. If anyone has advice on how to extricate oneself from this kind of situation, let me know with your comments. My experience with my Advanta card with a high (35,000) limit has been rather different.
I would call Advanta a ‘predatory’ credit card. Do a search online and see all the complaints against Advanta. My own complaints echo these: I missed a payment (or two) by a few days and pow! Default to 37% interest rate, folks. I had been carrying a high balance on this and a few other cards presuming I could close them all out with a new home equity line of credit. None were available. ‘Too much credit card debt!’ OK. . . so now I am stuck carrying a 35,000 balance with a 1400/mo payment, which would if it were a HELOC, be a more reasonable 200 or so per month. They do not negotiate one bit, not very surprising.
My advice: stay far, FAR away from anything to do with Advanta, and carry just one card and pay its balance off every month. If anyone has advice on how to extricate oneself from this kind of situation, let me know with your comments.

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