Comments on: Advanta Credit Card Warning http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/ The Balance Transfer Credit Card Resource Mon, 06 Feb 2012 15:29:47 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-885 Balance Transfers Helper Thu, 25 Jun 2009 15:25:55 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-885 Julie, I'm really sorry to hear about this, especially the absurd fees you are being charged. I unfortunately think there is very little that can be done to get fees reversed by dealing with Advanta. I think the only decent angle is to negotiate with your vendors, who may be willing to drop the fees to keep your business. Julie,

I’m really sorry to hear about this, especially the absurd fees you are being charged. I unfortunately think there is very little that can be done to get fees reversed by dealing with Advanta. I think the only decent angle is to negotiate with your vendors, who may be willing to drop the fees to keep your business.

]]> By: Julie http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-884 Julie Wed, 24 Jun 2009 12:59:46 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-884 Same here. I am a small business with a $50K credit line and pay many of my vendors automatically through the card. I was on a buying trip when they cancelled and increased my rate to 34%. AND returned to find that all my vendors were angry as their payments bounced (now owe an additional $2500 in fees to them). Is there anything that can be done about this? Same here. I am a small business with a $50K credit line and pay many of my vendors automatically through the card. I was on a buying trip when they cancelled and increased my rate to 34%. AND returned to find that all my vendors were angry as their payments bounced (now owe an additional $2500 in fees to them). Is there anything that can be done about this?

]]> By: Con http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-883 Con Thu, 11 Jun 2009 18:57:38 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-883 I just spoke to Advanta inquiring why they reduced our limit. The answer was obvious - they are unable to extend more credit so they are reducing limits to the balance - which is very bad for individual credit scores, but makes Advanta's numbers look better. I asked twice if this was the answer they were instructed to give. It was. I asked is they could reduce the interest rate or increase the credit limit back to the previous level - no to each. I said that I understand why Advanta had gone bankrupt with such horrendous service... I just spoke to Advanta inquiring why they reduced our limit. The answer was obvious – they are unable to extend more credit so they are reducing limits to the balance – which is very bad for individual credit scores, but makes Advanta’s numbers look better. I asked twice if this was the answer they were instructed to give. It was. I asked is they could reduce the interest rate or increase the credit limit back to the previous level – no to each. I said that I understand why Advanta had gone bankrupt with such horrendous service…

]]> By: Advanta Interest Rate Increases http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-882 Advanta Interest Rate Increases Fri, 29 May 2009 14:44:47 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-882 Additional information on <a href="http://www.smartbalancetransfers.com/blog/2009/05/advanta-interest-rate-increases/" rel="nofollow">Advanta interest rate increases</a>. Additional information on Advanta interest rate increases.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-881 Balance Transfers Helper Fri, 29 May 2009 14:26:58 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-881 Wow, this is absurd. I will definitely take a look. Sorry if my first response seemed accusatory. I just couldn't believe Advanta was able to charge an interest rate that is 5% higher than the average default rate (29.99%) to someone that didn't violate an agreement. If you get a chance, please share the stated reason for the rate increase, if one was given. This is truly one of the most unfair credit card practices I've learned of, and I hear a lot of horror stories. Wow, this is absurd. I will definitely take a look. Sorry if my first response seemed accusatory. I just couldn’t believe Advanta was able to charge an interest rate that is 5% higher than the average default rate (29.99%) to someone that didn’t violate an agreement. If you get a chance, please share the stated reason for the rate increase, if one was given. This is truly one of the most unfair credit card practices I’ve learned of, and I hear a lot of horror stories.

]]> By: Al http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-880 Al Thu, 28 May 2009 22:42:45 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-880 Never defaulted, actually charged plenty on this card and made electronicm payments. Trust me I am not alone. Check out badcreditcards.org/advantacard.html Never defaulted, actually charged plenty on this card and made electronicm payments. Trust me I am not alone. Check out badcreditcards.org/advantacard.html

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-879 Balance Transfers Helper Thu, 28 May 2009 22:25:16 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-879 34%. This is absurd. Did you default on your account by missing a payment? I can't imagine Advanta could justifiably raise an interest rate this high without some cause. 34%. This is absurd. Did you default on your account by missing a payment? I can’t imagine Advanta could justifiably raise an interest rate this high without some cause.

]]> By: Al http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-878 Al Thu, 28 May 2009 22:12:08 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-878 Check your Advanta interest rate...my jumped to 34%. This is a VERY bad company to do business with. Check your Advanta interest rate…my jumped to 34%. This is a VERY bad company to do business with.

]]> By: Balance Transfers Helper http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-877 Balance Transfers Helper Wed, 27 May 2009 15:09:12 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-877 Brant, Most of the major banks are still offering business cards - getting approved is the issue. If rewards are important to you, Amex is definitely the best, though if your vendors don't take it, it won't really make a difference. However, I've found never really had acceptance issues with Amex and use them exclusively. Here are some major banks that are still offering business cards on their websites. I wish I had more details so I could rank them, but at the moment, the business side of credit cards is a bit of black box. <a href="http://links.ncsreporting.com/redirect.aspx?cr=100984&of=56&af=104270&ac=103&uv=sbt" rel="nofollow">www.americanexpress.com</a> <a href="http://www.citicards.com" rel="nofollow">www.citicards.com</a> <a href="http://www.bankofamerica.com" rel="nofollow">www.bankofamerica.com</a> <a href="http://www.chase.com" rel="nofollow">www.chase.com</a> <a href="http://www.capitalone.com" rel="nofollow">www.capitalone.com</a> If anyone cares to share information about which business credit cards are taking on new customers, definitely share it here so other Advanta victims can get new cards as quickly as possible. Brant,

Most of the major banks are still offering business cards – getting approved is the issue. If rewards are important to you, Amex is definitely the best, though if your vendors don’t take it, it won’t really make a difference. However, I’ve found never really had acceptance issues with Amex and use them exclusively.

Here are some major banks that are still offering business cards on their websites. I wish I had more details so I could rank them, but at the moment, the business side of credit cards is a bit of black box.

http://www.americanexpress.com
http://www.citicards.com
http://www.bankofamerica.com
http://www.chase.com
http://www.capitalone.com

If anyone cares to share information about which business credit cards are taking on new customers, definitely share it here so other Advanta victims can get new cards as quickly as possible.

]]> By: David Winters http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-876 David Winters Wed, 27 May 2009 03:14:47 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-876 I guess the good news is that my business is thriving and doing great. This is really going to put a burden on me to convert to something else in 5 days. I am very hopeful that some smart business card company steps up to take over some of the accounts from a+ credits like myself. I guess the good news is that my business is thriving and doing great. This is really going to put a burden on me to convert to something else in 5 days. I am very hopeful that some smart business card company steps up to take over some of the accounts from a+ credits like myself.

]]> By: brant http://www.smartbalancetransfers.com/blog/2009/05/advanta-credit-card-warning/comment-page-1/#comment-875 brant Wed, 27 May 2009 02:17:54 +0000 http://www.smartbalancetransfers.com/blog/?p=379#comment-875 If anyone has a recommendation for anything similar i would appreciate the advice. I had a 50k limit and cash back from advanta....i cant find anything close besides amex, which a lot of my vendors wont take. Loved advanta through and through, but this was a pretty weak move. If anyone has a recommendation for anything similar i would appreciate the advice. I had a 50k limit and cash back from advanta….i cant find anything close besides amex, which a lot of my vendors wont take. Loved advanta through and through, but this was a pretty weak move.

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