Today I wanted to see if the credit crunch was having an impact on my credit cards so just for fun I logged in to my Advanta credit card account and processed a credit line increase:
To my surprise they added an additional $2000 to my credit line making the new limit $5000. I have never used this account, I opened it back in early 2006 to do a balance transfer but my total credit line at the time was only $2500. The ongoing rate for this card is 7.99% and they also have 5% cash back on gasoline purchases and electronics.
Don’t worry, I’m not going to use this card, the balance will remain 0.
HS
13 comments:
You guys are doing a GREAT job!! What an inspiration! I need to "follow in your footsteps", it is just so hard right now. Money is so tight for so many of us. But.......you have shown it CAN BE DONE!!!
Thumbs Up!!
:-)
Your banks need you to borrow cos they know you will give it back (with interest of cause). Your credit rating must look really great now too. So good on you!!
great job
Warning on Advanta: Did a Balance Trans per free offer of 12 months no interest..3 months later, interest charges show up on account. E-mailed customer service(so I have hard copy) to complain and 'they' actually said they have the right to charge interest at anytime. Now that's false advertising..and 'they' could care less...in writting no less! I no longer use Advanta..dah!
I dislike the fact that Advanta does not allow oline payments that are more than 25 days in advance, and also do not have reoccurring payments. Seems like a racket to me.
Thanks for the heads up on Advanta, now I will never use the card LOL
I just got an Advanta card, and I got the same credit limit and the same APR. Signed up to take advantage of the 0% intro APR balance transfer offer, which is very competitive in today's market. So far so good, though I have been reading about other Advanta accountholders having their rate bumped from 7.99% to 29% for no good reason, which is scary. I'll be watching this account like a hawk.
Opened an advanta account because of a 0% balance transfer for 15 months and a 7.99% rate on purchases offer in the mail. 8 months into the program I decided to begin using the card for everyday type purchases. The inerest rate went up over 20%. My payments had always been made weeks prior to the due date and way more than their minimum. Their customer service was less than helpful when asked why my interest rate changed. I paid off the account ahead of my original schedule and I do not intend to use the card again. When someone tells you one thing and does another there is a word that describes that behavior, they are a liar.
For anyone considering an Advanta credit card....Beware.
Their most famous act is each month raising your interest rate buy a 1/2 point or so hoping you won't notice.
Or they will offer you a low rate or special offer and when it expires they raise your rates to 30+ %. Even when you are never late.
They also have a $30 a year fee?
They are lying thieving bastards and you should all run as fast as you can.
They are 10 x worse then any other card company
Wayne Elliott
PS I hope they read this
ADVANTA Credit cards will destroy your credit. Check out their interest rate they charge long term and never late customers on their credit cards 32.99%!!!
ADVANTA Credit Cards charge the hishest interest rates in the nation and twice the national average!!!
They should be ashamed!
I've been an ADVANTA Credit Card customer for over 5 years, never late or over my credit limit until recently being laid-off and having to take a job earning significantly less than before, add to that several expensive family illness and things have gotten difficult financially.
Now when our US and World economy is the worst in decades and you listen to the news about financial institutions ripping people of like Bernard Madoff and others, ADVANTA “pushes the knife in a little deeper” for those least able to afford being “raped” by 32%+ interest rates.
The Advanta Credit Card “creatures” set a new low on Financial Institution customer abuse. With their cost to borrow (Fed Funds Rate) the lowest in a century (under 1%), they are charging me and my family 32.99% Interest Rate on our balances! There time for being exposed Nationally for the mistreatment of customers (weather legally entitled to do so or Not!) will come at a class action law suit I hope to see in the near future.
What a disgusting example of how to run a company … 32% interest on credit card balances...they aught to be ashamed.
Hey B decent, thanks for your comments and to let others know how Advanta is treating their customers, I completely agree with you, what they are doing is wrong, I would probably call them and say, hey lower my rate or I'm not paying you one cent, even if they take you to court, any judge will probably agree with you that 32% is like r$%&.
I did that post about the advanta account back in September 08. I never even used the account so I have no experience dealing with them, they actually closed this account in November.
Anyways thanks for the information, and if anyone else is reading this post, please share your experiences about advanta!
Thanks,
HS
Just when you thought Bernard Madoff was the biggest crook in the financial industry, watch out for these guys. Advanta teaser credit card rates WILL end up at 2-3 times the national average credit card rate!!! These people's GREED is amazing. Advanta teaser credit card rates end up at 2-3 times the national average credit card rate!!! Just have a bad month or 2 and late once (in other words just have a short term job or health problem) and without notice ADVANTA will pop the rate they charge you on your credit card balance to over 35%! …, How’s that for fair lending practices?!
Their cost of money, Federal Funds Rate ( the interest rate the banks like ADVANTA Get their money has never been lower (under 1%), yet they WILL penalize a long and well established small business owner with over 35% credit card interest…these ADVANTA people are like those greedy high school bullies… they kick you harder when you're down.
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