Has anyone heard if there is a class action lawsuit against Advanta concerning raising interest rates?

[corcoran42]

Everyone needs to be very wary of doing business with Advanta. This month my interest rate was increased from 11.99% to 25.39%. When I questioned why this was since I was an excellent customer and have excellent credit, I received the following reply. It seems now it doesn't matter how good you are at paying your bills, you are punished for what the rest of the country does. I am paying off this credit card immediately and cancelling my account. Buyer beware!!!!
Thank you for contacting us about the terms of your Advanta account.

Your Advanta rates are based on a variety of factors including information about your Advanta account, such as credit line utilization and payment history and information we obtain from credit bureaus about your personal and business credit. The information we obtain from the credit bureaus can include your activity on any other accounts you may have including mortgages and other credit cards.

In addition to factors such your account history with us and your credit scores, our evaluation also considers the economy. Given the current difficult economic environment, we expect accounts with similar behavior and credit profiles to your account to now have a greater likelihood of defaulting than before and your new pricing reflects that higher risk.

We appreciate the opportunity to serve you and your business needs. If you have any other questions or concerns, please feel free to contact our Customer Service Center. You can visit us online 24 hours a day at www.advanta.com or call us toll free at (800) 705-7255, Monday - Friday 8:00 am to 8:00 pm and Saturday 8:00 am to 5:00 pm Eastern Time.

Charles Regazzi
Account Manager
Advanta

[menw]

Everyone needs to be very wary of doing business with Advanta. This month my interest rate was increased from 11.99% to 25.39%. When I questioned why this was since I was an excellent customer and have excellent credit, I received the following reply. It seems now it doesn't matter how good you are at paying your bills, you are punished for what the rest of the country does. I am paying off this credit card immediately and cancelling my account. Buyer beware!!!!
Thank you for contacting us about the terms of your Advanta account.

Your Advanta rates are based on a variety of factors including information about your Advanta account, such as credit line utilization and payment history and information we obtain from credit bureaus about your personal and business credit. The information we obtain from the credit bureaus can include your activity on any other accounts you may have including mortgages and other credit cards.

In addition to factors such your account history with us and your credit scores, our evaluation also considers the economy. Given the current difficult economic environment, we expect accounts with similar behavior and credit profiles to your account to now have a greater likelihood of defaulting than before and your new pricing reflects that higher risk.

We appreciate the opportunity to serve you and your business needs. If you have any other questions or concerns, please feel free to contact our Customer Service Center. You can visit us online 24 hours a day at www.advanta.com or call us toll free at (800) 705-7255, Monday - Friday 8:00 am to 8:00 pm and Saturday 8:00 am to 5:00 pm Eastern Time.

Charles Regazzi
Account Manager
Advanta

Everyone needs to be very wary of doing business with Advanta. This month my interest rate was increased from 11.99% to 25.39%. When I questioned why this was since I was an excellent customer and have excellent credit, I received the following reply. It seems now it doesn't matter how good you are at paying your bills, you are punished for what the rest of the country does. I am paying off this credit card immediately and cancelling my account. Buyer beware!!!!
Thank you for contacting us about the terms of your Advanta account.

Your Advanta rates are based on a variety of factors including information about your Advanta account, such as credit line utilization and payment history and information we obtain from credit bureaus about your personal and business credit. The information we obtain from the credit bureaus can include your activity on any other accounts you may have including mortgages and other credit cards.

In addition to factors such your account history with us and your credit scores, our evaluation also considers the economy. Given the current difficult economic environment, we expect accounts with similar behavior and credit profiles to your account to now have a greater likelihood of defaulting than before and your new pricing reflects that higher risk.

We appreciate the opportunity to serve you and your business needs. If you have any other questions or concerns, please feel free to contact our Customer Service Center. You can visit us online 24 hours a day at www.advanta.com or call us toll free at (800) 705-7255, Monday - Friday 8:00 am to 8:00 pm and Saturday 8:00 am to 5:00 pm Eastern Time.

Charles Regazzi
Account Manager
Advanta

[jarel]

Americans are reaping what they have sewn by voting in Right Wing politicians who let the credit card industry basically do whatever it wants....

Politics aside: They can raise your interest rate for any reason whatsoever....You can't bring a class action lawsuit for actions that are not illegal.

Your only options: pay off the entire balance...cut up the card and send it back to them....Or...if you have good credit....get a new card and balance-transfer the money to the new card with the better rate...then cut up the Advanta card and send it back to them.

[cumhea]

Slimick is absolutely correct. Now is your chance to vote left, and watch those thieves slap another tax on a gallon of gas that is already at $4.50.

[gall]

Really? Slimick is right? Could you please say which legislation was passed by the "Right Wing" politicians that allowed the credit card industry to do whatever they wanted? I didn't think so. Just more lies and sound bites spewed by ignorant individuals that watch too many political commercials.

[winwood]

Interesting that someone who argues from a moral base ("Right Wing politicians, blah, blah, blah...")
would argue a provider of services can "do whatever it wants". this is a contradiction in logic, not to mention simplistic nonsense. The legality of the action may be at issue, the immorality is not

[shipley]

Interesting that someone who argues from a moral base ("Right Wing politicians, blah, blah, blah...")
would argue a provider of services can "do whatever it wants". this is a contradiction in logic, not to mention simplistic nonsense. The legality of the action may be at issue, the immorality is not

You can file a suit if they did not inform you of the rate hike, which they did to many people. Advanta Bank are the lowest of lowest scumb bags. The problem is that no one is reporting them, they just complain on these dumb useless complaint boards.