Advanta Business Platinum - Be afraid...

To many ads? Support ODJT and see no ads!
E

Ed Witles

Active DJ
Nov 6, 2008
716
34
61
Gang -

I had this card for several years. Had my occasional share of 'oops'.

My current rate was 16%. I have decent credit and good history w/ Advanta. Never above 1/2 the limit. Make decent payments.

Well, just saw my statement for December - 32%.

I called them and was told 32% after a review of my full credit history.

I said either make a change or I will pay off and close the account and they won't get nothing. He would not budge.

My personal cards have not increased.

Meanwhile, 'Advanta sucks' into Google yields some colorful commentary. I added my tale of woe.

There is a Suntrust card I have that can treat me better. After January, a balance transfer is in order.

They are doing this to everyone. I did see a rate change notice but thought nothing of it.
 
I know the feeling...my rate jumped, too...with Citi. I have until the end of January to decide whether I want to stick with them or transfer the balance. Unfortunately, I just bought a house so I'm afraid my credit is in the crapper for awhile.

I just don't get it...our tax dollars bail them out, but now, they are taking more from us. Now that the gas prices have eased up, the credit giants are turning up the heat.

Times are tough...hope you get that balance transfer (and when you do, make sure to let them know that they're losing business to a competitor).
 
I now have a single Capitol One Visa and an AMEX Blue locked at a low rate for the life of my account for the rest I use AMEX Green for Personal and Amex Gold for Business. Since doing this my credit balances have dropped to under $10K combined for both balance carrying cards.

When you know you have to pay the bills at the end of the month you think twice about what you put of the cards!
 
Just a thought, but if you do in fact have reasonable credit, that number actually seems borderline illegal... I forget the actual term.

BTW, I actually had ALL of my cards lowered to 12% or less, but I have an EXCELLENT credit score - over 800. But funny enough, there was ONE exception to that... my Bose card! The APR is I think 22.8% but I don't care because my Bose are locked in at 0% financing for 2 years, until 12/09...... I almost have them paid off now, anyway.... after I do pay them off I will close the account entirely.
 
I have Advanta and I am canceling my account as well. Long story but I've had it with them.
 
SoftJock Rick said:
Just to throw a thought out here...


Did ya ever consider, that if you don't have the cash to buy something -- you might not really need it...?

Want and need, are two different things... :sqwink:
Click to expand...

Just too many advantages to having good credit these days and too many drawbacks of living off the grid.

Between credit cards paying you to use them (read Discover Card), needing credit cards for identification purposes, having to have a credit score to get good prices on big price items, etc you just have to use them.

Just pay them off at the end of the month and don't carry a balance over.

Mike
 
A way to combat.

I read this somewhere and can't remember now. All you have to do is tell them that you are not accepting the rates and what they will do is close the account and you'll end up having to pay the balance at the old rate. you just can't charge anything more on that card. Unless you transfer the balance you should not close the account yourself. Check with your banker or CPA. I am neither!
 
Esoteric said:
Just too many advantages to having good credit these days and too many drawbacks of living off the grid.

Between credit cards paying you to use them (read Discover Card), needing credit cards for identification purposes, having to have a credit score to get good prices on big price items, etc you just have to use them.

Just pay them off at the end of the month and don't carry a balance over.

Mike
Click to expand...


Have to disagree with ya there Mike...

When you haven't used credit in 20 years -- you forget what it is ;)

I'm still saving for my pool table and home theater projector. Shouldn't be much longer...


By then, the paint will have been delivered, I can get that done, and Faith and I, will have a home theater, and game room :sqbiggrin:


Patience is a virtue.
 
SoftJock Rick said:
Have to disagree with ya there Mike...

When you haven't used credit in 20 years -- you forget what it is ;)

I'm still saving for my pool table and home theater projector. Shouldn't be much longer...


By then, the paint will have been delivered, I can get that done, and Faith and I, will have a home theater, and game room :sqbiggrin:


Patience is a virtue.
Click to expand...
Plus you'll be able to get the latest model at a lower price! When you take it home, its YOURS!
 
I forget the actual term.
Click to expand...

I believe the term you are looking for is usury Papa...
Usury - Wikipedia, the free encyclopedia@@AMEPARAM@@/wiki/File:UsuryDurer.jpg" class="image"><img alt="" src="http://upload.wikimedia.org/wikipedia/commons/thumb/e/ee/UsuryDurer.jpg/220px-UsuryDurer.jpg"@@AMEPARAM@@commons/thumb/e/ee/UsuryDurer.jpg/220px-UsuryDurer.jpg

Did ya ever consider, that if you don't have the cash to buy something -- you might not really need it...?
Click to expand...

Nope...

Lou
 
Papa Deuce said:
The APR is I think 22.8% but I don't care because my Bose are locked in at 0% financing for 2 years, until 12/09...... I almost have them paid off now, anyway.... after I do pay them off I will close the account entirely.
Click to expand...

Papa,
the "no interest" for x amount of months cards are typically like that. Obviously, the idea is that some people will pay off on time, so no interest, but others will, making the credit card company money. Most companies that offer these cards aren't doing the financing themselves, but rather link up with a finance company that offers it to their customers.

It wont make a big difference in your case because you have excellent credit, but unless you have a ton of credit cards, it's better for your score to have an open account with little or no balance. In most cases, closing out cards because they no longer have a balance can actually hurt your score, because it lowers your overall available credit ratio.
 
Scott Hanna said:
....

It wont make a big difference in your case because you have excellent credit, but unless you have a ton of credit cards, it's better for your score to have an open account with little or no balance. In most cases, closing out cards because they no longer have a balance can actually hurt your score, because it lowers your overall available credit ratio.
Click to expand...


Yep, but it is also one more possible source of identity theft..... or credit to be used if someone steals my identity from somewhere else.
 
SoftJock Rick said:
Patience is a virtue.
Click to expand...

totally agree. Patience is a virtue.

Wise use of credit is also smart business.


Credit is not a bad thing. The irresponsible use of credit is a bad thing.

All of my sound equipment, computers, projectors, and digital players have all been purchased with 0% interest for a number of months. When I need more equipment, my options are renting it or buying it. If I can see myself using that piece of equipment a few more times, I buy it rather than rent it. Because I have established a pattern of timely payments, I can make payments on the equipment. Sometimes I rent the equipment out, further enhancing the purchase.

I also recently bought a tv for the house. 36 months same as cash. payments are already automatically set up through my bank's website and set to end after 36 payments. I saw no reason to fork over $1100 when they will accept 30.56 a month for 36 months....and it includes a 3 year warranty on the tv.
 
Papa Deuce said:
or credit to be used if someone steals my identity from somewhere else.
Click to expand...

I disagree here. If someone steals your identity, they are going to be opening new accounts, not using existing ones.

Don't carry these cards on you, so no one can use them if they steal your wallet. Or even better, destroy the physical card, but keep the account open.


I see your point on the possible source of identity theft. However, the vast majority of identity thefts are much more low tech.....mail in the garbage, paystubs, etc. The credit card companies themselves have the most to lose, so they have the highest security measures.


the other common way for identity theft is suckering someone to put in their info on a fake website. not low tech, but still not affecting an open account
 
Perhaps this is somewhat of a light at the end of the tunnel -


Washington, DC -- The Federal Reserve, the Office of Thrift Supervision and the National Credit Union Administration have adopted sweeping new rules for the credit card industry.

The regulations are designed, among other things, to shield consumers from increases in interest rates on existing account balances. They will allow credit-card companies to raise interest rates only on new credit cards and future purchases or advances, rather than on current balances.

But some experts says the changes also could make it more difficult for millions of people with bad credit to get what is known as a subprime card carrying higher interest rates.

The new rules take effect in July 2010.


The Associated Press

Credit Card Interest Rate Jump - CBS News Video

========

You may want to also think about changing over to a Credit Union instead of a bank.
 
thru away all my credit cards 20 years ago do all my work via cash or paypal

if I have money I buy, if no money I dont buy

plain and simple
 
You must log in or register to reply here.
Top Bottom
Back