MUST READ: Advanta Credit Cards Warning - Spending To Be Frozen

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fffresh
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MUST READ: Advanta Credit Cards Warning - Spending To Be Frozen

Postby fffresh » Sun May 17, 2009 7:10 pm

Advanta, who is the 2nd largest issuer of business credit cards in the United States, announced that as of June 10, cardholders will not be able to put new charges on their cards.

The question is- Will Advanta go bankrupt? It looks likely. They refused the TARP money and their stock currently is trading for pennies. If you have an Advanta credit card and any existing rewards or cash back accumulated on the card, I would advise for you to cashout immediately. I predict the company will either go under or a buyout will be arranged. Either way your rewards are certainly at risk. For years they offered an attractive 5% cash back credit card and balance transfer offers of 0% for 16 months and it looks like this may have gotten them in trouble and in over their heads.


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Cucumber
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Postby Cucumber » Tue May 19, 2009 2:32 pm

So they're totally stopping business altogether?!?! :eek: I don't even think they do anything else so if they are closing their small business credit card thing what else are they going to do now?

The thing is that everyone honestly hates Advanta. They shot themselves in the foot. Jacking up everyones interest rates for no reason to 25 to 36% even when they promised people the APR would remain under the 0% balance transfer offer or the supposed "fixed" rate of 7.99% they advertised forever. I can't feel sorry for them because they kind of did it to themselves.
OBAMA
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penfedwarning
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Postby penfedwarning » Sat May 23, 2009 1:54 pm

Advanta credit cards are a total scam. THey will raise your promotional interest rates out of the blue for no reason no matter how good of credit history you have.

Good riddance, Advanta!



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