Comments on CreditMattersBlog.com: Advanta Shuts Down Credit-Card Lending Amid Surgin...

I would be interested so hear comments about the a...

2009-06-16T12:50:17.208-04:00

I would be interested so hear comments about the adverse FICO hit consumers bare when cardholders reduce their limits or close accounts altogether. Working in the mortgage biz, I still see score issues caused by creditors/lenders that directly impact cardholders for circumstances beyond their control.

Advanta is finally getting what's coming to them. ...

2009-05-27T21:06:59.641-04:00

Advanta is finally getting what's coming to them. All the hundreds of us small business owners who did nothing wrong but be a good Advanta customer and had our interest rates jacked from 30-44%, will be partying as soon as we see Advanta go down in flames. Their account holders are refusing to give in and pay their loan shark rates is why their default rate is skyrocketing. Poor Mr. Alter is a

Interesting - On May 12 I learned here at Credit M...

2009-05-26T17:47:06.446-04:00

Interesting - On May 12 I learned here at Credit Matters Blog that my Advanta card would be closed.

Today, May 26, Advanta notifies me by email.

And the last day to charge will be Friday, May 29.

Here's the meat of the email:

Effective May 30th all Advanta Business Credit Card accounts, including your account, will be closed. This is because

FLT, no big deal. Since no one will be able to mak...

2009-05-25T00:00:38.359-04:00
FLT, no big deal. Since no one will be able to make purchases on their Advanta cards after June 12 or whatever date it is.

No loss.

"learned" - not "elarned"

2009-05-23T09:41:46.278-04:00
"learned" - not "elarned"

Just elarned that Advanta cut my limit from $2,500...

2009-05-23T09:40:51.075-04:00
Just elarned that Advanta cut my limit from $2,500 (my lowest limit of 10 cards) to $500. No big loss, but I thought it was odd if they are closing it next month anyway.

I received my last reward check for $51 in April a...

2009-05-16T20:44:00.000-04:00
I received my last reward check for $51 in April and have racked up another $5200 in charges since then. I'm not going to get another rebate check am I? I'll have to start using another rewards card and put the Advanta card in the heap of other unused cards. I've never paid Advanta one cent in interest or other charges... they must hate customers like me.

Closed my account today. I only ever it for a 0% B...

2009-05-13T01:00:00.000-04:00
Closed my account today. I only ever it for a 0% BT offer. By the time I paid it off, my new purchase rate had spiked close to 30% and eventually settled on a mellow 24.99%. You know things are bad when you look at the yields on their investment notes: https://vault.advanta.com/prospectus.asp#NoteRate

"but I know it's coming. Chase Freedom will offici...

2009-05-12T20:05:00.000-04:00
"but I know it's coming. Chase Freedom will officially be a run-of-the-mill rewards card not worth carrying."

I've been saying this here for months. They will all be run-of-the-mill rewards cards, one by one they will all change their policies as they need to move away from interest income and rely on fees.

This is why the customer service aspect of these changes does not

Re: "... balance transferred to Chase at 5%. Chase...

2009-05-12T14:40:00.000-04:00
Re: "... balance transferred to Chase at 5%. Chase is my last good card company ..."

Black Diamond, do not trust Chase, ESPECIALLY with a balance transfer.

They have invented a theory that they can unilaterally change your rate and your payment, at any time, and NOT allow you to opt out of the changes-- even on a balance transfer that had a PERMANENTLY FIXED rate!

BD, and if the Chase Freedom move is any indicatio...

2009-05-12T13:49:00.000-04:00
BD, and if the Chase Freedom move is any indication, you'll likely have to throw Chase into the pile with the rest of them.

I pointed to this story earlier (in OT thread):

New Fees for Card Usage Abroad

http://online.wsj.com/article/SB124209087226709139.html

I had my Advanta card for four years before they p...

2009-05-12T13:47:00.000-04:00
I had my Advanta card for four years before they pulled their stunt. It was a nice place to park debt in the mid-term, since the interest rate was at 8%. When they jacked me I balance transferred to Chase at 5%. Chase is my last good card company, but their rates are still high.

Enigma, I wrote this in the OT thread: I have not...

2009-05-12T12:39:00.000-04:00
Enigma, I wrote this in the OT thread:

I have not received my notification in the mail yet, but I know it's coming. Chase Freedom will officially be a run-of-the-mill rewards card not worth carrying. I have other cards that do what Chase Freedom will be doing beginning June 30.

http://creditboards.com/forums/index.php?showtopic=394873

Speaking of reward schemes, all you Chase Freedom ...

2009-05-12T12:37:00.000-04:00
Speaking of reward schemes, all you Chase Freedom card holders, be watching your mail...

No loss here. Their reward scheme was changed from...

2009-05-12T12:23:00.000-04:00
No loss here. Their reward scheme was changed from lousy to pitiful a few years back. Stopped using the card except for the quarterly ~$20 spend to keep the account open.

Don, why would it bounce? And yikes on that 4% and...

2009-05-12T12:10:00.000-04:00
Don, why would it bounce? And yikes on that 4% and no cap.

I just got an offer from Merrill. BT at 3.99% -- with $75 cap. Some decent offers still exist (but not a lot).

In today's mail a letter from Advanta Re: "3.99% n...

2009-05-12T12:07:00.000-04:00
In today's mail a letter from Advanta Re: "3.99% non-variable APR --good until January 2010--when you use the special Account Checks attached by June 15th, 2009 up to your $30K limit." I would be reluctant to use, however, since might bounce.
Also, there is a 4% fee (no max).
~Don

I'm disappointed bc they gave me the highest CL I'...

2009-05-12T11:55:00.000-04:00
I'm disappointed bc they gave me the highest CL I've seen reported (over 40K) and it would have been useful for my business.

But this is not unexpected- it's been widely predicted that Advanta would fail.

LOL.

2009-05-12T11:34:00.000-04:00
LOL.

That made no sense. I would like to edit it to re...

2009-05-12T11:33:00.001-04:00
That made no sense. I would like to edit it to read: "I've had my Advanta card since September 2008, the month I went on my App spree."

It's my understanding that most of the people who ...

2009-05-12T11:33:00.000-04:00
It's my understanding that most of the people who got those nice rate jacks were cardmembers for at least a year. I am sure there are exceptions, but most of the people I've heard from had the card at least a year.

Don has had his card for more than three years. No problems with his card, though.

I received the card last August when I went on my ...

2009-05-12T11:31:00.000-04:00
I received the card last August when I went on my App Spree last September.

I have had my Advanta account for over three years...

2009-05-12T11:08:00.000-04:00
I have had my Advanta account for over three years and never had a problem, only using for promotional balance transfers at 6.99%, which I am still enjoying. Never have used the card, however, just for balance transfers. I for one will miss them.
~Don

FLT, have you had the card less than a year?

2009-05-12T10:53:00.001-04:00
FLT, have you had the card less than a year?

I just checked my Advanta statement. I'm at a 7.9...

2009-05-12T10:53:00.000-04:00
I just checked my Advanta statement. I'm at a 7.99 APR for purchases (29.99% for cash advances).