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I received a check yesterday from Advanta as part of a settlement suit. Apparantly they were investigated for rate jacking customers. My check was only $71, but I imagine there are many people who will get more than that.
I was sent a notice of a rate jack from 7.99% to 12.99% last year. I missed that notice, but then I got a notice of 12.99% to 16.99% which I saw. I immediately paid that account off. I guess this was August 2008. I'm assuming the credit I got is from the 6 months or so that it was raised from 7.99% to 12.99%.
The letter is generic, no specific details on arriving at my credit, but I can still look at my statements online.
@itsjustmeibe wrote:I received a check yesterday from Advanta as part of a settlement suit. Apparantly they were investigated for rate jacking customers. My check was only $71, but I imagine there are many people who will get more than that.
I was sent a notice of a rate jack from 7.99% to 12.99% last year. I missed that notice, but then I got a notice of 12.99% to 16.99% which I saw. I immediately paid that account off. I guess this was August 2008. I'm assuming the credit I got is from the 6 months or so that it was raised from 7.99% to 12.99%.
The letter is generic, no specific details on arriving at my credit, but I can still look at my statements online.
I also received a check.......mine was for a buck and some change. my rate jack was substantially higher than yours; I had paid off my purchases (Advanta won't agree) by the time I had moved over to taking advantage of a balance transfer at 0% for 15 months. I personally wouldn't say the letter is generic, as Advanta goes so far as to say that they do not agree with the court decision... but if you mean generic as in how they came up with the number, then you're right.
On a personal note: Advanta kept an overage payment for themselves, claiming it was for interest, even after I sent a letter explaining there was a zero balance for the month they took the overage, and the account had been paid off the month before. I guess it takes a court order. Oh well. It's not like they're Chase or Bank of America....... or Capital One. Anyone else should be added to the list, besides AmEx?