cancel
Showing results for 
Search instead for 
Did you mean: 

ADVANTA BUSINESS CARD INTEREST RATE CREDIT - CHECK RECEIVED YESTERDAY

tag
itsjustmeibe
Regular Contributor

ADVANTA BUSINESS CARD INTEREST RATE CREDIT - CHECK RECEIVED YESTERDAY

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.

Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: ADVANTA BUSINESS CARD INTEREST RATE CREDIT - CHECK RECEIVED YESTERDAY


@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?

 

Message 2 of 4
Creditaddict
Legendary Contributor

Re: ADVANTA BUSINESS CARD INTEREST RATE CREDIT - CHECK RECEIVED YESTERDAY

I got one for like $13
Message 3 of 4
GregB
Valued Contributor

Re: ADVANTA BUSINESS CARD INTEREST RATE CREDIT - CHECK RECEIVED YESTERDAY

I got one for $20 several weeks ago and just got one for $1.34 for some other class action deal. I believe the first one had to do with the one month they pulled the double cycle billing nonsense. I mostly never carried a balance with them but one month was just $2000 short of PIF and got hit a double whammy of interest.
Message 4 of 4
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.