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Advanta to close accounts at end of month

Creditaddict
Legendary Contributor

Advanta to close accounts at end of month

Got the letter this week, CL had been reduced to $500 above balance and account would be closed at end of month. I got the account for a fixed 2.99 for life of balance transfer about 1.5 years ago, so have never used it after the day it was opened, just been slowly paying it down.
Message 1 of 6
5 REPLIES 5
GregB
Valued Contributor

Re: Advanta to close accounts at end of month

Advanta has been in the business news. They are about 10th or 11th largest CC bank in the US but did no personal accounts so aren't well know to the public. They specialized in small business. Their default rate is pushing 20%, which is killing them. I feel sorry for many Advanta employees that are losing their jobs.

 

Personally I feel a bit irritated at the company since I found out a couple months ago when I didn't quite PIF that they were doing two cycle billing. I will be sorry to see them go since after Amex killed my Business Capital Line, they were about half of my total CL that didn't report on my personal credit reports

Message 2 of 6
Creditaddict
Legendary Contributor

Re: Advanta to close accounts at end of month

Advanta created a good portion of there defaults themselves in my opinion. Yes high CL's for small businesses that then went under or lost much business in economy didn't help. but if you take someone's account from a 7.9% to 36.99 in one month for no reason except your own doing and it increased there payments by anywhere from $100 to several hundred you are going to see defaults sky rocket.
Message 3 of 6
2wheel
Frequent Contributor

Re: Advanta to close accounts at end of month

Ya I got my Notification by email the other day

So now what? Who Cares

2wheel
Message 4 of 6
Creditaddict
Legendary Contributor

Re: Advanta to close accounts at end of month

I might have been upset if I used the account, but like I said I got the account soley to transfer as much debt as I could do it. Maxed it out when I got it with 2.9 fixed and pay about $350 month. have paid off over 8k, so it has done it's job for me and will continue!
Message 5 of 6
2wheel
Frequent Contributor

Re: Advanta to close accounts at end of month

Kinda what I did with mine CA Really never used it unless I was in a Pickle.
2wheel
Message 6 of 6
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