Advanta Credit Cards - please comment

[Nick777]

Searching around for some new cards, I found the Advanta Small Business credit cards - 2 different kinds. The rates are rediculously low and the cash back benefits are amazing. I want to know what is required as far as the business part goes and if anyone has any experience with this card. Thanks! -Nick

[Tuscani]

I don't recommend it as it requires a personal guarantee. Check out the Citi Biz cards.

[Anonymous]

I applied for the Advanta card and was approved for it $6000 7% I was never late with a payment nor did I incur any additional personal or business expenses, yet my APR went up to 16% and then 31%. I took out a chase card and did a balance transfer and closed the Advanta. I will not take out another card with them again.

[llecs]

I too had them and the same happened to me arounf 8-9 yrs ago. I was happy with the CC but disappointed on the rate.

[Creditaddict]

I have 2 Advanta cards (2 businesses) I got the one that is 2.99 fixed for life on balance transfer!!

APR for purchases has recently went up on both of them, the big one this month from 17.99 - 34.99. Advanta says they re-rated all there accounts and put new credit risks on them and that I could request a decrease in interest every 3 months.

My other one went from 7.9 - 16.99 and then they lowered it down to 13.99 when requested.

Like I said though I used both accounts as balance transfer so interest rates on purchases did not effect me at all... They give GREAT credit lines and you can request increase based on payment history alone every 6 months.  I highly recommend if you need a balance trasfer card or need a high limit purchasing card that you will pay off each month. but for carrying purchasing balances there is much better.