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My husband and I recently started a small business and have a business credit card with ADVANTA Master Card which recently turned into a nightmare. they increased our interest rate from 7.99 to 31%. Apparently some very fine print in the flyer they send with every payment stated if we charged anything on it after October 3rd our rate would go up on the entire balance. We accused them of predatory lending and sneaky tactics with the "tiny print" notice. They did not deny our comments nor would they return our limit to the agreed upon 7.99%. The repersentative stated that a recent audit of our account inidated they did not like our spending habits and decided we were a high risk, even though what we had used was not even close to the limit they gave us. My husband asked them why they set a limit and then penalize the customer for using the credit line available by raising the interest rate to over 4 times the origninal interest rate! She had no comment. I say they know exactly what they are doing, and as for us we will be paying this loan and closing the account before they have a chance to charge us another month at that ridiculous interest rate. If you are planning on starting a small business DO NOT use ADVANTA - they are the epitomy of predatory lenders. We will never use them again - as John said "when pigs fly!"
By Denise
