Author Topic: Advanta  (Read 3216 times)

0 Members and 1 Guest are viewing this topic.

EB Joe

  • Valued Member
  • Posts: 70
Advanta
« on: September 30, 2008 05:25:53 PM »
Flying, since you have so much experience getting bent over in business, how about this for you?


Quote
Advanta Business Cards are issued by Advanta Bank Corp., Member FDIC, pursuant to an Advanta Business Card Agreement. The Platinum BusinessCard is a MasterCard Executive BusinessCard. While the rates, indexes, margins, fees, and other account terms described here are typical of those recently offered and in effect on Advanta Business Cards and are expected to apply to your account, your account terms will be in every instance determined by us and reflected in your Card Agreement. In accordance with applicable law and the terms of your Card Agreement, we may change all of your account terms, including rates and fees, at any time for any reason. This means that your account rates, including any introductory or promotional rates offered, are not guaranteed; all account rates may be increased, fixed rates may change to variable rates, and variable rates may change to fixed rates. We may also change your account terms, including by increasing rates and promotional rates, if any Events of Default listed above or in your Card Agreement occur. Your Card Agreement also contains an arbitration provision, which replaces the right to have claims heard in court by a jury, and precludes participation in class actions.

Your Request for Credit: The person (the "Signing Individual") whose name appears on an Advanta Bank Corp. ("ABC") credit application or invitation response (the "Application"), by submitting the Application, (1) represents that he/she is at least 18 years of age, a U.S. citizen or permanent legal U.S. resident, and either a proprietor or an authorized representative, partner, officer, employee or agent of the business identified in the Application (the "Business"); (2) agrees for him/herself individually and on behalf of the Business to be bound by the terms and conditions of the Advanta Business Card Agreement (the "Card Agreement") which, if and when issued, will be mailed with one or more requested credit cards (each, a "Card"); and (3) requests that ABC establish an Advanta Business Card account and issue Cards on the account to the Signing Individual and to each additional person (if any) for whom a Card is requested. The Signing Individual further acknowledges and agrees that: (i) all information provided in the Application or otherwise in connection with the request for credit is complete and correct; (ii) by using any Card or the account, the Signing Individual and the Business each agree to be bound by the terms of the Card Agreement; (iii) from time to time, ABC may verify any information provided in the Application or otherwise in connection with the request for credit, may investigate credit and order reports on the Signing Individual, the Business, and all persons for whom Cards are requested from credit reporting agencies and other appropriate sources, and may use this information, in addition to any business information which may be requested, to evaluate and approve the Application and determine the credit limit and any other terms for the account; (iv) ABC may answer inquiries from, and report to, credit reporting agencies and others relating to its receipt of and decision on the Application and its experience on the account; (v) ABC may exchange credit and other information from the Application and on the account, the Signing Individual, the Business and any other persons for whom Cards are requested or issued with its affiliates and/or third parties (including any co-brand vendor, service provider, affinity group or other person or entity who identified the Signing Individual, the Business, or any other such person to ABC as a customer, prospect, or member or in which membership is an ABC program benefit or who contacted you on ABC's behalf) unless it receives a written request at P.O. Box 30715, Salt Lake City, Utah 84130-0715 that it not do so; (vi) the Cards and the account will be used solely for business purposes (including commercial, industrial and professional purposes) and not for personal, family, or household purposes; (vii) the Signing Individual and the Business are jointly and severally liable for all transactions on the account (which means that the Signing Individual is personally liable for all amounts due ABC on the account); (viii) any person to whom a Card is issued is also personally liable for all transactions made with that Card; and (ix) to the extent not restricted or prohibited by applicable law, and whether or not ABC approves the Application, ABC may refer Application information to others for the purpose of offering credit and/or other products and services to applicants.

To boil it down, we don't have to have a CA beg you to sign a personal guaranty, you've signed one by applying for the card.

Also, If you receive a card and use it, you are responsible for charges made with that card.  (Anybody praying that Some a$$hole execs are getting nice large bills for the cards they had that their banks defaulted on?)

(possibly affecting those who answered in the (Original Creditors (Adde relative to MBNA CC ? ))) thread.  You may want to rethink your posts now, I can't imagine it's too long before they say on ALL cards, "by applying, anyone who is an AU is also responsible for repayment."

BTW, for those that skipped the long quote.  Sentence number 3 says "We expect these terms to apply, however, we may ratejack your  :censored: even before we mail the card!"

Rottweiler

  • "SIT!" "Stay!" "Watch OUT!"
  • Valued Member
  • Posts: 6022
  • Talent does what it can; genius does what it must
    • Debtor Talk:  "Tough Love" for the Collection Industry.
Re: Advanta
« Reply #1 on: September 30, 2008 07:17:58 PM »
Quote
In accordance with applicable law and the terms of your Card Agreement, we may change all of your account terms, including rates and fees, at any time for any reason. This means that your account rates, including any introductory or promotional rates offered, are not guaranteed; all account rates may be increased, fixed rates may change to variable rates, and variable rates may change to fixed rates.

And what is the chances of the last one occurring?  Do I see some porcine aviators?  No?   :vbrofl:

We also need no excuse to change any and all terms of this contract simply because...we want to.

“This is a court of law, young man, not a court of justice."
~ Olver Wendell Holmes

Kitten

  • Valued Member
  • Posts: 2019
    • MCSD
Re: Advanta
« Reply #2 on: September 30, 2008 10:00:42 PM »
At least they tell you up front that they might change the terms at any time. I've had Advanta for a couple of years, and it has been 7.99% on purchases for the entire time, it was 0% on balance transfers for the first 15 months, and they often offer 2.99% for life on BTs. It may not be my only card that's 7.99 fixed, but I don't have any cards with lower rates.

dec458

  • Valued Member
  • Posts: 2
Re: Advanta
« Reply #3 on: February 08, 2009 02:31:12 AM »
At least they tell you up front that they might change the terms at any time. I've had Advanta for a couple of years, and it has been 7.99% on purchases for the entire time, it was 0% on balance transfers for the first 15 months, and they often offer 2.99% for life on BTs. It may not be my only card that's 7.99 fixed, but I don't have any cards with lower rates.

I know an attorney in NY who was using the 0% to finance a few things after he lost a bunch of money in the stock market.  They rate jacked him at the end of the 15 months without any Opt Out notice.  You'd have to be crazy to get a card from Advanta these days with terms that would let them jack your rate at any time for any reason.

CleaningUp

  • Valued Member
  • Posts: 10700
Re: Advanta
« Reply #4 on: February 08, 2009 03:48:40 AM »

...They rate jacked him at the end of the 15 months without any Opt Out notice.....



If by "rate jacking" you mean that they upped his interest rate to the regular rate as per contract after the 15 month introductory period, Advanta has done nothing wrong.

The 0% was the teaser rate and had a set expiration period. Once that period had elapsed, raising the interest to the rate that the card issuer quoted in the contract as the post-teaser-rate interest rate was both advertised and legal WITHOUT providing an "opt-out" notification or option.

The consumer has the right to opt-out on his own by paying the full amount due and payable at any time.

Lets not create a consumer crisis where none may not exist.





« Last Edit: February 08, 2009 03:50:37 AM by CleaningUp »