Investor · Bellefonte, PA · Member since 2008 · 1k+ posts · 88 votes
I just got notice today that Advanta Corp is closing all business credit card accounts effective 5/30 (in 4 days). That's not much notice to try and get things shuffled around. Has anyone else run into issues like this with this or any other credit card companies?
Financial Advisor · Tampa Area, FL · Member since 2008 · 956 posts · 214 votes
17y
typically, if an account is closed, you can still make payments on it as usual, but cannot charge anything new on it.
recently, i saw that citifinancial is no longer financing rooms-to-go purchases and that is how they are closing accounts. still get the same terms as before, just no new purchases.
Investor · Mableton, GA · Member since 2009 · 1k+ posts · 465 votes
17y
To all of you Advanta card holders: Today is the last day you can charge you card so go ahead and splurge...
I know I did. I bought new central heating and cooling units for one of my properties, (It was really needed anyway) paid an appraisal for a property I'm about to buy and paid my wife's tuition. I only pay 7.5% interest on that card and I don't think they can change it based on the new law.
Real Estate Investor · Las Vegas, NV · Member since 2008 · 1k+ posts · 447 votes
17y
Originally posted by Eddie Ziv:
I only pay 7.5% interest on that card and I don't think they can change it based on the new law.
Actually they can change it. Most provisions of the new law do not take effect until August 2009. However, the provision about interest rates doesn't take effect until August of 2010! Still plenty of time for them to jack up rates. The law allows for a lot of political grandstanding about how the consumer is being protected but the bank lobby was able to get some huge concessions in this bill. Not surprising considering how much they contribute to campaigns on both sides of the aisle.
Real Estate Investor · Belvidere, IL · Member since 2009 · 169 posts · 65 votes
17y
Advanta raised my rate 2 or 3 months ago from 7.99% to 16.99% due to the "economic climate". My credit is excellent and my payment history always on-time and more than the required payment with Advanta. Now I am waiting for the other shoe to drop before I pay off the entire balance.
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
16y
Originally posted by Michael Shadow:
I just got notice today that Advanta Corp is closing all business credit card accounts effective 5/30 (in 4 days). That's not much notice to try and get things shuffled around. Has anyone else run into issues like this with this or any other credit card companies?
Investor · Mableton, GA · Member since 2009 · 1k+ posts · 465 votes
16y
Originally posted by Bryan Hancock:
Originally posted by Michael Shadow:
I just got notice today that Advanta Corp is closing all business credit card accounts effective 5/30 (in 4 days). That's not much notice to try and get things shuffled around. Has anyone else run into issues like this with this or any other credit card companies?
-Michael
Advanta rocked! I miss them!
Hmmm. I miss them too, but if they rocked, why are they out of business??
Investor · Round Rock, TX · Member since 2010 · 8k+ posts · 4k+ votes
16y
Originally posted by Eddie Ziv:
Originally posted by Bryan Hancock:
Originally posted by Michael Shadow:
I just got notice today that Advanta Corp is closing all business credit card accounts effective 5/30 (in 4 days). That's not much notice to try and get things shuffled around. Has anyone else run into issues like this with this or any other credit card companies?
-Michael
Advanta rocked! I miss them!
Hmmm. I miss them too, but if they rocked, why are they out of business??
Because they were TOO investor and business owner friendly.
Investor · Mableton, GA · Member since 2009 · 1k+ posts · 465 votes
16y
Originally posted by Bryan Hancock:
Originally posted by Eddie Ziv:
Originally posted by Bryan Hancock:
Originally posted by Michael Shadow:
I just got notice today that Advanta Corp is closing all business credit card accounts effective 5/30 (in 4 days). That's not much notice to try and get things shuffled around. Has anyone else run into issues like this with this or any other credit card companies?
-Michael
Advanta rocked! I miss them!
Hmmm. I miss them too, but if they rocked, why are they out of business??
Because they were TOO investor and business owner friendly.