And the hits keep on comin'...... - Chicagoland Sportbikes
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post #1 of 17 (permalink) Old 05-26-2009, 11:33 AM Thread Starter
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And the hits keep on comin'......

As communicated in our recent letter to customers, we deeply regret that all Advanta Business Credit Card accounts will be closed effective May 30, 2009. Please refer to the questions and answers below for additional information about this action.

Why are you closing my account?
Does this mean I have to pay off my account immediately?
What should I do with my credit card on May 30th?
I wrote convenience checks recently. Will they clear?
Will you honor promotional rates on convenience checks and balance transfers?
I used my Advanta Business Card for recurring bill payments. Will those continue to go through?
What will happen to the rewards that I have earned on my account?
My account is in good standing, why are you closing my account?
How does this affect my credit score? How will the account appear on my credit bureau?
What if I have a billing dispute after my account is closed?
How do I contact customer service after my account is closed?
Will I still be able to manage my account online after my account is closed?
Will I have to pay the annual fee on my account?
I just paid an annual fee. Will I get my money back?
Can I apply for a new credit card with Advanta?

Q: Why are you closing my account?

A: Substantially all Advanta accounts are funded by an independent trust which owns the account balances and provides funding for new transactions. The trust is going to stop funding activity. The trust also restricts our flexibility to fund account activity. As a result, all Advanta Business Card accounts will be closed effective May 30th. The last day you will be able to use your account is May 29th.
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Q: Does this mean I have to pay off my account immediately?

A: Not at all. You may continue to pay down your account over time according the terms of your Business Card Agreement.
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Q: What should I do with my credit card on May 30th?

A: You should cut up your credit card, as well as any employee cards, convenience checks and PIN numbers. However, you should keep a record of your account number. You’ll need it if you have questions about your account in future.
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Q: I wrote convenience checks recently. Will they clear?

A: We understand that you may have written checks, including promotional rate convenience checks, on your account before May 30th. We will make every effort to honor checks written to third parties that are presented to us for payment by June 3rd. You should notify anyone you’ve written a convenience check to recently to cash their checks as soon as possible.
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Q: Will you honor promotional rates on convenience checks and balance transfers?

A: If the promotional rate convenience check was written to a third party before May 30th and presented to Advanta for payment by June 3rd, we will honor the promotional rate according to the terms of the original offer. If the balance transfer request is received by Advanta before close of business on May 29th, we will honor the promotional rate according to the terms of the original offer.
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Q: I used my Advanta Business Card for recurring bill payments. Will those continue to go through?

A: Recurring bill payments will not be processed after May 29th. You should make alternative arrangements to pay those bills as soon as possible to avoid missed payments.
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Q: What will happen to the rewards that I have earned on my account?

A: If you participate in a Cash Back program, you will receive a check for the amount of any accrued rewards more than $1.00 as long as you make at least the required minimum payments and your account remains in good standing. If you participate in a Business Rewards points program, you have at least 60 days to redeem your points as long as you make at least the required minimum payments and your account remains in good standing.
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Q: My account is in good standing, why are you closing my account?

A: This action is not a reflection of your creditworthiness. All Advanta Business Card accounts are being closed, regardless of credit status.
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Q: How does this affect my credit score? How will the account appear on my credit bureau?

A: If you have never been delinquent and do not become delinquent, the account closure will have no impact on your consumer credit score. For delinquent customers, we are working with representatives from the three major credit reporting agencies and the Fair Isaac Corporation (the company that computes your FICO credit score.) on this point. They have assured us that closing your account, and whether it is reported as “closed by the issuer” or some other way, is not directly factored into your credit score. However, you should be aware that “utilization percentage”, which is a way of describing how much of your available credit you use, may be affected because your available credit will decrease as a result of the closure, and this may affect your credit score. You can get free information about credit scores at www.annualcreditreport.com and www.myfico.com.
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Q: What if I have a billing dispute after my account is closed?

A: Customer service will continue to be available and you can continue to dispute charges. The procedures for disputing charges are outlined on every monthly billing statement.
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Q: How do I contact customer service after my account is closed?

A: You can contact our Customer Service team at the toll free number that appears on your monthly billing statement – (800) 705-7255.
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Q: Will I still be able to manage my account online after my account is closed?

A: Yes
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Q: Will I have to pay the annual fee on my account?

A: No. We have discontinued charging an annual fee.
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Q: I just paid an annual fee. Will I get my money back?

A: If you paid an annual fee at any time after June 1, 2008, we will pro rate the fee through May 2009, and credit your account the difference. For example, if you paid a $50 annual fee in December 2008, we will credit your account with $25 because your account was closed after six months.
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Q: Can I apply for a new credit card with Advanta?

A: No. Advanta is not taking applications for new credit card accounts at this time.

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post #2 of 17 (permalink) Old 05-26-2009, 12:00 PM
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Was that your business LOC ?


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post #3 of 17 (permalink) Old 05-26-2009, 12:02 PM
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Damn!

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post #4 of 17 (permalink) Old 05-26-2009, 12:14 PM Thread Starter
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Quote:
Originally Posted by BLARNEY View Post
Was that your business LOC ?


Tom
Nope, just another business credit card, but WTF? I used to have 10 credit cards in perfect standing. Now I am down to 4, and 2 of them reverted to ass rape interest rates because they had a "change in terms". Luckily I have the cash flow this time of year to deal with the loss of credit, but this BS is really pissing me off. If it was the winter it would be a different story, and I would be paying their interest, which I can't stand. I just don't get how they can pull the plug with little to no warning making people with good credit and who pay their bills jump through hoops at the last minute.

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post #5 of 17 (permalink) Old 05-26-2009, 12:16 PM
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its sucks, but its their money...
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post #6 of 17 (permalink) Old 05-26-2009, 12:25 PM
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Quote:
Originally Posted by Chicago Performance View Post
Nope, just another business credit card, but WTF? I used to have 10 credit cards in perfect standing. Now I am down to 4, and 2 of them reverted to ass rape interest rates because they had a "change in terms". Luckily I have the cash flow this time of year to deal with the loss of credit, but this BS is really pissing me off. If it was the winter it would be a different story, and I would be paying their interest, which I can't stand. I just don't get how they can pull the plug with little to no warning making people with good credit and who pay their bills jump through hoops at the last minute.


i'm not looking forward to having to keep an inventory in the near future and have to deal with BS like this....


good luck man.

Quote:
Oh he can drive. He can drive beyond the limits of the tires, the engine, the car or anything else.
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post #7 of 17 (permalink) Old 05-26-2009, 12:25 PM Thread Starter
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Quote:
Originally Posted by Loki047 View Post
its sucks, but its their money...
Yep I hear that, but that seems a little unfair. The law states I can sell a bike after 15 days of storage too, but that doesn't seem right either. I don't do that because I value my customers and try to work with them as best I can, not try to take advantage of an opportunity screwing them over in the process. If you have been with a company for 10 years and had no late payments or issues I think that would be considered a "good" customer in any business except this one. When the need to have the service or business outweighs the options for customers and a lack of choice is when the problems arise. Think DMV, post office, Comcast, etc.

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post #8 of 17 (permalink) Old 05-26-2009, 01:24 PM
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I know a few good lenders if you are looking for a LOC or loan.
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post #9 of 17 (permalink) Old 05-26-2009, 01:29 PM
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Sucks to see that Ken. My parents are going through the samething and it is unfair.

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post #10 of 17 (permalink) Old 05-26-2009, 01:44 PM
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if they are gonna shut down and not offer you service, you should be free to not pay them. thats bullshit.




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post #11 of 17 (permalink) Old 05-26-2009, 02:13 PM Thread Starter
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Quote:
Originally Posted by HDTony View Post
if they are gonna shut down and not offer you service, you should be free to not pay them. thats bullshit.
I wish I knew the exact day I was gonna die and didn't need credit. I would make sure the debt was as high as possible and then call and ask for a temporary credit line increase. "Oh it's OK, go ahead and charge me the overlimit fee".

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post #12 of 17 (permalink) Old 05-26-2009, 02:15 PM
he who is absent foreskin
 
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Quote:
Originally Posted by Chicago Performance View Post
Yep I hear that, but that seems a little unfair. The law states I can sell a bike after 15 days of storage too, but that doesn't seem right either. I don't do that because I value my customers and try to work with them as best I can, not try to take advantage of an opportunity screwing them over in the process. If you have been with a company for 10 years and had no late payments or issues I think that would be considered a "good" customer in any business except this one. When the need to have the service or business outweighs the options for customers and a lack of choice is when the problems arise. Think DMV, post office, Comcast, etc.
Well from the sound of it the fund that was putting the money out has shut its doors. The credit card company has no money to lend, ie regardless of how good of a customer I was to you, if you didn't have money to buy gloves you couldn't sell me gloves.
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post #13 of 17 (permalink) Old 05-26-2009, 02:56 PM
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trust me i am not the same cock sucker i was a few years ago either and so on.
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post #14 of 17 (permalink) Old 05-26-2009, 03:42 PM
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Quote:
Originally Posted by Chicago Performance View Post
If you have been with a company for 10 years and had no late payments or issues I think that would be considered a "good" customer in any business except this one.
The credit card industry term for you is deadbeat. Such a topsy turvy world, the credit card business.
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post #15 of 17 (permalink) Old 05-26-2009, 09:52 PM
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How did they make money off you if you always paid on time and such? Was there a yearly charge or something? Or was it just from the fee's they charged people who accepted the card? Just wondering.
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post #16 of 17 (permalink) Old 05-27-2009, 12:33 AM
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Quote:
Originally Posted by Chicago Performance View Post
Nope, just another business credit card, but WTF? I used to have 10 credit cards in perfect standing. Now I am down to 4, and 2 of them reverted to ass rape interest rates because they had a "change in terms". Luckily I have the cash flow this time of year to deal with the loss of credit, but this BS is really pissing me off. If it was the winter it would be a different story, and I would be paying their interest, which I can't stand. I just don't get how they can pull the plug with little to no warning making people with good credit and who pay their bills jump through hoops at the last minute.
I hear ya. Citicard tried to raise my % rate (change in terms) and I refused so they will cancelling my membership when my current cc expires. Fine by me.
I'm sure this can be a major inconvenience and place many obstacles in your business. Good luck
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post #17 of 17 (permalink) Old 05-27-2009, 05:56 AM

 
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Things just keep hitting harder and harder.. I feel the pain right along with ya..

過労死
--------------------------------------------
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