28 May
Advanta Cardholder Alert
Advanta will close customer accounts next month, leaving a million borrowers looking for credit at a time when lenders are pulling back. The company reported a Q1 loss of $76 Million and is attempting to stem the tide. They’re probably shooting themselves in the foot.
Adding to their woes, they did some rate jacking prompting many of their cardholders to cancel. What did they expect? Then again all the card issuers are doing it to make up the expected losses when the new law goes into effect in February.
See the Money CNN article here: Advanta’s painful plastic surgery
