grandview (2006)
05-26-2009, 05:11 PM
Anybody that uses them get the letter? Looks like it time to find a new backup card.
Account Closure Help
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?How long will my transaction data be available to me?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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
Q: Will I still be able to manage my account online after my account is closed?
A: Yes. We have no plans to remove any data from the site in the near future. There is no need to download your data today. To prevent a website slowdown, we are asking all customers to refrain from downloading transaction data for the next week unless there is an urgent business need to do so.
Top of Page
Q: How long will my transaction data be available to me?
A: We have no plans to remove transaction data from Manage Your Account on Advanta.com. There is no need to download your data today. To prevent a website slowdown, we are asking all customers to refrain from downloading transaction data for the next week unless there is an urgent business need to do so.
Top of Page
Q: Will I have to pay the annual fee on my account?
A: No. We have discontinued charging an annual fee.
Top of Page
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.
Top of Page
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.
Top of Page
Account Closure Help
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?How long will my transaction data be available to me?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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
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.
Top of Page
Q: Will I still be able to manage my account online after my account is closed?
A: Yes. We have no plans to remove any data from the site in the near future. There is no need to download your data today. To prevent a website slowdown, we are asking all customers to refrain from downloading transaction data for the next week unless there is an urgent business need to do so.
Top of Page
Q: How long will my transaction data be available to me?
A: We have no plans to remove transaction data from Manage Your Account on Advanta.com. There is no need to download your data today. To prevent a website slowdown, we are asking all customers to refrain from downloading transaction data for the next week unless there is an urgent business need to do so.
Top of Page
Q: Will I have to pay the annual fee on my account?
A: No. We have discontinued charging an annual fee.
Top of Page
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.
Top of Page
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.
Top of Page