Register free!

The Green Industry's Resource Center



Reply
 
Thread Tools   Display Modes
  #1  
Old 05-26-2009, 06:11 PM
grandview (2006)'s Avatar
grandview (2006) grandview (2006) is offline
LawnSite Gold Member
 
Join Date: Jan 2006
Location: Lancaster N.Y.
Posts: 3,476
Advanta Credit Card is closing

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.

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
__________________
www.grandviewlandscaping.com
Reply With Quote
  #2  
Old 05-26-2009, 07:04 PM
TJLANDS's Avatar
TJLANDS TJLANDS is offline
LawnSite Bronze Member
 
Join Date: Jun 2003
Location: JACKSON,NJ
Posts: 1,660
Advanta, was the business card we were using for gas.
Wow they gave me a 4 day notice.
Should be fun getting a new account set up by Fri.
Reply With Quote
  #3  
Old 05-27-2009, 05:43 PM
Frontier-Lawn's Avatar
Frontier-Lawn Frontier-Lawn is offline
LawnSite Silver Member
 
Join Date: Mar 2004
Location: North Port, Florida
Posts: 2,869
Quote:
Originally Posted by TJLANDS View Post
Advanta, was the business card we were using for gas.
Wow they gave me a 4 day notice.
Should be fun getting a new account set up by Fri.
you could always do a Fleet Mobile or other gas company
Reply With Quote
  #4  
Old 05-27-2009, 10:35 PM
Kelly's Landscaping's Avatar
Kelly's Landscaping Kelly's Landscaping is offline
LawnSite Gold Member
 
Join Date: Dec 2003
Location: Milford CT
Posts: 3,774
Just got that letter 1 hour ago I am not to pleased it was our emergency card we used it for advertising in spring and places that don’t take our American Express business card. We had a 6500 dollar limit that part was fine but the card sucked to little time to pay and they loved to raise the interest rates for no reason had to chew them out twice to have it lowered to normal. But as I said we run the business on the Amx card so no effect here. Nothing like getting a bill for 10k or more due in full each month.
Reply With Quote
  #5  
Old 05-28-2009, 12:07 AM
FIRESCOOBY's Avatar
FIRESCOOBY FIRESCOOBY is offline
LawnSite Senior Member
 
Join Date: Apr 2002
Location: Cleveland Ga
Posts: 978
Yeah, got the same letter today.

I wonder how much of this has to do with the new Nobama Credit Card bill?

It was the only credit card I had as I use debit card most of the time. Still, the VERY short warning really pi**es me off.
Reply With Quote
  #6  
Old 05-28-2009, 12:44 AM
blade11 blade11 is offline
LawnSite Member
 
Join Date: Jan 2001
Location: Springfield, IL
Posts: 32
We used our Advanta card for everything. Anyone got any suggestions for a good business credit card that has a cash back or rewards program? We used the Advanta reward program and liked it. A few employees had cards for this account too. Thanks!
Reply With Quote
  #7  
Old 05-28-2009, 11:30 PM
Kelly's Landscaping's Avatar
Kelly's Landscaping Kelly's Landscaping is offline
LawnSite Gold Member
 
Join Date: Dec 2003
Location: Milford CT
Posts: 3,774
Quote:
Originally Posted by blade11 View Post
We used our Advanta card for everything. Anyone got any suggestions for a good business credit card that has a cash back or rewards program? We used the Advanta reward program and liked it. A few employees had cards for this account too. Thanks!

Never got into their reward program but one day I may just need to see what those 260,000 points on our amx card can buy.
Reply With Quote
  #8  
Old 05-29-2009, 03:20 AM
newz7151 newz7151 is offline
LawnSite Silver Member
 
Join Date: Sep 2005
Location: Tejas
Posts: 2,471


They have gotten exactly what they deserved. Our rate went from the normal managed 7.99% to a whopping 24.9% with no negative action by us. I found some money, paid off the $20,000 something on it and have not looked back. I guess when you screw customers the way they did, it's hard to imagine that you'll stay in business when they all stop using their cards.
Reply With Quote
  #9  
Old 05-29-2009, 10:06 AM
Az Gardener Az Gardener is offline
LawnSite Gold Member
 
Join Date: Sep 2005
Location: Phoenix, Az
Posts: 3,899
Quote:
Originally Posted by blade11 View Post
We used our Advanta card for everything. Anyone got any suggestions for a good business credit card that has a cash back or rewards program? We used the Advanta reward program and liked it. A few employees had cards for this account too. Thanks!
Home Depot has a master card that has a good rewards program. You just need to beware they take forever to credit your account when you make a payment. We made a cash payment at the store and they were going to hold it for 21 days before we made a stink about it and they released the funds. They also don't like what they consider "large" payments anything over $8-900

At least Advanta gave warning. I got a letter on Wed this week that last Fri. the Heloc on my house was closed That really pissed me off as we use it for the business. We deposit the majority of our payments in the account pay it way down then pull what we need for payroll etc. We have used it in the past for large purchases like trailer and truck. The int rest is low and its simple int rest not compound. Running all that company money through it eliminated that "monthly minimum" payment. It was a nice cash flow tool. They said that their limit is the home had to be at 50% Ltv and we are at 60% with the Heloc. If you have a Heloc beware Ours was with Chase Bank.
__________________


“If I accept you as you are, I will make you worse; however, if I treat you as though you are what you are capable of becoming, I help you become that.”
Reply With Quote
  #10  
Old 05-29-2009, 12:37 PM
Kelly's Landscaping's Avatar
Kelly's Landscaping Kelly's Landscaping is offline
LawnSite Gold Member
 
Join Date: Dec 2003
Location: Milford CT
Posts: 3,774
Quote:
Originally Posted by newz7151 View Post


They have gotten exactly what they deserved. Our rate went from the normal managed 7.99% to a whopping 24.9% with no negative action by us. I found some money, paid off the $20,000 something on it and have not looked back. I guess when you screw customers the way they did, it's hard to imagine that you'll stay in business when they all stop using their cards.
Sounds familiar I loved their BS transfer policy more. Say you used their checks for like 3.99% it doesn't matter weather you had zero balance or say 2000 already on the card all payments always went to knocking the lowest interest rate off first. So they start tagging you for close to 20% yet your paying 1000 a payment but cant get the high interest off it because goes right to the transfers despite them being made after the original balance. You are right they got what they deserved.
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump





Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Copyright ©1998 - 2012, LawnSite.com™ - Moose River Media
All times are GMT -4. The time now is 01:28 PM.

Page generated in 0.12614 seconds with 9 queries