Advanta Business Card - classic predatory lender

Advanta Bank Corp of Draper (Salt Lake City), UT, product: Advanta Business Card.
Advanta is the classic predatory lender: great offers, then a huge APR hike if you slip once, or maybe even if you don't. Rather than detail my own negative experiences, I offer some hard won advice for those considering opening an account, or currently fighting with this bank.

1) Upon opening an account do not wait for the first statement in the mail! Immediately set up an automatic withdrawal (EFT) from your bank account for the minimum monthly amount. Try this site or look for another. They want you to miss a payment, so they do not make this easy. Continue making mailed or by-phone payments untill you see two months' worth of eft payments taken from your bank account. Better make two payments in a month than have them claim none at all.

2) Monitor your account religiously. Do not wait for printed statements. You can get details of due date and last payment received online, or at the 800# voice prompt. If a mailed payment is not acknowledged 48 hours prior to due date, call them and eft a payment from your bank account. Better make two payments in a month than have them claim none at all.

3) Avoid the Bangalore Brigade. To get a telephone Account Manager who is actually able, and possibly willing, to help you (there are some!) call 1-800-705-7255 as early in the day as possible and DO NOT hit any keys or say anything, just wait out the prompts. If the person is unhelpful, just try again. I do not believe there are any "supervisors" or anyone they can transfer you to.

4) Mailed opt-out notices. This has been a favorite trick of theirs for years. They claim they mailed you a change of terms raising your APR from a low rate to 20+% and you could have kept the original rate had you responded by rejecting the change, or closing the account. Did they mail this to you, really? Was it one little sheet among many in the monthly bill, or part of what looks like another come-on? The Federal regulatory agencies will call it a dispute-of-fact and decline to intervene.

5) Advanta is hard as nails when it comes to their APR rates. They WILL raise them by hook or by crook and they WILL NOT reduce them again regardless of what you say. Other banks want your good will. Advanta does not. As a lender of last resort, they are poison. Once they jump your APR, pay off or balance transfer from another account QUICKLY. Their rate hike may trigger hikes from other credit card companies.

6) Forget about "why." The Account Managers are not told why by the higher ups, and the higher ups know what they are doing and feel no need to admit it to you. You will be read a "script" should you complain or ask why.

7) Advanta does not like to close accounts. You can try to initiate an account closure by telephone but it probably will not happen. The cardholder agreement asks you to cut the card and send it along with any unused convenience checks to their address (possibly: Advanta Bank Corp., Security Divsion, P.O. Box 30715, Salt Lake City, UT 84130) but even if you certify the letter they may claim the card was not enclosed. Include a letter with your account number, a request to close, and advise that the enclosing of the card has been witnessed. Have your attorney or a notary notarize your signature and do the actual certified mailing.

8) Because it is a "business" card, the FDIC does not regulate this Advanta product. Even so, filling out a complaint form at the FDIC site is easy, may bring a response from Advanta management, and helps bring this and other predators to the attention of our bought-off legislators and the trial lawyers.