Advanta Cancels All Cardholder Accounts
The Advanta Corporation has announced that effective on May 30, 2009, all accounts will effectively be closed. This means that no further activity will be allowed on any existing accounts, whether they be purchases, balance transfers, or via convenience checks. While no account will be allowed to incur new charges, none of the accounts are being required to be paid in full at this time. In addition, according to the company, any promotion or special rate pricing that commences prior to the May 30th closing date will be honored, as will the rewards program earnings.
More detailed information can be found here
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May 28th, 2009 at 10:32 am
People are already finding they are unable to use the cards
Dr. Letitia Wright
The Wright Place TV Show
http://wrightplacetv.com
www.twitter.com/drwright1
May 28th, 2009 at 7:04 pm
I wouldn’t doubt that one bit. I’m sure that many cardholders have had their privileges suspend for quite some time, especially those based on poor histories. This is a totally different scenario all together, and one which I personally have never seen before. The private funds that own the cardholder debts are deciding not to go forward with the support of Advanta accounts, leaving no choice but to terminate all cardholder accounts.
March 3rd, 2010 at 12:41 am
Thanks for writing about this. you made it clear now.