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Credit Cards Replace Small Business Loans

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dec458 Mar 26, 2009 10:31 PM GMT Advanta is blood suckers. They have been rate jacking innocent small business owner's rates to as high as 44% for months for no legitimate reason.
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BCR Mar 20, 2009 2:05 PM GMT Companies like B of A and Citi are sucking the milk from both sides. They're getting government bail out money, from the taxpayers, AND jacking up the interest rates again of the taxpayers.
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Raghu Mar 20, 2009 9:03 AM GMT This Is good website
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Eliot Jan 23, 2009 2:44 AM GMT Credit cards seem to be the most common form of small business loan. They are easy access readily available sources of capital. Most entrepreneurs like the convenience of getting their hands on startup cash or working capital without having to fill out a new loan application. I run a website at http://www.SmallBusinessCenter.com that discusses many forms of finding seed capital or business loans including borrowing or partnering with friends and family and using credit cards. Do so at your own risk.
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David Jan 16, 2009 7:12 AM GMT Businesses objectives in acquiring a loan is to ensure that business operations continue till the revenues of the business ensures sufficient cash flow to cover operational costs. Working capital loans are ideal for companies or pursuing a new ventures or to cover short term cash flow problems.Dan from http:/jumplanet.com the Get a Business Loan site
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Bossier Davis Dec 23, 2008 1:32 AM GMT It's true. No one is whining. Like hundreds of others, my interest rate went from 7.99% to 20% in the fall. I did receive the opt-out letter but all that means basically is that you have to close the account b/c Advanta is not willing to back down. This month I called again to see if the rates could be negotiated back down since the Feds dropped their rate to 4% and Advanta customer service reps WON'T budge. They were not the least bit concerned. I've done nothing but pay my Advanta card in advance and more than the minimum. NONE of my other creditors raised my rates. In fact, one of them was willing to increase the limit on my card! Advanta is doing something very fishy and they need to stop taking advantage of small business owners!
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dec458@msn.com Dec 15, 2008 4:20 AM GMT If any of you that have had their rates increased by Advanta without receiving the opt out notice, have good credit, made payments on time, etc. please contact me if your interested in participating in a class action lawsuit against Advanta for their unethical practices at dec458@man.com.
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DEC Dec 15, 2008 4:15 AM GMT Cal my friend, the complaints are not whining, but legitimate facts. Advanta for instance is raising the rates on their small business owners to as high at 37.5%. They claim they send out Opt Out notices, but the majority of them have not been received. These small businesses have paid their bills on time. Advanta is supposed to be a reputable CC issuer and offer true fixed rates, but they do NOT honor them. They have a clause in their agreement that they can raise their rate any time they want for any reason they feel like. I have read American Express does as well. Advanta entices small business owners to get their card with 0% interest for 15 months and then 7.99% thereafter, and once they have them with a transferred balance, they jack their rates after a few months. Wake up sir. You don't have a grip on reality.
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Cal Oct 29, 2008 11:05 PM GMT I have no idea what all the whining it about. Every reputable CC issuer offers true fixed rates under promotion and they honor their terms. I have bought a house, 2 companies and even use their money to fund loans to others (makeing money) at rates, terms and ease greater then any other loan available. My untilization rate varies from 20-95% and even when I was late last month on a payment (I was in China) the issuer (service rep) was excited for me and cleared all finance charges and late fees while I told her about my trip. Stop whining America and pay your bills
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Sunil Oct 19, 2008 3:21 AM GMT One can never rely on credit cards for borrowing. That is what loans and credit lines are for. If you get a good deal on a CC, make use of it but don't for a moment think that you can take that for granted. The banks have their money source drying up and would like to keep only the best on the books to justify the limited capacity. Rest is best off the books or pay ridicules rate. Use the cards for transactions and get free credit and even get paid for usage(cash back or rewards schemes). You can't force a bank to do business with you. If it wanted your business, it would earn it.
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