Advanta Credit Card

If you are still one who isn't aware and are looking for the information about the Advanta Credit Card, we are here to regretfully inform you that this card isn't around anymore. In fact, the business of Advanta is pretty much just a memory at this point as well. Apparently there were so many corrupt things happening with this particular company that they were deemed as "The company everyone hated". It seems quite unfortunate that this particular company who helped to build so many small businesses would have such a disastrous end. Advanta, because of its Advanta Credit Card grew to being even the #14 company for issuing credit cards as well as a top lender to small business. There were so many small businesses that came to depend on this "hated" company. Even though Advanta and their Advanta Credit Card are gone, they are definitely not forgotten.

Advanta abruptly closed in 2009 and left millions of borrowers out in the cold needing a new financial backing for their businesses. While many people have mostly focused on the small businesses who took a devastating loss, there were all of the investors who had purchased bonds and such in Advanta who lost out after backing them for over ten years at that time. Advanta even offered to try to buy out some of the bondholders but that would only receive 70% of their investments back. Al of this happened just after Advanta had reported a $76 million loss just the month prior because so many of those who were receiving funding for their businesses were steadily falling behind on their payments.

 

At the time of Advanta making their announcement, they had already realized that making such an announcement would definitely cause even more of those who owed them already not to pay. After much thought, Advanta went ahead and made the decision to shut everything down once and for all. Upon Advanta making this decision it caused their business investors to move into early amortization processes. There were over $1.4 billion in bonds that needed to be repaid that Advanta planned to repay about 70% of. Advanta became the first in a long time to have their investors get hit with a loss on their securities.

Now that it has all been said and done for Advanta and their Advanta Credit Card many of those who were still in debt with Advanta have surely fallen into default. Many others have also had to close their doors due to not being able to find another financial backing for their business needs. It's surely a sad day regarding the Advanta Credit Card that has still been dragging on for many years later. There are so many small businesses that will likely never recover from the abrupt closing of Advanta and their Advanta Credit Card accounts. There were supposedly a lot of rate increases happening to the small businesses whenever you search complaints from those who were borrowing under the Advanta Credit Card program. No matter where the blame lies with this situation, it's truly a shame that so many great people are surly caught up in this disaster.