Credit Card Vent

[redoak]

Yesterday I got a letter saying that Advanta is closing my small business credit card account with them effective May 30th. Well they are closing all small business credit cards effective May 30th. Nothing like getting 4 days notice that they are closing your account. I did a little bit of research and they are closing almost 1 million small business credit card accounts May 30th. Of course if you try applying for another small business credit card online or on the phone everything is busy, websites timeout and your on hold forever. I'm lucky I just use it for internet purchases of tools and supplies I can't find local.

 

[okiron]

Ugh, does it affect your credit if they close it at no fault of your own?

 

[DarkUnicorn]

seems to depend on how the credit card closes the accounts..... the wording that they use.

Keep an eye on your credit score and keep that letter and any back up documentation. You may need it if the CC company closes the account the wrong way.

 

[melissastraka]

OMG! We got the same letter!!!! What do they expect some small companies to do? They gave us 5 days and was like "sorry, figure it out on your own"! Ugh, I feel your pain!

 

[redoak]

Maybe we should ask for a gooberment bailout

 

[melissastraka]