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Advanta Closing Small Business Card Accounts May 30th
Date: May 26, 2009 12:09PM

If you are a small business owner who uses Advanta, the company is closing your account May 30th. Apparently the company has given little if any warning about this.

I have an Advanta card but prefer to use AMEX. However, this is going to hurt a lot of small business owners who are already struggling. I'm surprised this hasn't received more attention in the national news.

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Re: Advanta Closing Small Business Card Accounts May 30th
Posted by: Bonfire ()
Date: May 26, 2009 12:54PM

If not now it will very shortly. But, the majority of small businesses I know and work with use AMEX

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Re: Advanta Closing Small Business Card Accounts May 30th
Posted by: inkahootz ()
Date: May 26, 2009 02:39PM

Amex rules supreme; Advanta card holders received this:

This email was sent May 26 to card holders:


Dear Customer,


Your Advanta Business Card account is funded by an independent trust which owns the balances you owe on your account and provides funding for new transactions. We expect the trust to stop funding activity on our accounts. The trust also restricts our flexibility to fund activity on your account. Unfortunately, as a result, effective May 30th all Advanta Business Credit Card accounts, including your account, will be closed.

This means that you will not be able to use your card or account for new transactions, including purchases, checks and balance transfers beginning on May 30th. We understand that you may have written checks on your account before May 30th and we will make every effort to honor those checks that are presented to us for payment by June 3rd. If you use your Advanta card to make automatic recurring bill payments, you will need to make alternative arrangements for those payments promptly.

It is important to understand that you are not required to pay your entire balance at this time. You may continue to pay down your account balance over time, as allowed under your Advanta Business Card Agreement.

You will not lose the rewards that you have earned. If you participate in a Cash Back program, you will receive a check for the amount of any accrued rewards more than $1.00 as long as you make the required minimum payments and your account remains in good standing. If you participate in a Business Rewards program, you will have at least 60 days to redeem your points as long as you make the required minimum payments and your account remains in good standing.

We deeply regret the impact this action will have on your business and very much wish it was not necessary.

We are committed to assist you through this process. Additional information will be available at www.advanta.com/notice. If you have any other questions or concerns, or if we can assist you in any other way, please feel free to contact our Customer Service Center. You can email us your questions 24 hours a day at www.advanta.com/secure or call us toll free at (800) 705-7255, Monday - Friday 8:00 am to 8:00 pm and Saturday 8:00 am to 5:00 pm Eastern Time.

Sincerely,

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