Advanta throws in the towel on credit cards

[catleg]

shut down all credit card accountscash tender offer for Advanta Business Card Master Trust Class A senior notes at a price between 65% and 75% of their face value in a modified Dutch Auction.

Advanta Corp. will make a cash tender offer for any or all of the $100 million of 8.99% Capital Securities issued by Advanta Capital Trust I at 20% of their face value.

These guys turned down TARP money back in December. Either they are really dumb or else they knew they were going down and that they could dump most of the losses on this securitization trust.

[Kkole425]

Ok, explain this to me? My husband has a business card with them and we owe them $27000.00. Haven't paid them for almost 4 months.

[catleg]

I'm not entirely sure. I've heard reports of people getting good settlement offers from them as time went by. I cannot confirm this because they're still calling my magic jack number that I never answer. If they'd send me something in writing I'd have more info. :-)

[Kkole425]

They don't call us. Most of the commucation is done thru the mail on their part. I have to say they have been the nicest but at first it was people from India calling and they didn't understand us saying we had no money or jobs. When someone english speaking finally called they were very nice and they only call about 1 time a month.

[Willy13]

That's what they get for screwing over their good customers.

Weird thing is their stock is up 10% right now. Guess their other business activities are sound.

[Willy13]

Even funnier thing, we just called them about a disputed charge and before we were finished they tried to get us to take a balance transfer offer for up to like $20,000. I swear I really have no clue as to the logic behind some of these companies.