According to the notice, “The card is funded by an independent trust which owns the balance you owe on your account and provides funding for new transactions. ...The trust also restricts our flexibility to fund activity on your account. Unfortunately, as a result, effective May 30 all Advanta Business Credit Card accounts, including your account, will be closed....If you use your card to make automatic recurring bill payments, you will need to make alternative arrangements for those payments promptly.”
Of course—assuming you promptly open and read all your mail, even the fine print—you already know all this if you have an Advanta Business Card. But if you carry some other card, for business or personal use, it’s a warning: If you have a credit card, anything can happen, at any time, for any reason, without much notice. Especially now, with the U.S. government finally taking action to reduce some of the credit card industry’s one-sided, “take-it-or-leave-it” conditions and actions.
It’s also a reminder to pay attention to any automatic recurring bill payments you may have, such as subscriptions to online membership programs, that you no longer need, want or can afford. You may want to cancel them, if possible. You may also want to have accounts with more than one credit card issuer, to provide a little protection in case the issuer you’re with decides to close your account.
