While it was originally thought that Advanta may rise from the ashes to begin issuing new small business credit cards Advanta has now stated that they will be pursing a Chapter 11 bankruptcy and liquidating all of its assets. It is expected that there will be no assets left for either the Advanta common stock holders or the Advanta preferred stock holders. Anything can happen after a Chapter 11 or course but at this point and time it appears that the chances of Advanta credit card holders getting new lines of credit any time soon if ever is slim.
If you are a current Advanta business credit card holder then you are still responsible to pay back any outstanding balance that you may have on your credit card as essentially the only operations that Advanta is undergoing at this point is accepting the credit card payments from it’s current small business credit card customers (although of course the customers cannot charge any new purchases on their cards).
If your business depends on access to credit in the form of a small business credit card then be sure that you are never too dependent upon any one credit card issuer.
The story of Advanta only serves to reinforce the idea that we should all be smart consumers willing to do our research and find the best credit cards for our particular situation.
- Advanta Credit Cards
- Is learning how to pay off credit cards important?
- Would a small business credit card work for my business?
- Chapter 7 Bankruptcy
- Working Assets Credit Card
- Expired Card
- Are credit cards a secured debt?