Advanta Plans to Shut Down Future Use of Small Business Credit Cards
Late yesterday, Advanta announced that, due to the negative performance of its securitized credit card portfolio, it was taking steps to "designed to dramatically limit the Company’s credit loss exposure and maximize its capital and its liquidity measures." One of those steps involves shutting down all of its small business credit cards to future use as of June 10. Beginning on that date, Advanta's credit card customers would not be able to make new purchases using their Advanta-issued credit cards.
See also this front page article in today's Philadelphia Inquirer by Harold Brubaker.
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