Advanta Corp. said it will stop lending to its cardholders this week — 11 days earlier than it had initially announced.
The Spring House, Pa., issuer, which specializes in small-business cards, said Friday that it would stop its lending operations May 30. Two weeks ago Advanta had said it would stop lending June 10.
As of Tuesday, Advanta's Web site was telling consumers about the plan to shut down their accounts this week. According to a "frequently asked questions" list on the site, Advanta will honor checks against cardholders' accounts if they are redeemed by June 3. It also said that it will send cardholders checks for accrued cashback reward points over the value of $1, and that cardholders can redeem other types of reward points for the next 60 days.
On May 30 "you should cut up your credit card," the site said.