1
                                          Filed Pursuant to Rule 424(b)(5)
                                          Registration No. 33-50883

 
PRICING SUPPLEMENT
(To Prospectus Supplement Dated December 22, 1994 and Prospectus Dated
 November 8, 1993)
 
$200,000,000
 
[ADVANTA LOGO] Corp.
 
7% NOTES DUE MAY 1, 2001
 
The Notes offered hereby (the "Notes") will mature on May 1, 2001. Interest on
the Notes will be payable semiannually on May 1 and November 1 of each year,
commencing November 1, 1996. The Notes may not be redeemed by Advanta Corp. (the
"Company") prior to maturity, nor are they repayable at the option of the
holder. The Notes will be issued only in registered form in denominations of
$1,000 and integral multiples thereof.
 
The Notes will be represented by global securities (the "Global Securities")
registered in the name of a nominee of The Depository Trust Company ("DTC"), as
Depositary. Beneficial interests in the Global Securities will be shown on, and
transfers thereof will be effected only through, records maintained by DTC (with
respect to participants' interests) and its participants. Except as described
herein, Notes in definitive form will not be issued. The Notes will trade in
DTC's Same Day Funds Settlement System until maturity and secondary market
trading for the Notes will therefore settle in immediately available funds. All
payments of principal and interest on the Notes will be made by the Company in
immediately available funds.
 
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND
EXCHANGE COMMISSION OR BY ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE
ACCURACY OR ADEQUACY OF THIS PRICING SUPPLEMENT, OR THE ACCOMPANYING PROSPECTUS
AND PROSPECTUS SUPPLEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
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                                          PRICE TO           UNDERWRITING         PROCEEDS TO
                                         PUBLIC(1)             DISCOUNT          COMPANY(1)(2)
                                                                         
Per Note..........................       100.00%              .50%                 99.50%
Total.............................       $200,000,000         $1,000,000           $199,000,000

 
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(1) Plus accrued interest, if any, from April 25, 1996.
(2) Before deducting expenses payable by the Company.
 
The Notes are offered subject to receipt and acceptance by the Underwriters, to
prior sale and to the Underwriters' right to reject any order in whole or in
part and to withdraw, cancel or modify the offer without notice. It is expected
that delivery of the Notes will be made through the facilities of DTC on or
about April 25, 1996.
 
SALOMON BROTHERS INC

                  CS FIRST BOSTON

                                    DONALDSON, LUFKIN & JENRETTE
                                             SECURITIES CORPORATION

                                                             MERRILL LYNCH & CO.
 
The date of this Pricing Supplement is April 22, 1996.
   2
 
IN CONNECTION WITH THIS OFFERING, THE UNDERWRITERS MAY OVER-ALLOT OR EFFECT
TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE NOTES AT A
LEVEL ABOVE THOSE WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH
STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME.
 
                              RECENT DEVELOPMENTS
 
     On April 18, 1996, the Company announced quarterly earnings for the first
quarter of 1996 with net income of $41.0 million and earnings per share of $.91,
increases of 33% and 23%, respectively, over the $30.8 million and $.74 per
share registered for the first quarter of 1995. Earnings for the fourth quarter
of 1995 totalled $37.6 million or $.85 per share. From March 31, 1995, the
Company's portfolio of managed receivables increased by $5.5 billion, or 64%, to
$14.1 billion at March 31, 1996, and grew $1.9 billion, or 15%, since December
31, 1995. The ratio of earnings to fixed charges for 1995 and the three months
ended March 31, 1996 were 2.26x and 2.10x, respectively.
 
     In the first quarter of 1996, the Company's consolidated managed charge-off
and delinquency rates were 2.8% and 3.2%, respectively. Charge-offs increased
over the 2.3% recorded in the previous quarter, and the delinquency rate was
slightly below the 3.3% for the prior period. The first quarter 1996 charge-off
and delinquency rates for managed credit cards were 3.2% and 2.7%, respectively,
as compared to 2.6% posted for both measures in the prior quarter.
 
                           CERTAIN TERMS OF THE NOTES
 
     The following description of the Notes supplements, and to the extent
inconsistent therewith supersedes the descriptions of the general terms and
provisions of the Notes set forth under "Description of Notes" in the
accompanying Prospectus Supplement and "Description of Debt Securities" in the
accompanying Prospectus, to which reference is hereby made. Certain capitalized
terms used herein are defined in such Prospectus and Prospectus Supplement.
 
     The Notes will mature on May 1, 2001. The Interest Payment Dates for the
Notes will be May 1 and November 1, commencing November 1, 1996. The regular
record date with respect to any Interest Payment Date will be the April 15th and
October 15th, whether or not a Business Day, immediately preceding the Interest
Payment Date. The Notes will not be redeemable at the option of the Company or
repayable at the option of a holder.
 
                                  UNDERWRITING
 
     Subject to the terms and conditions set forth in the Distribution
Agreement, dated December 3, 1994 as amended by the Terms Agreement dated April
22, 1996, the Company has agreed to sell to the Underwriters named below, acting
as principals, and each of the Underwriters has severally agreed to purchase the
principal amount of the Notes set forth opposite its name below:
 


                                                                                         PRINCIPAL
                                         UNDERWRITER                                       AMOUNT
        ------------------------------------------------------------------------------  ------------
                                                                                     
        Salomon Brothers Inc..........................................................  $ 50,000,000
        CS First Boston Corporation...................................................    50,000,000
        Donaldson, Lufkin & Jenrette Securities Corporation...........................    50,000,000
        Merrill Lynch, Pierce, Fenner & Smith
                          Incorporated................................................    50,000,000
                                                                                        ------------
                  Total...............................................................  $200,000,000
                                                                                        ============

 
     The Terms Agreement provides that the obligations of the Underwriters are
subject to certain conditions precedent and that the Underwriters will be
obligated to take and pay for all the Notes if any are taken.
 
     The Underwriters have advised the Company that they propose initially to
offer the Notes directly to the public at the public offering price set forth on
the cover page of this Pricing Supplement and to certain dealers at such price
less a concession not in excess of .30% of the principal amount of the Notes.
The Underwriters may allow, and such dealers may reallow, a discount not in
excess of .25% of the principal amount of the Notes to certain other dealers.
After the initial public offering, the public offering price and such
concessions may be changed.
 
     The Company does not intend to apply for listing of the Notes on a national
securities exchange, but has been advised by the Underwriters that they intend
to make a market in the Notes. The Underwriters are not obligated, however, to
make a market in the Notes and may discontinue market making at any time without
notice. No assurances can be given as to the liquidity of any trading market for
the Notes.
 
     The Company has agreed to indemnify the Underwriters against certain
liabilities, including liabilities under the Securities Act of 1933, as amended.