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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported): July 31, 2000
                                                  -------------

                                  Advanta Corp.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)





          Delaware                        0-14120                23-1462070
- ----------------------------         -----------------       -------------------
(State or other jurisdiction         (Commission File           (IRS Employer
     of incorporation)                    Number)            Identification No.)




Welsh and McKean Roads, P.O. Box 844, Spring House, PA                 19477
- ------------------------------------------------------              ----------
         (Address of principal executive offices)                   (Zip Code)


Registrant's telephone number, including area code: (215) 657-4000
                                                    --------------

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Item 5.  Other Events

On July 31, 2000 Advanta Corp. (the "Company" or "Advanta") announced
that its bank subsidiary, Advanta National Bank ("ANB"), has concluded
discussions and signed an agreement with the Office of the Comptroller of the
Currency regarding the carrying value of ANB's retained interests in mortgage
securitizations and allowance for loan losses.

For ANB's June 30 Call Report, the agreement provides that the retained
interests be calculated based on an 18% discount rate on the interest-only strip
("I/O") and subordinated trust assets, a 15% discount rate on the contractual
mortgage servicing rights ("CMSR"), a prepayment rate that represents the
average prepayment experience for the six months ended February 29, 2000 and
cumulative loss rates as a percentage of original principal balance of 6% on
closed end mortgage loans and 8% for HELOC (open end) mortgage loans. The
agreement provides that based on these assumptions, the carrying value of ANB's
CMSR will be reduced by $13 million and the carrying value of ANB's subordinated
trust assets and I/O will be reduced by a total amount of $201 million. The
agreement further provides that ANB's allowance for loan losses be increased by
$22 million. These non-cash adjustments will be reflected in results for the
second quarter. As previously announced, the Company will report second quarter
earnings and guidance for the remainder of the year on Wednesday, August 2,
2000, after the impact of the adjustments on consolidated financial statements
has been fully assessed.

The agreement also contains provisions regarding the use of similar assumptions
for the calculation of the carrying value of the residual assets in future
periods. Beginning with the third quarter of 2000, the agreement requires ANB to
maintain its allowance for loan losses at a level of at least 5.38% of the
unpaid principal balance of all loans owned by ANB or reported on its books,
less any loans held for sale.

During the second quarter, the mortgage portfolio performed in line with
management's previously disclosed expectations for the quarter. After giving
effect to the terms of the agreement with the OCC, the on-balance sheet
allowance for loan losses for ANB's mortgage loans will represent 8.66% of total
outstanding loans held for investment at June 30, 2000 and approximately 85
months of charge-off coverage based on historic charge-offs, compared to 2.64%
of loans held for investment and approximately 22 months of coverage based on
historic charge-offs at year end 1999. The estimated liabilities for anticipated
charge-offs on off-balance sheet loans, netted against the I/O and subordinated
trust assets, will represent 8.21% of ANB's outstanding off-balance sheet loans
at June 30, 2000 and approximately 65 months of charge-off coverage based on
historic charge-offs, compared to 4.21% of loans and approximately 40 months
coverage based on historic charge-offs at year end 1999. At June 30, the
weighted average life of ANB's mortgage loans was between 3 and 4 years. For the
period from April 1, 2000 through June 30, 2000, cash collections received by
the securitization trusts on ANB's retained interests related to securitization
completed prior to January 1, 2000 aggregated approximately $21.3 million or
approximately 30% to 40% of the adjusted carrying value of the retained
interests on an annualized basis. ANB continues to have capital ratios that meet
the levels defined by statute as "well capitalized," and intends to meet
increased capital ratios at


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September 30, 2000. As announced on June 2, 2000, ANB is restricted from taking
brokered deposits.

Advanta previously announced portions of second quarter results which are not
impacted by the adjustments discussed above. On July 24, it announced:

o    Net income for Advanta Business Cards was $14.8 million for the quarter, a
     73% increase over the first quarter of 2000 and a 206% increase over the
     second quarter of 1999.

o    Managed receivables for Advanta Business Cards at the end of the quarter
     were $1.4 billion, an increase of 17% over the first quarter of 2000 and
     61% over the second quarter of 1999.

o    Advanta generated $29.6 million of cash flow from operations during the
     quarter, after considering key mortgage non-cash income and expense items
     and the cash impact of mortgage loan originations.

o    Advanta ended the quarter with over $900 million in total liquidity.

Advanta management will hold a conference call with analysts and institutional
investors on Wednesday at 9:00 am Eastern time. The call will be broadcast
simultaneously over the Internet through http://www.advanta.com or
http://www.vcall.com. To listen to the live call, please go to the web site at
least fifteen minutes early to register, download, and install any necessary
audio software. For those unable to listen to the live broadcast, replays will
be available shortly after the call on the Vcall site.

Advanta (www.advanta.comhttp://www.advanta.com) is a highly focused financial
services company with over 2,900 employees, servicing over $26 billion of
assets, including approximately $13 billion in managed assets and approximately
$13.6 billion in assets serviced for third parties. Advanta provides consumers
and small businesses with targeted financial products and services, including
non-conforming mortgages, business credit cards, equipment leases, insurance and
deposit products. The Company is also one of the largest servicers of
non-conforming mortgages for third parties in the country.

Advanta has leveraged its first-class direct marketing and information based
expertise to develop state-of-the-art data warehousing and statistical modeling
tools that identify potential customers and new target markets. Advanta created
one of the first automated underwriting and sales engines in the non-conforming
mortgage industry. The Company also offers its customers and business partners a
broad range of self-service financial solutions and other services on the
Internet.

Advanta was named one of the 500 Most Admired Companies in America in FORTUNE
Magazine's most recent annual survey. In June 2000, American Banker ranked
Advanta Bank Corp. third among the top 100 community banks in the nation in
terms of return on average assets.

This Current Report on Form 8-K contains forward-looking statements that are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those projected.


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The most significant among these risks and uncertainties are: (1) the Company's
managed net interest margin; (2) competitive pressures; (3) factors that affect
the level of delinquencies and charge-offs, including a deterioration of general
economic conditions; (4) the rate of prepayments; (5) interest rate
fluctuations; (6) the level of expenses; (7) managed and sub-serviced
receivables volume; (8) the timing of the securitizations of the Company's
receivables; (9) the level of insurance policy renewals; (10) the effects of
government regulation, including restrictions and limitations imposed by banking
laws, regulators, examinations, and the regulatory agreements; (11)
relationships with significant vendors, business partners and customers; (12)
the amount and cost of financing available to the Company; (13) the ratings on
the debt of the Company and its subsidiaries; (14) the ability to attract and
retain key personnel and customers; and (15) the results of the evaluation of
strategic alternatives. Additional risks that may affect the Company's future
performance are detailed in the Company's filings with the Securities and
Exchange Commission, including its most recent Annual Report on Form 10-K and
its Quarterly Reports on Form 10-Q.

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Form 8-K                                                      Advanta Corp.
July 31, 2000



Item 7.  Financial Statements and Exhibits.
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(c)      Exhibits:

         None

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Form 8-K                                                      Advanta Corp.
July 31, 2000

                                   SIGNATURES


         Pursuant to the requirements of the Securities Exchange Act of l934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                  Advanta Corp.


                                  By: /s/ Elizabeth H. Mai
                                     ----------------------------------------
                                     Elizabeth H. Mai, Senior Vice President,
                                     Secretary and General Counsel



July 31, 2000