8-K

                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 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)      November 26, 2002

                                  Advanta Corp.
- --------------------------------------------------------------------------------
               (Exact Name of Registrant as Specified in Charter)


         Delaware                     0-14120                 23-1462070
- --------------------------------------------------------------------------------
(State or Other Jurisdiction        (Commission             (IRS Employer
      of Incorporation)             File Number)          Identification No.)


         Welsh & McKean Roads,
P.O. Box 844, Spring House, Pennsylvania                     19477
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices)                  (Zip Code)


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


- --------------------------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)



ITEM 5. OTHER EVENTS.

On November 26, 2002, Advanta Corp. (the "Company" or "Advanta") announced that
it expects its 2003 fiscal year operating earnings from continuing business
segments to be between $1.30 and $1.50 per diluted share. Consistent with prior
periods, this amount includes earnings from the business card operation and the
operating expenses of the venture capital unit and excludes gains and losses on
the venture capital portfolio and results of discontinued operations. During
2003, managed receivables are expected to grow 15% to 20%.

"In 2003, we expect to continue to grow prudently and further shift the
portfolio toward higher credit quality customers," said Chairman and CEO Dennis
Alter. "We continue to emphasize solidity and long term profitability in a
difficult economy, over short term benefit. It is a strategy that we believe
will enable the Company to flourish when the environment improves."

Advanta management held a conference call, publicly announced in its press
release dated November 19, 2002, at 9:00 a.m. Eastern time. The call was
broadcast for the public simultaneously over the Internet through
www.advanta.com or www.vcall.com. Replays of the call are available on the Vcall
site for 30 days from the date of the call.

During the conference call, management indicated the following:

- -     Management believes full year 2002 earnings will be in the range of the
      Company's revised estimate that was disclosed in October, and probably at
      the lower end of that range. Management currently expects fourth quarter
      2002 risk adjusted revenues to be in-line with those of the third
      quarter, and expects declines in net interest margin associated with the
      success in acquiring higher credit quality customers and modestly lower
      merchandise volume associated with the soft economy offset by improved
      charge-offs for the quarter.

- -     Management reviewed the Business Card profit model for 2003, indicating
      that revenues net of interest expense are anticipated to be between 18%
      and 20% of average managed receivables. For 2003, management anticipates
      net credit losses will be between 7.7% and 8.7% of average managed
      receivables. For 2003, management also anticipates risk adjusted revenues
      will be between 10.5% and 11.5% of average managed receivables and
      operating expenses are expected to be between 8.25% and 8.75% of average
      managed receivables. Management indicated that the full year 2003 guidance
      reflects $6 million to $8 million, or 25 to 30 basis points of average
      managed receivables, of additional provisions to the allowance for loan
      losses above projected charge-offs. Management expects an effective tax
      rate of 38.5% for 2003. Management expects these profit model components
      to result in an after tax return on average managed receivables of between
      1.3% and 1.5%. Management also expects that continued growth in
      receivables will result in improvements in future returns.

- -     Management indicated that the coincident loss rate for 2003 is expected
      to improve 10 to 110 basis points over the full year expected net credit
      loss rate for 2002. Management also anticipates the coincident loss rate
      will be higher in the first half of 2003 than the second half of 2003 as
      a result of two factors (1) January charge-offs are expected to be higher
      due to seasonality, timing of recoveries and higher delinquencies
      expected to charge-off in January and (2) the




      overall seasonality of charge-offs and bankruptcies. In addition,
      management indicated that net credit losses on a 12 month lagged basis for
      2003 are expected to improve 10 to 30 basis points over the anticipated 12
      month lagged loss rate for 2002. Management discussed a target for average
      losses on newly originated accounts of between 4% and 5% over a five year
      period.

- -     Management indicated that earnings per share in the first half of 2003 are
      expected to be lower than the first half of 2002 and higher in the second
      half of 2003 than the second half of 2002 as a result of higher
      anticipated charge-offs in the first half of 2003 and expectations for
      relatively flat operating expense dollars on a quarterly basis.

Advanta is a highly focused financial services company serving the small
business market. Advanta leverages direct marketing and information based
expertise to identify potential customers and new target markets and to provide
a high level of service tailored to the unique needs of small business. Using
these distinctive capabilities, Advanta has become one of the nation's largest
issuers of MasterCard business credit cards to small businesses. Since 1951,
Advanta has pioneered many of the marketing techniques common in the financial
services industry today, including remote lending, direct mail, and affinity and
relationship marketing. Learn more about Advanta at www.advanta.com.

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. The most significant among these risks
and uncertainties are: (1) the Company's managed net interest margin; (2)
competitive pressures; (3) political, social and/or general economic conditions
that affect the level of new account acquisitions, customer spending,
delinquencies and charge-offs; (4) factors affecting fluctuations in the number
of accounts or loan balances including retention of cardholders after
promotional pricing periods have expired; (5) interest rate fluctuations; (6)
the level of expenses; (7) the timing of the securitizations of the Company's
receivables; (8) factors affecting the value of investments held by the Company;
(9) the effects of government regulation, including restrictions and limitations
imposed by banking laws, regulators, examinations, and the agreements between
the Company's bank subsidiaries and their regulators; (10) relationships with
customers, significant vendors and business partners; (11) the amount and cost
of financing available to the Company; (12) the ratings on the debt of the
Company and its subsidiaries; (13) revisions to estimated charges associated
with the discontinued operations of our mortgage and leasing businesses; and
(14) the impact of litigation. 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.



ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

      (c)   Exhibits.

      99.1  Press Release dated November 26, 2002.



                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                           Advanta Corp.
                                           -----------------------------
                                           (Registrant)


Date: November 26, 2002
                                           By: /s/ Elizabeth H. Mai
                                               --------------------
                                               Elizabeth H. Mai
                                               Senior Vice President,
                                               Secretary and General Counsel



                                  EXHIBIT INDEX



Exhibit      Description                                 Method of Filing
- -------      -----------                                 ----------------
                                                   
99.1         Press Release, dated November 26, 2002      Filed Electronically Herewith

EX-99.1

                                                                    Exhibit 99.1


02/21
David Weinstock
Vice President, Investor Relations
(215) 444-5335
dweinstock@advanta.com

Catherine Reid
Vice President, Communications
(215) 444-5073
creid@advanta.com

                                                FOR IMMEDIATE RELEASE

                   ADVANTA PROVIDES EARNINGS GUIDANCE FOR 2003

Spring House, PA, November 26, 2002 - Advanta Corporation (NASDAQ: ADVNB; ADVNA)
today announced that it expects its 2003 fiscal year operating earnings from
continuing business segments to be between $1.30 and $1.50 per diluted share.
Consistent with prior periods, this amount includes earnings from the business
card operation and the operating expenses of the venture capital unit and
excludes gains and losses on the venture capital portfolio and results of
discontinued operations. During 2003, managed receivables are expected to grow
15% to 20%.

"In 2003, we expect to continue to grow prudently and further shift the
portfolio toward higher credit quality customers," said Chairman and CEO Dennis
Alter. "We continue to emphasize solidity and long term profitability in a
difficult economy, over short term benefit. It is a strategy that we believe
will enable the Company to flourish when the environment improves."

Advanta management will hold a conference call with analysts and institutional
investors today, November 26, 2002, at 9:00 a.m. Eastern time. The call will be
broadcast simultaneously for the public over the Internet through
www.advanta.com or 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. Replays of the call will be available beginning at
noon today on the Internet at www.advanta.com or www.vcall.com or by dialing
(719) 457-0820 and referring to confirmation code 638915.


                                    - more -

Advanta is a highly focused financial services company serving the small
business market. Advanta leverages direct marketing and information based
expertise to identify potential customers and new target markets and to provide
a high level of service tailored to the unique needs of small business. Using
these distinctive capabilities, Advanta has become one of the nation's largest
issuers of MasterCard business credit cards to small businesses. Since 1951,
Advanta has pioneered many of the marketing techniques common in the financial
services industry today, including remote lending, direct mail, and affinity and
relationship marketing. Learn more about Advanta at www.advanta.com.

This Press Release contains forward-looking statements that are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. The most significant among these risks and
uncertainties are: (1) the Company's managed net interest margin; (2)
competitive pressures; (3) political, social and/or general economic conditions
that affect the level of new account acquisitions, customer spending,
delinquencies and charge-offs; (4) factors affecting fluctuations in the number
of accounts or loan balances including retention of cardholders after
promotional pricing periods have expired; (5) interest rate fluctuations; (6)
the level of expenses; (7) the timing of the securitizations of the Company's
receivables; (8) factors affecting the value of investments held by the Company;
(9) the effects of government regulation, including restrictions and limitations
imposed by banking laws, regulators, examinations, and the agreements between
the Company's bank subsidiaries and their regulators; (10) relationships with
customers, significant vendors and business partners; (11) the amount and cost
of financing available to the Company; (12) the ratings on the debt of the
Company and its subsidiaries; (13) revisions to estimated charges associated
with the discontinued operations of our mortgage and leasing businesses; and
(14) the impact of litigation. 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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