8-K

UNITED STATES
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): April 30, 2008

Advanta Corp.

(Exact name of registrant as specified in its charter)

Delaware	0-14120	23-1462070
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02     Results of Operations and Financial Condition.

The information in this Current Report on Form 8-K is to be considered “filed” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

On April 30, 2008, Advanta Corp. (the “Company”) issued a press release describing its results for the quarter ended March 31, 2008. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

On April 30, 2008 at 9:00 a.m. Eastern time, Company management also will hold a conference call, publicly announced in its press release dated April 9, 2008. The call will be broadcast for the public simultaneously over the Internet through www.advanta.com or www.investorcalendar.com. Replays of the call are available on both sites for 90 days from the date of the call.

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 from those projected. 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 9.01     Financial Statements, Pro Forma Financial Information and Exhibits.

(c) Exhibits.

The following exhibit relating to Item 2.02 shall be deemed “filed” under the Exchange Act:

99.1 Press Release issued April 30, 2008 regarding financial results for the quarter ended March 31, 2008.

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:	April 30, 2008
		By:	/s/ Elizabeth Mai
			Elizabeth H. Mai, Chief Administrative
			Officer, Senior Vice President, Secretary
			and General Counsel

EXHIBIT INDEX

Exhibit	Description	Method of Filing
99.1	Press release issued April 30, 2008 regarding financial results for the quarter ended March 31, 2008	Filed herewith

EX-99.1

Exhibit 99.1

Advanta Reports First Quarter 2008 Earnings

SPRING HOUSE, Pa.--(BUSINESS WIRE)--Advanta Corp. (NASDAQ: ADVNB; ADVNA) today reported first quarter 2008 net income of $18.4 million or $0.44 per diluted share for Class A and Class B shares combined. Included in the Company’s results was net income not attributable to the Business Cards segment of $11.7 million, or $0.28 per share, related to Visa’s initial public offering.

Managed and owned net credit losses for the quarter were 6.43% and 6.53%, respectively. Managed receivables ended the quarter at $6.3 billion while owned receivables totaled almost $1.0 billion. New customers added were just over 67,000, and transaction volume was $3.4 billion.

“We are managing the business diligently through this down cycle, with the goal of minimizing risk and improving our results,” said Dennis Alter, Chairman and CEO. “We have strong liquidity, flexible funding options, and the same determination that has moved us through down cycles over the past six decades.”

Conference Call Details

Advanta management will hold a conference call with analysts and institutional investors today, April 30, at 9:00 a.m. Eastern Time, to review the first quarter results for 2008. The call can be accessed by dialing 877-545-1403 and referring to confirmation code 3854251. The call will also be webcast simultaneously via a Vcall link on the Company’s website, www.advanta.com, or at www.investorcalendar.com. Those interested in listening to the webcast should go to the website at least 10 minutes before the call to register and download any necessary software. Replays of the call will be available beginning at noon today on the Internet at www.advanta.com or www.investorcalendar.com or by dialing 888-203-1112 and referring to pass code 3854251. The conference call may include a discussion of non-GAAP financial measures, which are reconciled to the most directly comparable GAAP financial measures in the Company’s press releases or the statistical supplements available at www.advanta.com in the “Corporate Info” section.

About Advanta

Advanta is one of the nation’s largest credit card issuers (through Advanta Bank Corp.) in the small business market today. Advanta’s exclusive focus on this market, as well as its size, experience and commitment to developing meaningful product offerings and a high level of service tailored to the needs of small businesses, differentiates the company from other issuers. Founded in 1951, Advanta has long been an innovator in developing and introducing many of the marketing techniques that are common in the financial services industry today. 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 from those projected. 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.

In addition to the GAAP results provided throughout this document, the Company has provided managed receivable data and other non−GAAP financial measurements. Management believes that the non-GAAP financial measures used to manage the business may provide users additional useful information. The tables attached to this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and a description of why the non-GAAP financial measures are useful to investors.

ADVANTA
SEGMENT INCOME STATEMENT - QUARTER
(in thousands)
Three Months Ended
March 31, 2008
	Advanta
	Business
	Cards			Other (A)			Total
Interest income	$	36,016		$	10,031		$	46,047
Interest expense		18,198			9,946			28,144
Net interest income		17,818			85			17,903
Provision for credit losses		28,382			0			28,382
Net interest income after provision for credit losses		(10,564	)		85			(10,479	)
Noninterest revenues:
Interchange income		65,648			0			65,648
Securitization income		16,997			0			16,997
Servicing revenues		26,092			0			26,092
Business credit card rewards		(21,165	)		0			(21,165	)
Other revenues, net		8,629			13,456			22,085
Total noninterest revenues		96,201			13,456			109,657
Operating expenses		74,854			(5,366	)		69,488
Income before income taxes		10,783			18,907			29,690
Income tax expense		4,114			7,214			11,328
Net income	$	6,669		$	11,693		$	18,362
Three Months Ended
March 31, 2007
	Advanta
	Business
	Cards			Other (A)			Total
Interest income	$	40,549		$	7,806		$	48,355
Interest expense		13,306			9,256			22,562
Net interest income		27,243			(1,450	)		25,793
Provision for credit losses		10,083			0			10,083
Net interest income after provision for credit losses		17,160			(1,450	)		15,710
Noninterest revenues:
Interchange income		55,234			0			55,234
Securitization income		23,511			0			23,511
Servicing revenues		20,376			0			20,376
Business credit card rewards		(19,332	)		0			(19,332	)
Other revenues, net		4,537			2,042			6,579
Total noninterest revenues		84,326			2,042			86,368
Operating expenses		66,675			127			66,802
Income before income taxes		34,811			465			35,276
Income tax expense		13,646			182			13,828
Net income	$	21,165		$	283		$	21,448

(A) Other includes venture capital operations as well as investment and other activities not attributable to the Advanta Business Cards segment. In addition, in the three months ended March 31, 2008, noninterest revenues include a $13.4 million gain on the redemption of Visa Inc. shares and operating expenses include the benefit of a $5.5 million decrease in Visa indemnification reserves.

ADVANTA
EARNINGS AND COMMON STOCK DATA
(in thousands, except per share data)
	Three Months Ended									Percent Change From
	Mar. 31,			Dec. 31,			Mar. 31,			Prior			Prior
	2008			2007			2007			Quarter			Year
Basic net income per common share:
Class A	$	0.42		$	0.15		$	0.49		180.0		%	(14.3	)	%
Class B		0.47			0.20			0.53		135.0			(11.3	)
Combined (A)		0.45			0.18			0.52		150.0			(13.5	)
Diluted net income per common share:
Class A	$	0.41		$	0.15		$	0.47		173.3		%	(12.8	)	%
Class B		0.45			0.18			0.48		150.0			(6.2	)
Combined (A)		0.44			0.17			0.48		158.8			(8.3	)
Return on average common equity (annualized)		12.34	%		4.98	%		14.89	%	147.8		%	(17.1	)	%
Weighted average common shares used to compute:
Basic earnings per common share
Class A		13,368			13,356			13,318		0.1		%	0.4		%
Class B		27,022			27,149			27,734		(0.5	)		(2.6	)
Total		40,390			40,505			41,052		(0.3	)		(1.6	)
Diluted earnings per common share
Class A		13,368			13,356			13,318		0.1		%	0.4		%
Class B		28,243			29,396			31,172		(3.9	)		(9.4	)
Total		41,611			42,752			44,490		(2.7	)		(6.5	)
Ending shares outstanding:
Class A		14,410			14,410			14,410		0.0		%	0.0		%
Class B		28,748			28,055			28,968		2.5			(0.8	)
Total		43,158			42,465			43,378		1.6			(0.5	)
Stock price:
Class A
High	$	9.22		$	26.45		$	29.40		(65.1	)	%	(68.6	)	%
Low		5.31			6.93			23.96		(23.4	)		(77.8	)
Closing		5.98			7.30			26.72		(18.1	)		(77.6	)
Class B
High	$	10.52		$	29.95		$	31.72		(64.9	)	%	(66.8	)	%
Low		6.10			7.84			26.31		(22.2	)		(76.8	)
Closing		7.03			8.07			29.23		(12.9	)		(75.9	)
Cash dividends declared:
Class A	$	0.1771		$	0.1771		$	0.1417		0.0		%	25.0		%
Class B		0.2125			0.2125			0.1700		0.0			25.0
Book value per common share	$	14.66		$	14.40		$	14.11		1.8		%	3.9		%

All share and per share amounts have been adjusted to reflect the three-for-two stock split effective June 15, 2007.
(A)	Combined represents income available to common stockholders divided by the combined total of Class A and Class B weighted average common shares outstanding.

ADVANTA
ADVANTA BUSINESS CARDS STATISTICS
($ in thousands)
	Three Months Ended										Percent Change From
	Mar. 31,				Dec. 31,			Mar. 31,			Prior			Prior
	2008				2007			2007			Quarter			Year
New account originations		67,094				61,234			96,781		9.6		%	(30.7	)	%
Average number of active accounts (A)		956,100				952,557			848,375		0.4			12.7
Ending number of accounts		1,331,496				1,316,523			1,191,820		1.1			11.7
Customer transaction volume	$	3,438,113			$	3,755,320		$	3,389,065		(8.4	)		1.4
Securitization volume increase (decrease) excluding replenishment sales	$	(13,787	)		$	330,000		$	368,453		N/M			N/M
Average receivables:
Owned	$	999,130			$	1,164,704		$	1,284,900		(14.2	)		(22.2	)
Securitized		5,350,034				5,148,195			4,152,857		3.9			28.8
Managed (B)		6,349,164				6,312,899			5,437,757		0.6			16.8
Ending receivables:
Owned	$	966,145			$	1,031,607		$	1,142,006		(6.3	)		(15.4	)
Securitized		5,303,936				5,315,421			4,444,055		(0.2	)		19.3
Managed (B)		6,270,081				6,347,028			5,586,061		(1.2	)		12.2
Operating expense ratio (C)		4.72		%		4.63	%		4.90	%	1.9			(3.7	)
CREDIT QUALITY - OWNED
Receivables 30 days or more delinquent	$	51,900			$	42,424		$	28,544
Receivables 90 days or more delinquent		24,028				19,204			12,878
As a percentage of receivables:
Receivables 30 days or more delinquent		5.37		%		4.11	%		2.50	%	30.7		%	114.8		%
Receivables 90 days or more delinquent		2.49				1.86			1.13		33.9			120.4
Net principal charge-offs:
Amount	$	16,306			$	11,542		$	9,783
As a percentage of average receivables (annualized)		6.53		%		3.96	%		3.05	%	64.9			114.1
CREDIT QUALITY - SECURITIZED
Receivables 30 days or more delinquent	$	280,208			$	229,808		$	122,426
Receivables 90 days or more delinquent		130,436				105,577			54,633
As a percentage of receivables:
Receivables 30 days or more delinquent		5.28		%		4.32	%		2.75	%	22.2		%	92.0		%
Receivables 90 days or more delinquent		2.46				1.99			1.23		23.6			100.0
Net principal charge-offs:
Amount	$	85,753			$	53,572		$	35,082
As a percentage of average receivables (annualized)		6.41		%		4.16	%		3.38	%	54.1			89.6
CREDIT QUALITY - MANAGED (B)
Receivables 30 days or more delinquent	$	332,108			$	272,232		$	150,970
Receivables 90 days or more delinquent		154,464				124,781			67,511
As a percentage of receivables:
Receivables 30 days or more delinquent		5.30		%		4.29	%		2.70	%	23.5		%	96.3		%
Receivables 90 days or more delinquent		2.46				1.97			1.21		24.9			103.3
Net principal charge-offs:
Amount	$	102,059			$	65,114		$	44,865
As a percentage of average receivables (annualized)		6.43		%		4.13	%		3.30	%	55.7			94.8

(A)	Active accounts are defined as accounts with a balance at month-end. Active account statistics do not include charged-off accounts. The statistics reported above are the average number of active accounts for the periods presented.
(B)	Managed statistics are non-GAAP financial measures and represent the sum of owned (GAAP) business credit card statistics and securitized business credit card statistics. We believe that performance on a managed basis provides useful supplemental information to investors because we retain interests in the securitized receivables and, therefore, we have a financial interest in and exposure to the performance of the securitized receivables.
(C)	Operating expense ratio is annualized and calculated as a percentage of average owned and securitized receivables.
N/M - Not Meaningful

CONTACT:
Advanta Corp.
Amy B. Holderer
Vice President, Investor Relations
215-444-5335
aholderer@advanta.com
or
David M. Goodman
Vice President, Communications
215-444-5073
dgoodman@advanta.com