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) May 22, 2009
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                                  Advanta Corp.
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             (Exact name of registrant as specified in its charter)


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



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

        Registrant's telephone number, including area code (215) 657-4000
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         (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 (see General Instruction A.2. below):

[ ] 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 8.01     Other Events.

     As previously disclosed, Advanta Corp. (the "Company") has adopted a plan
designed to dramatically limit the Company's credit loss exposure and maximize
its capital and its liquidity measures. The plan includes not preventing an
early amortization of the Company's securitization transactions, and in
connection with the early amortization, closing customers' accounts to future
use, as well as the execution of a tender offer by Advanta Corp. for the
outstanding trust preferred securities issued by Advanta Capital Trust I and a
tender offer by Advanta Bank Corp. for a portion of the AdvantaSeries notes
issued by the Advanta Business Card Master Trust, the Company's securitization
trust.

     The Company previously disclosed that it expected to close its customers'
accounts to future use on June 10, 2009. Upon further evaluation, the Company
has been advised that, although the determination of whether the three-month
average excess spread is below the contractually required minimum to avoid early
amortization may not be formalized until on or about June 10, 2009, the
securitization transactions will effectively stop funding new receivables as of
June 1, 2009 if the early amortization event occurs. As a result, the Company
expects to close its customers' accounts to future use and activity effective
May 30, 2009.

     The Company will be communicating with its customers in accordance with
applicable requirements and the Company remains committed to assisting its
customers during this account closure process.

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This 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) factors affecting plans to maximize the Company's capital and its
liquidity measures, including factors impacting the successful execution and
completion of the tender offers for the trust preferred securities and the
AdvantaSeries securitization notes; and (2) the impact of any legal, regulatory,
administrative or other proceedings. The cautionary statements provided above
are being made pursuant to the provisions of the Act and with the intention of
obtaining the benefits of the "safe harbor" provisions of the Act for any such
forward-looking information. 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.




                                   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.
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                                                 (Registrant)


Date: May 22, 2009
                                           By:   /s/ Jay A. Dubow
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                                                 Jay A. Dubow, Chief
                                                 Administrative Officer, Senior
                                                 Vice President, Secretary and
                                                 General Counsel