Exhibit 99.1

Advanta Reports 2008 Results

Despite the Negative Earnings Impact of the Economy, Higher Liquidity and Strong Capital Ratios Continue in the Fourth Quarter

Company Takes Actions in Response to the Economic Environment

SPRING HOUSE, Pa.--(BUSINESS WIRE)--January 29, 2009--Advanta Corp. (NASDAQ: ADVNB; ADVNA) today reported a full year 2008 net loss of $43.8 million or $1.08 per diluted share for Class A and Class B shares combined. Reflecting the impact of an eroding economy, the Company’s 2008 results included $86.2 million pretax, or $1.37 per share after tax, of balance sheet charges and reserve build associated with worsening credit trends and wider market credit spreads. Through this year of challenging economic events, the Company has increased its cash and liquid investments to $2.6 billion dollars at year end and has strong capital levels.

Specific to the fourth quarter of 2008, the Company incurred a net loss of $46.9 million or $1.16 per combined diluted share. These results include $47.8 million pretax, or $0.77 per share after tax, of balance sheet charges and reserve build.

Other noteworthy activity and detail for the fourth quarter include:

  • Cash and liquid investments increased by $0.8 billion while deposits grew by $0.5 billion. At year end, cash and liquid investments were 53% of aggregate owned and securitized receivables.
  • Advanta Bank Corp. total risk-based and Tier 1 capital ratios increased to 38.4% and 35.4%, respectively.
  • Advanta Corp. equity together with subordinated debt for trust preferred securities to managed receivables increased slightly to 12.2% and to owned receivables increased to 120.7%.
  • The fair value estimates of the Company’s retained interests in securitizations decreased by $36.4 million with about two-thirds of the adjustment related to increased market credit spreads that resulted in higher discounts on these assets.

The following information was filed by Advanta Corp on Thursday, January 29, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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