UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

FORM 10-K

FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2003

OR

For the transition period from                     to                    

Commission file number 333-81788

ADVANTA BUSINESS RECEIVABLES CORP, AS TRANSFEROR
on behalf of
ADVANTA BUSINESS CARD MASTER TRUST

The registrant has no voting stock or class of common stock outstanding as of the date of this report.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x   No o

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Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b 2). Yes o   No x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.: Not Applicable.

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.: Not Applicable.

DOCUMENTS INCORPORATED BY REFERENCE.

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) any annual report to security holders; (2) any proxy or information statement; and (3) any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual reports to security holders for fiscal year ended December 24, 1980): None.

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TABLE OF CONTENTS

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PART I

                       The Advanta Business Card Master Trust (the “Trust”) was organized by Advanta Business Receivables Corp. (the “Transferor”), pursuant to the Trust Agreement (the “Trust Agreement”) dated as of August 1, 2000, between the Transferor and Wilmington Trust Company as owner trustee (the “Owner Trustee”). Pursuant to the Receivables Purchase Agreement dated as of August 1, 2000, between Advanta Bank Corp. (“ABC”) as seller and the Transferor as purchaser, ABC transferred all of its rights, title and interest in, to and under certain credit card receivables arising from time to time in designated accounts (the “Receivables”) to the Transferor. The Transferor, in turn, transferred all of its rights, title and interest in, to and under the Receivables to the Trust, pursuant to the Transfer and Servicing Agreement dated as of August 1, 2000 (the “Transfer and Servicing Agreement”), among the Transferor, ABC as servicer (the “Servicer”) and the Trust. Under the Transfer and Servicing Agreement, the Servicer has agreed to service and administer the Receivables as agent for the Transferor and the Trust. The Trust and Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) as indenture trustee (the “Indenture Trustee”) entered into a master indenture (the “Master Indenture”) dated as of August 1, 2000. The Master Indenture is supplemented by various series supplements providing for the issuance of notes, in varying series. Publicly registered and outstanding notes existing as of December 31, 2003 are the following: Series 2000-C Asset-Backed Notes, Class A, Class B and Class C; Series 2001-A Asset-Backed Notes, Class A, Class B and Class C; Series 2002-A Asset-Backed Notes, Class A, Class B and Class C; Series 2003-A Asset-Backed Notes, Class A, Class B and Class C; Series 2003-B Asset-Backed Notes, Class A, Class B and Class C; Series 2003-C Asset-Backed Notes, Class A-1, Class A-2, Class B, Class C-1 and Class C-2; and Series 2003-D Asset-Backed Notes, Class A, Class B and Class C (these publicly registered notes are collectively referred to as the “Notes”). The Notes represent interests in the Trust only and do not represent interests in or obligations of the Transferor, ABC, Advanta Corp. or any affiliate thereof.

                       The Registrant has prepared this Form 10-K in reliance upon various no-action letters issued by the Securities and Exchange Commission (the “Commission”) to other trusts which are substantially similar to the Trust. Items designated herein as “Not Applicable” have been omitted as a result of this reliance.

                       The Trust’s assets consist primarily of a pool of receivables in a portfolio of revolving business credit card accounts originated or acquired by ABC.

                       The Transferor is not aware of any material pending litigation involving the Trust, the Owner Trustee, the Indenture Trustee, the Transferor or ABC with respect to the Notes or the property or activities of the Trust. The Transferor is aware that the Servicer is a party to various legal proceedings resulting from the ordinary business activities relating to its current and discontinued operations.

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                       No vote or consent of holders of any Notes was solicited for any purpose during the year ended December 31, 2003.

PART II

                       Each class of Notes is represented by a single Note of such class registered in the name of Cede & Co., the nominee of The Depository Trust Company (“DTC”).

                       (a)      Not Applicable.

                       (b)      Not Applicable.

                       Not Applicable.

                       Not Applicable.

                       Not Applicable.

                       Not Applicable.

                       None.

                       Not Applicable.

PART III

                       Not Applicable.

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                       Not Applicable.

                       There is no established public trading market for the Registrant’s common equity.

                       There are no securities for issuance under equity compensation plans.

                       Each class of Notes is represented by a single Note registered in the name of Cede & Co., the nominee of DTC, and an investor holding a beneficial interest in a Note is not entitled to receive a note representing such interest except in certain limited circumstances. Accordingly, Cede & Co. is the sole holder of record of the Notes, which it holds on behalf of brokers, dealers, banks and other direct participants in the DTC system. Such direct participants may hold Notes for their own accounts or for the accounts of their customers. The name and address of Cede & Co. is:

Cede & Co.
c/o The Depository Trust Company
55 Water Street
New York, New York 10041

                       There have not been, and there are not currently proposed, any transaction or series of transactions, to which the Trust, the Transferor, the Servicer, or the Owner Trustee on behalf of the Trust, is a party with any holder of a Note who owns of record or beneficially more than five percent of the Notes.

                       Not Applicable.

                       (b) The following reports on Form 8-K were filed by the Registrant during fiscal year 2003, including “Item 7. Financial Statements, Pro Forma Financial Information, and Exhibits”:

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SIGNATURES

                       Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

                       Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

EXHIBIT INDEX

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