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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549
 FORM 10-K FOR ANNUAL AND TRANSITION REPORTS
PURSUANT TO SECTIONS 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 (Mark One)x
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2003 OR o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 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 
 Nevada
    
    23-2852207(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification No.)2920 Green Valley Parkway, Suite 3-321-8, 
Henderson, Nevada
    
    89014(Address of principal executive offices)
    
    (Zip Code)
 Registrants telephone number, including area code:
    
    (702) 433-9886Securities registered pursuant to Section 12(b) of the Act:
    
    NoneSecurities registered pursuant to Section 12(g) of the Act:
    
    None
 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 - 1 -




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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. - 2 -




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TABLE OF CONTENTS PagePART I
    
    
    
    
    3Item 1.
    
    Business
    
    
    3Item 2.
    
    Properties
    
    
    3Item 3.
    
    Legal Proceedings
    
    
    3Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    4PART II
    
    
    
    
    4Item 5.
    
    Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
    
    
    4Item 6.
    
    Selected Financial Data.
    
    
    4Item 7.
    
    Management's Discussion and Analysis of Financial Condition and Results of  Operations.
    
    
    4Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    4Item 8.
    
    Financial Statements and Supplementary Data
    
    
    4Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and  Financial Disclosure
    
    
    4Item 9A.
    
    Controls and Procedures
    
    
    4PART III
    
    
    
    
    4Item 10.
    
    Directors and Executive Officers of the Registrant.
    
    
    4Item 11.
    
    Executive Compensation.
    
    
    5Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and
    
    
    5Item 13.
    
    Certain Relationships and Related Transactions
    
    
    5Item 14.
    
    Principal Accountant Fees and Services
    
    
    5Item 15.
    
    Exhibits, Financial Statement Schedules, and Reports on Form 8-K
    
    
    5CERTIFICATION - SECTION 302 OF SARBANES-OXLEY ACTANNUAL SERVICER'S CERTIFICATEINDEPENDENT ACCOUNTANT'S REPORT
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PART I 
 Item 1.
    
    Business.
 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. 
 Item 2.
    
    Properties.
 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. 
 Item 3.
    
    Legal Proceedings.
 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. - 3 -




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Item 4.
    
    Submission of Matters to a Vote of Security Holders.
 No vote or consent of holders of any Notes was solicited for any purpose
during the year ended December 31, 2003. 
 PART II 
 Item 5.
    
    Market For Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
 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. 
 Item 6.
    
    Selected Financial Data.
 Not Applicable. 
 Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations.
 Not Applicable. 
 Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk.
 Not Applicable. 
 Item 8.
    
    Financial Statements and Supplementary Data.
 Not Applicable. 
 Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
 None. 
 Item 9A.
    
    Controls and Procedures.
 Not Applicable. 
 PART III 
 Item 10.
    
    Directors and Executive Officers of the Registrant.
 Not Applicable. - 4 -




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Item 11.
    
    Executive Compensation.
 Not Applicable. 
 Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
 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 
 Item 13.
    
    Certain Relationships and Related Transactions.
 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. 
 Item 14.
    
    Principal Accountant Fees and Services.
 Not Applicable. 
 Item 15.
    
    Exhibits, Financial Statement Schedules, and Reports on Form 8-K.
 (a)
    
    
    1.
    
    
    Financial Statements: Not Applicable.2.
    
    
    Financial
Statement Schedules: Not Applicable.3.
    
    
    
    31.1
    
    
    Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 200299.1
    
    
    Annual Servicers Certificate dated September 17, 200399.2
    
    
    Independent Accountants Report on Managements Assertion
 (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: - 5 -




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Date of ReportJanuary 21, 2003February 20, 2003March 20, 2003April 21, 2003May 20, 2003June 20, 2003July 21, 2003August 20, 2003September 22, 2003October 20, 2003November 20, 2003December 22, 2003(c)
    
    See Item 15(a)(3).(d)
    
    Not Applicable.
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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. ADVANTA BUSINESS CARD MASTER TRUSTBy: Advanta Bank Corp., as attorney in factBy:
    
    /s/ Michael CocoName:
    
    Michael CocoTitle:
    
    Vice President and TreasurerDated:
    
    March 29, 2004ADVANTA BUSINESS RECEIVABLES CORP.By:
    
    /s/ Mark ShapiroName:
    
    Mark ShapiroTitle:
    
    Vice President and Assistant TreasurerDated:
    
    March 29, 2004




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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. /s/ Michael CocoMichael CocoPresident, DirectorDated: March 29, 2004Susan McVeighVice President and Treasurer, DirectorDated:/s/ Mark ShapiroMark ShapiroVice President and Assistant Treasurer, DirectorDated: March 29, 2004/s/ Janice C. GeorgeJanice C. GeorgeDirectorDated: March 29, 2004/s/ Francis B. Jacobs, IIFrancis B. Jacobs, IIDirectorDated: March 29, 2004




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EXHIBIT INDEX EXHIBIT
    
    DESCRIPTION
    
    MANNER OF FILING31.1
    
    Certification Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
    
    *99.1
    
    Annual Servicers Certificate
    
    *99.2
    
    Independent Accountants Report on
Managements Assertion
    
    *
   *
    
    Filed electronically herewith. - 9 -