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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549
 FORM 10-K (Mark One)þ
    
    ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2004 or o
    

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES 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.)2215 B Renaissance Drive, Suite 5Las Vegas, Nevada
    
    89119(Address of principal executive offices)
    
    (Zip Code)Registrants telephone
number, including area
code:
    
    (702) 966-4246Securities registered pursuant to Section 12(b) of the Act:
    
    NoneSecurities registered pursuant to Section 12(g) of the Act:
    
    None
 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 þ    No o 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. þ Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act
Rule 12b-2 of the Act). Yes o    No þ 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. 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  
 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 Mattersand Issuer Purchases
of Equity Securities
    
    4Item 6.
    
    Selected Financial Data
    
    4Item 7.
    
    Managements Discussion and Analysis of Financial Condition andResults 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 andFinancial
Disclosure
    
    4Item 9A.
    
    Controls and Procedures
    
    4Item 9B.
    
    Other Information
    
    5PART III
    
    
    
    5Item 10.
    
    Directors and
Executive Officers of the Registrant
    
    5Item 11.
    
    Executive Compensation
    
    5Item 12.
    
    Security Ownership
of Certain Beneficial Owners and Management
    
    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 PURSUANT TO SECTION 302ANNUAL SERVICER'S CERTIFICATEINDEPENDENT ACCOUNTANTS' 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. (the Bank) as seller and the Transferor as purchaser, the Bank
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, the Bank 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. The following are publicly registered and outstanding
notes existing as of December 31, 2004: 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; Series 2003-D Asset-Backed Notes,
Class A, Class B and Class C; and AdvantaSeries Class C(2004-C1) Asset-Backed Notes (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, the Bank,
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 the Bank. 
 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 the Bank with respect to the Notes or the
property or activities of the Trust. The Transferor is aware that the Servicer is a party to - 3 -




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various legal proceedings resulting from the ordinary business activities relating to its current
and discontinued operations. 
 Item 4.     Submission of Matters to a Vote of Security Holders. None. 
 PART II 
 Item 5.     Market For Registrants Common Equity, Related Stockholder Matters and
Issuer Purchases of Equity Securities. Except for the AdvantaSeries, each class is represented by a single Note of such class, and
for the AdvantaSeries, each class may have multiple tranches each represented by a single Note of
such tranche registered in the name of Cede & Co., the nominee of The Depository Trust Company
(DTC). (a)      Not Applicable. (b)      Not Applicable. (c)      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. - 4 -




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Item 9B.  Other Information. None. 
 PART III 
 Item 10.   Directors and Executive Officers of the Registrant. Not Applicable. 
 Item 11.   Executive Compensation. Not Applicable. 
 Item 12.   Security Ownership of Certain Beneficial Owners and Management. There is no established public trading market for the Registrants common equity. There are no securities for issuance under equity compensation plans. Except for the AdvantaSeries, each class is represented by a single Note of such class, and
for the AdvantaSeries, each class may have multiple tranches each represented by a single Note of
such tranche 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. - 5 -




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3.     
Exhibits 31      Certification Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 99.1   Annual Servicers Certificate dated September
28, 2004 99.2   Independent
Accountants Report (b)      See Item 15(a)(3). (c)      Not Applicable. (d)      The following reports on Form 8-K containing distribution reports were filed by the
Registrant during fiscal year 2004: Date of ReportJanuary 20, 2004February 20, 2004March 22, 2004April 20, 2004May 20, 2004June 21, 2004July 20, 2004August 20, 2004September 20, 2004October 20, 2004November 22, 2004December 20, 2004
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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 30, 2005ADVANTA BUSINESS RECEIVABLES CORP.By:
    
    /s/ Michael CocoName:
    
    Michael CocoTitle:
    
    PresidentDate:
    
    March 30, 2005
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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, Director(Principal Executive Officer)Date: March 30, 2005/s/ Susan McVeighSusan McVeighVice President and Treasurer, Director(Principal Financial Officer)Date: March 30, 2005/s/ David B. WeinstockDavid B. WeinstockVice President and Chief Accounting Officer,Director(Principal Accounting Officer)Date: March 30, 2005/s/ Janice C. GeorgeJanice C. GeorgeDirectorDate: March 30, 2005/s/ Andrew T. PanaccioneAndrew T. PanaccioneDirectorDate: March 30, 2005
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EXHIBIT INDEX EXHIBIT
    
    DESCRIPTION
    
    MANNER OF FILING31
    
    Certification Pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
    
    *99.1
    
    Annual Servicers Certificate
    
    *99.2
    
    Independent Accountants Report
    
    *
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