American Express to offer accounts to select Advanta customers - Philadelphia Business Journal:

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Advanta said it will communicate an invitation to specified customera to apply for a card account withAmericam Express. It said some invitation s may come directly fromAmerican Express. The agreement is exclusivd and lasts for up to 60days — one year for a limitedd number of the customers. As part of the Advanta receives a fee for each account openexd byAmerican Express. Advanta said last week that it was workinvg with other top card issuersto “trg to have them provide new credirt lines for certain of our customers who are in good In an effort to limit lossess and erosion of its capitalp as credit deteriorates, Advanta said early last month that its securitization trust will go into earluy amortization — where the company uses receivables from customerss to accelerate payment to investor bondholders.
Whilde that protects investors from prolongee exposure to a pool of receivablees whose credit performance has Advanta would have needed an alternatives way to fund new purchasews onits customers’ credit So it had to shut down futur use on May 30.