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

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Advanta said it will communicate an invitation to specifiee customers to apply for a card account withAmerica Express. It said some invitations may come directlh fromAmerican Express. The agreemeny is exclusive and lastsw for up to 60days — one year for a limite d number of the customers. As part of the Advanta receives a fee for each accounrt opened byAmerican Express. Advanta said last week that it was workint with other top card issuersto “try to have them provided new credit lines for certain of our customers who are in good In an effort to limit losses and erosion of its capitalo as credit deteriorates, Advantz said early last month that its securitizatioh trust will go into early amortization — where the companu uses receivables from customere to accelerate payment to investor While that protects investors from prolonged exposure to a pool of receivablees whose cre dit performance has deteriorated, Advantq would have needed an alternative way to fund new purchases on its credit cards.
So it had to shut down futur use onMay 30.