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Advanta Corp. Welsh & McKean Rds., Spring House, PA 19477
www.advanta.com (215) 657-4000    Fax: (215) 444-6121  

The Scoop  

Give me some credit

Jack Alter, founder and CEO of Advanta Corp. knows all there is to know about credit. He started the Teachers Service Organization with $30 and a loan from his wife, a schoolteacher. Alter recognized that public school teachers had difficulty getting credit, especially since they were only paid ten months out of the year. He set up shop in a spare bedroom in his house with a desk, chair, telephone, and an offer teachers couldn't refuse -- he allowed them to skip loan payments during the summer months. Alter's direct-mail and telephone marketing reaped significant rewards and began to expand his operation to other professions.

In 1971 Alter retired and his son, Dennis, himself a former teacher, took over. In 1982 TSO bought Colonial National Bank to facilitate credit card operations and three years later became TSO Financial. In 1988, five years after purchasing ADVANTA Mortgage Corp. USA, TSO became Advanta Corp. In 1994 the company formed a venture capital firm, Advanta Partners.

That plastic'll kill you

Because of a downturn in the credit card market in recent years, Advanta got out of what was once a core business, by selling its credit card unit to Fleet Financial for $1.3 billion in 1998. Fleet sued Advanta over the deal in early 1999.

Getting Hired  

Advanta's employment search engine is listed under Employment Opportunities on their web site, www.advanta.com. Current job opportunities and instructions for submitting a resume are listed. You can also contact them by phone at (215) 657-4000 to speak to a Human Resources representative.

Our Survey Says  

Entrepreneurial environment

Contrary to what one might expect from a mortgage, leasing, and credit card company, Advanta is "young - the average age is under 35" and as such, is "relaxed" and "entrepreneurial." The "founder's spirit is carried on by his son, the CEO." The management "actually empowers" its employees. Advanta offers "total independence" to its employees; "no one breathes down your neck." In keeping with the relaxed atmosphere dress is business casual year around.

Down to earth employees

The employees are self-described as "down-to-earth," and "easy to work with." There are a "significant number" of minorities and women make up "roughly half" of the workforce. Pay is "competitive;" the mortgage and leasing units are "doing phenomenally well -- and salaries reflect that." Because of all the sports tournaments and other events Advanta sponsors, there are plenty of opportunities to attend "Art Exhibits, Tennis Tournaments, and Bike-a-thons."

Employment Contact  

John Walp
Human Resources

Products and Services  

Contract servicing;Corporate credit cards;Insurance & deposit products;Loan purchasing;Loans & leasing;Mortgage banking;Securitization services to the mortgage industry

Key Competitors  

The Associates;GE Capital;Household International

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