Consumer Payment Card News

NextCard VISA

A San Francisco firm rolled out a new credit card Friday billed as the “First True Internet VISA”. The ‘NextCard VISA’ offers instant credit approvals via the Internet and the company’s proprietary online application process called “Rapid Results”. The card, launched by Internet Access Financial Corporation, provides online access to account information and offers applicants the ability to design their own card features. The firm said Friday it has received “thousands” of applications since going online in December. The card is being issued through Heritage Bank of Commerce of San Jose.

Friday the NextCard VISA, billed as the “First True Internet VISA” credit card was unveiled.

The NextCard Visa, which began accepting its first customers in December 1997, offers instant credit card approvals for consumers over the Internet for the first time. Additionally, numerous other Internet-related features are offered, which delivers a more convenient and powerful credit card.

The NextCard VISA is offered by Internet Access Financial Corp. (IAFC), a financial services company dedicated to redefining the banking experience for Internet consumers.

The NextCard VISA provides consumers with these groundbreaking firsts

— Instant credit card approval via Rapid Results(sm), the NextCard’s proprietary online application process

— “Design your own terms” feature, offering interactive choices to approved applicants customized from their unique credit profile

— Automated balance transfers, enabling consumers to save money instantly with low introductory rates

In addition, NextCard offers the following features that make the card uniquely attractive to Internet users

— 100% Safe Internet Purchase Guarantee, makes it safe for consumers to purchase goods online

— Interactive account management with 24-hour, 7-day-a-week online access

— Detailed account information, downloadable directly into leading desktop applications such as Quicken(R) and MS Money(R)

— The NextCard Visa card gives users online and offline purchasing power

The NextCard VISA’s Internet-focused design establishes a new standard in the credit card industry. NextCard makes the Internet safe for consumers who want to purchase online by offering a 100% Safe Internet Purchase Guarantee. For maximum versatility, the NextCard VISA card is accepted both on or offline.

NextCard appeals to the increasing number of consumers who have begun to rely on the Internet and desire to use it for purchasing and other transactions. Since the NextCard Web site went live in December 1997, NextCard has already received thousands of applications.

“By taking advantage of the power of the Internet, NextCard is changing the face of the financial landscape in a powerful, consumer-driven manner,” said Jeremy Lent, CEO and founder of NextCard.

“Consumers can now use a credit card that they help design according to their individual needs, giving them unmatched convenience and buying power through innovative technology, financial expertise and transaction security.”

NextCard has developed proprietary technology for the online credit card approval and customization system allowing instant approval for qualified applicants, interactive product design and automated balance transfers.

NextCard uses industry-standard security software and encryption technology. In addition, NextCard has retained Coopers & Lybrand to perform testing on various aspects of the system.

Internet Access Financial Corp. is a privately held company based in San Francisco. The company is the creator of the NextCard(sm), the First True Internet VISA(R), through a strategic relationship with Heritage Bank of Commerce of San Jose, Calif.

NextCard is a division of the Internet Access Financial Corp. NextCard can be contacted through its Web site at, by calling 415/836-9700 or via email at [email protected]

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