Consumer Payment Card News

Net-Centric Card

The pioneer of Internet-based credit cards continues to chug along, recently topping a major milestone. NextCard reported last week it surpassed the one million account milestone during June. The pioneering VISA card issuer, was among the first to introduce instant, online approvals for bank credit cards. The company was also on the leading edge of online balance transfers and online bill payments. The NextCard VISA was first introduced in December 1997. NextCard, which went public in May 1999, expects to break-even by the fourth quarter of this year. During the first quarter NextCard posted a loss of $16.6 million compared to a loss of $17.7 million in the year-ago quarter. At the end of the first quarter, credit card receivables stood at $1.6 billion and operating revenue at $70.5 million. NextCard operates a network of more than 90,000 online affiliates. For more information on NextCard VISA click here.

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