Results 1 to 4 of 4
  1. #1
    Resident Genius and Staunch Capitalist Leader's Avatar
    Join Date
    January 18th, 2005
    This from the November 1st Wall Street Journal, page B8 (The paper version):

    Banking authorities imposed new lending restrictions on NextCard Inc. amid mounting losses from uncollectable debt, and the Internet credit-card issuer said it is seeking a buyer. The company has hired Goldman Sachs Group Inc. to sell the company to a larger, more established financial institution. (Stock info and trading volume info deleted, who cares) At the behest of banking regulators, NextCard, which was founded in 1997 and went public in 1999, is making a variety of changes at its NextBank unit that essentially eliminate the company's ability to grow

    This looks very bad for their affiliate programs! The WSJ tends to report quite a ways in advance, so there MAY [NO guarantees!] be a few months left in this baby, but I figured I'd post it so everybody'd have a decent chance to bail if they want to!

    Of course, something may come up and save their necks, but from reading that, I'd say it looks like doom in the making...

    Edited to fix the bolding code.

    [ 11-02-2001: Message edited by: Leader ]

  2. #2
    ABW Ambassador
    Join Date
    January 17th, 2005
    Just received from NextCard.

    We wanted to give you a heads up on the recent news from
    NextCard and let you know how these announcements will affect
    you as a NextCard Visa Affiliate. NextCard has announced that we
    have engaged Goldman Sachs to explore opportunities for the sale
    of the Company.

    Here are some things you need to know:

    1. NextCard has enough cash to honor its financial obligations
    to our Affiliate partners. You will get paid as you normally
    would. Checks and direct deposit payments will be processed
    on their normal schedule. This includes all commissions for
    October 2001 and any future commissions that you earn.

    2. Any current bonus or incentive program in which you are
    enrolled will remain in place at the current levels.

    3. As of 10/31/01 NextCard has discontinued offering the
    NextCard Secured Visa. You will be paid for all secured
    card accounts generated prior to 10/31/01.

    4. Beginning 10/31/01 NextCard is limiting approvals to
    applicants that have a FICO credit score of 680 or greater.
    This change will substantially decrease the number of Lite
    bookings and, to a lesser extent, the number of Classic
    bookings. There should not be any marked impact on Platinum
    bookings. All leads generated prior to 10/31/01 are not
    impacted by the changes.

    You are an important business partner and we look forward to continuing
    our relationship. Please feel free to send in any more specific questions you have
    to the Affiliate Team at

    The NextCard Affiliate Team

  3. #3
    ABW Ambassador
    Join Date
    January 18th, 2005
    West Coast USA
    So we just signed up.

    Has anyone noticed a decrease in approvals?

    What is the ROI in general?

    [ 12-06-2001: Message edited by: Adam Ward ]

  4. #4
    ABW Adviser Panel Dynamoo's Avatar
    Join Date
    January 18th, 2005
    Opposite the Slough of Despond
    There's a interesting (slanderous) thread about NextCard at F***edCompan y - I wouldn't touch 'em with a bargepole.

  5. Newsletter Signup

+ Reply to Thread

Similar Threads

  1. More News from NextCard
    By Taurus in forum Midnight Cafe'
    Replies: 0
    Last Post: February 8th, 2002, 08:53 PM
  2. NextCard & Ezula
    By MsMarySunshine in forum Midnight Cafe'
    Replies: 7
    Last Post: November 21st, 2001, 04:25 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts