NextCard confirmed this morning it has topped $1 billion in credit card loans and has also surpassed 500,000 customer accounts. The growth represents a 100% increase in six months. NextCard also says it is on track to hit profitability in the fourth quarter. The issuer of Internet-centric VISA cards attributed its quick climb to the $1 billion mark to adherence to a calculated growth plan, smart direct marketing and customer acquisition, development of our profile-based pricing system, and meticulous risk management. According to CardData, NextCard hit the 100,000 account and $250 million milestone just one year ago.
NEXTCARD’S CARD MARCH
3Q/00* 2Q/00 1Q/00 4Q/99 3Q/99 2Q/99
Recv: $1,0b+ $829.7m $638.8m $416.3m $268.0m $163.4m
Accts: 500k+ 443k 337k 220k 134k 85k
* as of 9/11/00; Recv- receivables; Accts- accounts; Source: CardData