NextCard Offers Double Miles Program; Internet Credit Card Pioneer Continues to Redefine Online Shopping by Offering Double Rewards Points and Platinum Upgrades

Business Wire, July 27, 1998

SAN FRANCISCO--(BUSINESS WIRE)--July 27, 1998--NextCard(sm), the First True Internet VISA(R), today announced the launch of the most attractive rewards programs in the credit card industry.

New customers may now upgrade to a choice of Platinum card designs and membership in a rewards program in which they can earn as much as two airline miles for every dollar spent, with no annual fee.

Since its introduction in late 1997, the NextCard VISA remains the only VISA card in the U.S. where a customer can apply and be approved online in less than 30 seconds. Once customers are approved, they can choose from different upgrade opportunities presented to them based on their unique credit profile. Today's announcement makes the NextCard VISA even more attractive by offering Platinum upgrades, along with an exceptionally lucrative rewards program.

The NextCard Rewards program, offered through BonusMail(R), allows customers to earn valuable Rewards credits, with no annual fee, by simply purchasing with their NextCard Internet VISA both online and offline. The NextCard Rewards may be redeemed for airline miles with seven domestic and international airlines, including Alaska, Northwest, TWA, and British Airways as well as merchandise from premier national brands such as The Sharper Image, The Gap, Barnes & Noble, MCI, 1-800-FLOWERS and many other online and offline merchants.

Consumers who choose to take the most attractive upgrade available will be eligible to join the NextCard Rewards program and earn double NextCard Rewards credits for their purchases without paying an annual fee.

"We have taken the best credit card on the Internet and made it even better," said NextCard founder and CEO, Jeremy Lent. "Until now, incentive programs in the credit card industry have charged an annual fee and offered one mile per dollar spent. Our RapidResults(sm) system has the unique capability for Internet customers to design their upgrades online. This allows us to offer an exceptionally attractive rewards program to those customers who choose to transfer balances from their other credit cards."

In addition to the NextCard Rewards Program, many customers will now have the opportunity to choose a Platinum card design with their upgrade. The unique and attractive card designs reflect NextCard's position as the leading innovator in the emerging Internet credit card market.

Since its inception in December 1997, approximately 200,000 consumers have applied for the NextCard Internet VISA. Internet consumers are attracted by the array of features that define the card as the "First True Internet VISA": -0-

--   Online credit approval in less than 30 seconds;
--   Interactive choice of terms and card design, customized for each
     applicant;
--   Automated balance transfers;
--   100% safe Internet purchase guarantee;
--   Online statements and customer service;
--   Introductory rates as low as 2.9%;
--   Double rewards through the NextCard Rewards program.

-0-

"The pure Internet focus of NextCard is a key to their success," said Jim Breune, founder and editor of the Online Banking Report. "This focus has enabled NextCard to build a truly unique online credit card platform that is 12 to 18 months ahead of the competition. From top to bottom it's the best online financial services Web site we've seen in more than three years of tracking the industry."

Internet Access Financial Corp.

Internet Access Financial Corp. (IAFC) is a privately held company based in San Francisco, whose mission is "To redefine the banking experience for the Internet consumer." The company is the creator of NextCard, the First True Internet VISA, which is marketed through a strategic relationship with Heritage Bank of Commerce in San Jose, Calif.

NextCard provides online shoppers with unprecedented control of their Internet purchases including a 100% safe purchase guarantee. Unconstrained by legacy systems, IAFC is driving innovations in the direct marketing of customized financial services to Internet consumers. IAFC and NextCard can be contacted through the Web at www.nextcard.com.

BonusMail and Intellipost Corp.

Intellipost Corp., a privately held company based in San Francisco, operates BonusMail at www.bonusmail.com, the Internet's only service that rewards consumers to read targeted advertisements by e-mail.

CONTACTS: NextCard

Richard Goebel, 415/836-9772

rich.goebel@nextcard.com

or

Benjamin Group

Christian DeNike, 408/559-6090

christian_denike@benjamingroup.com