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Bad news for Amazon Nextcard users?

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Bad news for Amazon Nextcard users?

Old 03-13-02, 05:17 PM
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Bad news for Amazon Nextcard users?

http://www.marketwatch.com/news/yhoo...49B512C0F8D%7D

NextCard cuts staff, gets delisted
Online credit card company lays off 90%
By Kristen Gerencher, CBS.MarketWatch.com
Last Update: 4:03 PM ET March 12, 2002


SAN FRANCISCO (CBS.MW) -- NextCard, the first Internet bank to be closed by federal regulators last month, said Tuesday it is cutting 90 percent of its work force and will have its stock delisted next week.

Layoffs at the nontraditional lender will cost 546 jobs. But the Federal Deposit Insurance Corporation offered 465 of those workers temporary employment with a third-party contractor, according to Reuters.

Shares of NextCard will cease public trading on Nasdaq on March 18.

Last month, NextCard (NXCD: news, chart, profile) ran into financial trouble because of mounting loan delinquencies. The FDIC took receivership in early February after determining the bank had assets of $700 million and deposits of $554 million, nearly $30 million of which exceeded the federal deposit insurance limit.
Old 03-13-02, 05:49 PM
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Old 03-14-02, 12:26 AM
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Rewards are up again. Unfortunately, I don't have enough points racked up....
Old 03-14-02, 10:27 AM
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me too no rewards and lost points. I will be pissed.
Old 03-14-02, 01:13 PM
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Well I just got my new CapitolOne card in the mail. I applied for it when I went to nextcard.com and it said they were no longer accepting new applications for credit. The site's back to normal now, but I'm not taking any chances.

I'll be transferring the balance and cancelling my NextCard asap.
Old 03-14-02, 05:08 PM
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question

I was just wondering. If I have a balance with NExtcard and the company goes under what happens then?

Kalvin
Old 03-14-02, 05:58 PM
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Thanks for the info. I just had enough for a $25 GC and grabbed it while I still can.
Old 03-14-02, 07:00 PM
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oh carp. that's not good
Old 03-14-02, 07:21 PM
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Re: question

Originally posted by ZeroKalvin
I was just wondering. If I have a balance with NExtcard and the company goes under what happens then?

Kalvin

You still have to pay the debt.... even if the company goes under, there will be a handler for the company as it closes out its operations, and your debt would still be owed within that framework.

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