NOT HOT! NextCard is Dead!

[Hooobi]

Well, I recieved a letter from the FDIC today, making it official.

"NOTICE-PLEASE DISCONTINUE USING YOUR NEXTCARD CREDIT CARD"

"NEXTBANK CLOSED"

Effective 7/10/02 your nextcard credit card account is closed. You will no longer be able to use this card. You are obligated to pay the outstanding balance in full... interest will continue to accrue.

etc, etc

Just FYI

 

[Quixfire]

I got my notice yesterday, didn't care for them much. I just paid them off last month.

 

[AnyMal]

Good! I am glad those bastards went down!!! I have paid their bill on time for two years, then once I was 2 days late and they nearly tripled my interest! WTF?!!!! They absolutely would not back down and lower the rate! Screw them!

 

[vetteguy]

I never missed a payment, and my interest was outrageous. I called and asked them to lower it and they refused, so I haven't been using it. Except I forgot that it was the card I had assigned to eBay, and I got a "card denied" e-mail yesterday. Whoops.

 

[krackato]

Just checked my rewards. It says my account is not elligible. There goes $25.

 

OMG, by dumb luck I decided to cash in the $75 worth of rewards I had racked up this morning. Thanks for Unreal Tournament 2003 Nextcard. They were bastards. I started with a $7000 limit and they dropped it to $1500 the first month. My credit is spotless. I was going to pay my car off on it too. Oh well, I stilled loved raking in the Amazon points.

 

[ManDeJapan]

Yeah...I liked this nextcard. I got a lot of amazon points from them and spent most of it too, but then I had like 5000 points which I was about to spend a couple of days ago, but they ended that too, so they won't let you redeem your points! So, what other credit cards do you guys use that have good benefits like this, to rack up cash or points?

 

[Braxus]

wow... good thing I cashed in my points for my $100 Amazon GC last month!

Now I need to find another CC that can has some sort of useful reward points.

 

[tommigsr]

crap...i didn't get my letter yet, but the website is still up!>??!?!?!? and i can still access my acct without a hitch....

 

Originally posted by: tommigsr
crap...i didn't get my letter yet, but the website is still up!>??!?!?!? and i can still access my acct without a hitch....

I don't think rewards work for anybody. The website works to pay your bill and all.

Need a new CC now. Airline miles suck, I want Amazon GCs!

 

[Bigmoney]

http://www.washingtonpost.com/wp-dyn/articles/A47586-2002Jul10.html
According to this article, Amazon will make sure that people who have accrued points will be able to redeem so those who are worried shouldnt be.

 

[alyosha]

They come up with mire GC's during the day today, but only for an hour, now my account says
"Our records indicate that your account is not eligible for the NextCard Rewards feature.

Thank you for choosing NextCard. "
Was great while it lasted, next card, please

 

[randadore]

wow, this seriously sucks. i hope amazon sticks to their word. anyone got tips on other rewards cards? i'm still looking for a good deal on amex blue too. pm me if you have advice.

NextCard's accountholders will not be able to cash in bonus points they stockpiled with all of the incentive programs once available to them. The customers also won't receive any refunds for any annual fees they may have paid to use the cards.

Like most credit card issuers, NextCard offered programs that rewarded accountholders with points based on how much they spent with their cards. The points are supposed to redeemed for merchandise.

Online retailer Amazon.com, which owns an 8.1 percent stake in NextCard, provided one of the credit card company's most popular incentive programs. The FDIC advised NextCard accountholders that Amazon won't redeem the spending points, but Amazon said Tuesday evening it would honor the points.

Amazon ended its co-branding agreement with NextCard shortly after regulators seized the credit card accounts, according to a Securities and Exchange Commission filing.

"We don't want customers to worry. They will be able to redeem their accrued points with Amazon.com," said company spokeswoman Patty Smith. "We'll be in touch with customers over next several days on how that will work."

The incentive programs can be canceled at any time under the conditions of NextCard's customer agreements, Barr said.

 

[ManDeJapan]

Well, I hope amazon contacts us soon, cuz I'd like to redeem my points.

 

[gregor7777]

Well, it's a shame because I had some purchases planned for this card. Oh well.

Anyone know of any other CC's that have online "real time" acceptance that I can take advantage of? Call it a "hot deal".

 

[jasonplee]

Good riddance! If a payment arrives a day late (BOOM) you're suddenly at this ridiculous 20% interest rate. Stopped using this CC a long time ago.

 

[hwangste]

After I got my notice yesterday, I started looking around for a replacement card. You might want to try looking at www.cardratings.com for some alternatives. So far, most of the cash back cards I've looked at don't give you nearly as good a deal as the Amazon Nextcard did- only one or two percent back. The Stockback Mastercard looks like it might be interesting- it puts one percent of your purchases into a mutual fund, and more depending on where you shop. Of course, the stock market closely resembles a black hole right now, so maybe it isn't such a bright idea...

 

[tazmania99]

I used to have NextCard but I closed my account like 4 or 5 months ago when I first read an article that NextBank was filing bankrutcy. The funny thing is, when you call to close your credit card account, EVERY bank will transfer your call to an account specialist and then persuade you to keep the account by offering like lower APR, high credit limit, etc. But when I called NextCard to close my account, I was just told, "Great! Your account is closed now......"

 

[ShotgunSi]

The thing that really pisses me off, is that I never got any advance warning that the card would stop working on July 10th. I found out becuase my damn card kept getting declined every where I went. I'll go back to using my reliable Sony Mastercard now.

Closure info on Nextcard's site, linky linky

 

Yeah it was so sudden. At 11:00 last night I was like, "So, what's this letter from the FDIC I got today? ... D0H!!!" Glad I got my rewards out but I hope all you guys can get something out of Amazon. I would be totally depressed if I lost my $75.

 

[Glich]

Ouch i guss i am lucky my nextcard was linked to mypoints so no loss of points (well maby the 800 bucks worth on the card right now.

 

[d33pt]

i was able to cash in 4000 rewards pts two days ago for a george foreman grill... no idea if it will actually come though.. hopefully it will but i'm not counting on it too much.. damn bastards..