Press Release: June 13, 2000

WR Hambrecht + Co Initiates Coverage of NextCard (NXCD) with a Strong Buy Rating and a Target of $27

Company well-positioned to profit from growth in online marketUnique service positions Company for long-term profit

San Francisco, CA, June 13, 2000—WR Hambrecht + Co today initiated research coverage on NextCard (NXCD) with a strong buy rating and a price target of $27. WR Hambrecht + Co.’s eFinance analyst Jonathan Fayman cited the growing importance of the Internet channel to the credit card industry, NextCard’s leadership position in online credit card issuance, and undervalued share price as key reasons for the rating. WR Hambrecht + Co offers all its research reports free and real-time at www.wrhambrecht.com.

"We believe that the acceleration in eCommerce spending will benefit card issuers with an Internet presence. As NextCard’s account base continues to grow and the existing portfolio continues to season, profitability becomes increasingly more visible to us," Fayman said.

Fayman projects NextCard’s total revenues will reach $104.2 million in 2000 and $188.3 million in 2001, up from $15.7 million in 1999.

NextCard is a leading issuer of Visa credit cards and the only card issuer to focus exclusively on the Internet.