Amazon announces it will offer its own credit card slated for release early next year. In a deal with NextCard, the cobranded Visa card will allow Amazon’s thirteen million customers to get online approval for a credit card “in as little as eight seconds.” The company, which has lost money in the last quarter, and has yet to make a profit, hopes to earn $150 million dollars in fees over the next five years. COO Joe Galli:
With the launch of the Amazon.com NextCard Visa, we are not only helping our customers find, discover, and buy anything they want online, but also showing our thanks by rewarding them with gift certificates based on credit card spending. The combination of Amazon.com’s online retail expertise and NextCard’s online credit card experience creates a valuable new shopping alternative that offers strong appeal to our customers and to all credit card users.