Bankrate to Report Fourth Consecutive Profitable Quarter; Anticipates First Profitable Year in Company's History.

Business Editors

NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Oct. 8, 2002

Bankrate, Inc. (OTCBB:RATE), the Internet's leading consumer banking marketplace, today reported that it expects record total revenue to exceed $7.0 million for the third quarter ending September 30, 2002. In 2001 Bankrate reported total revenue of $4.2 million in the third quarter. The Company expects net income for the third quarter of 2002 to be above $1.3 million, or approximately $0.10 per share, compared to a net loss of $379,000, or $0.03 per share, in the third quarter of last year. Third quarter revenues and net income for 2002 will be sequentially higher than those reported for the second quarter of 2002.

Two years ago Bankrate set a course to build a profitable company. "That plan had several major initiatives including the sale of unproductive assets, reduction of operating expenses, the early payoff of our subordinated debt, and strengthening our core businesses," explained Bankrate's CEO Elisabeth DeMarse. "Today, Bankrate is profitable, has a strong balance sheet with virtually no debt and is pursuing activities to increase our growth."

The Company's goal is to achieve a 15% to 22% core growth rate from its existing businesses-- online advertising, print publication sales and hyperlinks. At the same time, Bankrate is exploring several initiatives for 2003, including the introduction of Bankrate Marketplace, which, among other things, facilitates transactions between the consumer and the financial institution, and other new products that could include selected strategic acquisitions that might accelerate its growth.

Commenting on the Company's year-end outlook, DeMarse continued, "Our view for the final quarter of 2002 is tempered by prior years' seasonality, with the first quarter being the strongest for the year. However, based on the positive results thus far, we expect a record year. This would be our first profitable year, and we are gratified that the implementation of our business strategies is producing very positive results."

"We are the fastest-growing destination in online business news/research, with 224% audience growth for the four quarters ended March 2002," DeMarse continued. "This strong recognition and the reputation of our product is resulting in high demand, far exceeding our earlier expectations."

About Bankrate, Inc.

Bankrate Inc. (OTCBB:RATE) owns and operates Bankrate.com, the Internet's leading consumer banking marketplace. Averaging 4 million unique visitors per month, Jupiter Media Metrix ranked Bankrate.com first in unique visitors in the "Financial Information and Advice" category in June 2002. Bankrate.com reviews more than 4,800 financial institutions in 173 markets in 50 states. Bankrate.com is a destination site of personal finance channels, including banking, investing, taxes and small business finance. It is the leading aggregator of over 100 financial products, including mortgages, credit cards, new and used auto loans, money market accounts and CDs, checking and ATM fees, home equity loans and online banking fees. Bankrate.com provides financial applications and information to a network of more than 100 partners, including MSN (Nasdaq:MSFT), Yahoo! (Nasdaq:YHOO), America Online (NYSE:AOL), CNN and Smart Money. Bankrate.com's information is also distributed through more than 100 national and state publications.

Certain matters discussed in this press release are or may be considered to be "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team. Such forward-looking statements include without limitation statements made with respect to future revenue, revenue growth, market acceptance of our products, and profitability. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: we have a history of losses and could run out of cash; we use barter transactions that do not generate cash; our success depends on Internet advertising revenue, interest rate volatility, establishing and maintaining distribution arrangements, and increasing brand awareness of our Web site; our markets are highly competitive; our Web site may encounter technical problems and service interruptions; we rely on the protection of our intellectual property; we may face liability for information on our Web site; future government regulation of the Internet is uncertain and subject to change; our ownership is heavily concentrated; our success may depend on management and key employees; we may encounter difficulties with future acquisitions; our results of operation may fluctuate significantly; and our stock price may be volatile in the future. These and additional important factors to be considered are set forth under "Item 1. Business - Risk Factors," "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and in the other sections of our Annual Report on Form 10-K for the year ended December 31, 2001, and in our other filings with the Securities and Exchange Commission. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.