First Meta Launches Second Life Credit Card

Posted on September 6, 2007

A Singapore-based company named First Meta has introduced the MetaCard, a Lindens ($L) dollar credit card that you can charge your Second Life purchases to. TechCrunch describes the different account levels offered with the MetaCard. The cards work the same way credit card work in the real world. You have a credit card and can use the cards wherever they are accepted by merchants.

MetaCard comes in two flavors: Basic and Gold. The Basic card is subject to a avatar check and provides a credit limit of L$5000 ($18.60) per month. A Gold MetaCard offers a credit limit of L$10,000 ($37.20) per month and can only be obtained by providing real world credentials and a real life credit card for automatic payments. Interest is charged at between 0.13% and 0.15% per day, which would we roughly 54% per annum, but compounding. Payments are 2% of the total amount used plus fees outstanding at the end of the month, and users have 21 days to make their monthly payment. MetaCard holders must also spend L$500 ($1.86) per month or face a monthly maintenance fee of L$300 ($1.12).

FirstMeta also offers MetaCard holders a savings account under the MetaSavings brand, offering interest rates of between 0.06%-0.09% daily.

The card has small image of a Second Life avatar in the top left corner. Time will tell if MetaCard gets any competition from other Second Life banks.

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