Singapore based FirstMeta has launched MetaCard, a credit card for Second Life that is claimed to be the world’s first virtual world credit card. The MetaCard works in the same way as a normal first life credit card works. Applicants are provided with a credit limit and present the card when purchasing goods at merchants who accept the card. 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).http://www.techcrunch.com/2007/09/04/metacard-the-worlds-first-virtual-world-credit-card/
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