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).
FirstMeta also offers MetaCard holders a savings account under the MetaSavings brand, offering interest rates of between 0.06%-0.09% daily.
Although the amount of credit offered by FirstMeta is (in real life terms) rather low, it will be interesting to see how services like these develop in online worlds given that in effect they are financial services that would likely be subject to real life laws. Whilst Second Life companies such as the World Stock Exchange clearly state that they are in effect pretend outfits (ie: games), and therefore are not subject to real world laws, FirstMeta is actually providing credit that is tied to a real world account; in effect by securing their credit services they have crossed the line into the real world.
(in part via SL Insider)
Hmmm…I’d like one of these.
lol
Ok, this is officially one of the stupidest startups I have ever seen. But it shouldn’t surprise me considering it is related to 2nd life.
Is anyone else creeped out by the idea of a “virtual debt instrument”. Then again, you’re right, it is Second Life.
Wow, what a dumb idea, what are the upsides?
the downsides are you need to provide id for $35 a month and the interest rate is over 50% a year!
Hmmm, I can’t thik of anything witty to say.
http://fakesteveballmer.blogspot.com
Ginko
“which would we roughly 54% per annum, but compounding. ” Can you please proofread your writing before you post it. You are being paid as a writer, please try and act like one. Ditto for the “more clearer” statement in the post above this one.
If they drop the monthly fee, I might consider applying and keep with me until I really needs it. But the monthly fee is a killer.
0.13% daily is 60.7% annual
0.15% daily is 72.9% annual
How did you get 54%?
@ xnor
Well, as alexanderpink says, Duncan is a careless writer, which makes him a truly god-awful mathematician.
0.15% * 365 = 0.5475
Lets wait for the card skimmers to start attacking SecondLife.
Sure, but unless Duncan can do that multiplication in his head, or his calculator’s exponent button is broken, the only reason he said 54% is out of a dim understanding of the mystical properties of “compounding”…
This will probably become huge in “the grid” — people love credit cards.
First Meta….I love the name.
But personally — life is too short to live but this one lfe — nevermind a second one.
An interesting concept, but those interest rates are sky high. I would really like to open a Bank on Second Life, providing real-world interest rates on saving, loans, and etc. Would be an interesting experience.
Where do I get the after-life credit card that they would accept in heaven? Let me go call Visa.
@alexanderpink:
It’s a blog! I’ve read paperback books from big name publishers with typos worse than that. Shouldn’t they catch them after the hardcover edition?
And to all the rest of you bitter, angry readers, why don’t you pay some money and get yourself laid instead of beating up on Duncan all the time?
Who on earth would pay 54% compound interest to borrow up to US$37.20 when they already have a facility to borrow >US$2,000 at a rate of
And if I commit virtual fraud in SL, will I go to a virtual jail?
It’s a rip off of your money! that’s a lot for a virtual credit card.
http://www.bbcok.com.
I love it
I agree that is one stupid card with crazy fee’s and no real advantage. Keep it!