Archive for the 'Credit Cards' Category

MetaCard, Credit Cards for your Second Life

September 05th, 2007 | Category: Banking, Credit Cards, Debit Cards

We mentioned before that there is a debit card for Second Life coming our way in 2008, now there is going to be a credit card as well. FirstMeta is launching the MetaCard, so, just like rl, you can run up a bunch of bills in sl. To get the Gold Card, you have to give them a rl credit card number, don’t worry, it’s not charged unless you default, it says, the Standard card just requires a valid mobile phone number. Hmm, I’m thinking text spam, but I guess we will find out soon enough.

The big difference I see is the percentage rate is called DPR, daily percentage rate, where, rl credit cards use APR, annual percentage rate. Over on the Techcrunch site, some of the commenters said this works out to about 60.7% annual for the 0.13% daily and 72.9% annual for the 0.15% daily rate. Wow. High rates on rl cards are around the 20% range, or at least when I last checked, so those are some high rates. Plus, you have a monthly fee unless you spent so many Lindens every month, the fee is L$300 lindens unless you spend over L$500 lindens per month, I believe. If you sign up now as a merchant, you will get the fees for the first six months waived. Those are some high rates, but there will probably be some takers, but it is good to see a bank that will actually be able to make some money and not just blow smoke up our avatars like Ginko did. Where the Second Life stock exchanges have said it’s just a game, FirstMeta is making you back up the account, at least on the Gold card, so it is tied to real world money, and the high fees should make them a few Linden while they are at it.

The MetaCard is a L$-credit card that you can charge your Second Life purchases to. Buy what you want now and pay for it later. Better still, pay us back in L$.

With the MetaCard, you can…

Increase your spending ability You never have to worry about running out of L$
Enjoy a better shopping experience No more “You need more currency” pop-ups
Enjoy greater value With our MetaRewards program, get reward points for shopping with your card

Get instant L$ Get “cash” whenever you need it
Grow your L$ Earn interest on your free MetaSavings deposit account
Be entitled to special privileges Special promotions when you shop at your favorite Second Life merchants…only for you
Have peace of mind A team of professionals working to serve you around the clock

Instead of paying L$ “cash” upfront, charge your purchases to the MetaCard. Simply right-click on the item you want and select ‘MetaCard’.

You get the item immediately. No L$ is deducted from your account.

At the end of each billing cycle, you’ll receive a statement showing how much you’ve charged to your MetaCard and the minimum payment required.

You can choose to pay off the entire bill at once or pay it off over time. Payments can be done at any of our many ATMs in-world. Interest accrues only on rolled-over balances. Source: FirstMeta

Here is how they will compute the finance charges.

Calculation of average daily balance including new purchases: Assume previous balance is $400. On the 15th of the billing cycle the customer makes a payment of $300, and on the 18th he makes a purchase of $50. The ending balance is $400 - $300 + $50 = $150. The average daily balance is: (($400 x 15 days) + ($100 x 3 days) + ($150 x 12 days)) / 30 days = $270. The monthly interest rate is applied on $270 to determine the finance charge.

From Techcrunch,

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). Source: MetaCard: The World’s First Virtual World Credit Card

I would get one of these just to have it, but they charge the monthly fee so I will probably skip it and wait for the debit card.

Popularity: 2%

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Atlas Venture Capital Selling MasterCard Debit Cards

August 21st, 2007 | Category: Banking, Credit Cards, Debit Cards, Doing Business in SL

I mentioned yesterday over on the Grid Live that Perfect Card will be offering a Second Life Debit Card, well, it looks like that might not be the only one available.

08.17.07 - “The Bank” Now Selling MasterCard

The bank has now deployed new ATM machines in all bank locations. The new ATM machines will now allow you to buy a MasterCard Debit Card. This is a real life MasterCard, that you can use anywhere MasterCard is accepted worldwide.

The cards are sold with some pre loaded USD funds on the card. The options are $10, $20, $50 and $100 USD. The cards can be re-loaded with L$ from any of The Bank ATM machines. The L$ will be converted to USD at the posted daily exchange rates.

After all costs and postage for the card, Atlas Venture Capital expects to see 3000 L$ per card profit. This income will be used to cover some operational expenses, then the balance will be issued as a dividend to all active AVC shareholders.

Our goal is to sell 1,000 cards in the next 2 weeks. Then over the month of sept we hope to sell 10,000 more cards.

We hope to earn over 30 million L$ in the next 30 days, with this new program. Source: 08.17.07 - “The Bank” Now Selling MasterCard

Wow, they expect to earn of over 30 million lindens? I guess they expect most avatars in Second Life have no idea of all of the troubles with finance that have been occurring lately, and that may well be true. I will buy one just to see what it looks like and how it goes, but I doubt I use it to buy anything more than getting my 10 bucks back.

Someone needs to tell these people to spell check their press releases before posting.

Added: Just saw this linked to on Your 2nd Place, AVC had just recently acquired The Bank, referred to in the above story, and this article adds a little to the story.

The Bank is also announcing a new and innovative service to The Bank customers. World Wide Connect, owned by Lonnie Dagger, has also been purchased by Atlas Venture Capital to provide a MasterCard debit card service to all of The Bank customers. This card will enable people to deposit money into their debit accounts which can then be used with a real life MasterCard to buy lunch, or whatever else they desire, in the real world. There will be no transactions fees for this service, which is bonded by Lloyds of London. This is a first for Second Life and will really change the face of banking in the metaverse.

“These two acquisitions for Atlas Venture Capital will make the Bank a market leader in the finance community. No one else has tried to implement such a service to SL residents before, and it opens the door to an increased cross over between SL and real life, offering an additional portal for the withdrawal and deposit of funds into and from hard cash,” say Jasper Tizzy, CEO of Atlas Venture Capital. Source: Atlas Venture Capital acquires “The Bank”

Nobody Fugazi has sent a question asking Lloyds of London if they are indeed bonding this debit card for them, if so, it would certainly change my opinion of whether this card will be usable for me or not.

Popularity: 3%

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Second Life Debit Card

August 20th, 2007 | Category: Banking, Credit Cards, Debit Cards

Looks like a debit card is in the works for Second Life, the company behind it, Perfect Card, envisions you being able to use it in world and in real life. They say they just need to get the security stepped up, and if they are talking about banking in Second Life, that certainly is the case, and they believe this can open up doors for them that most places cannot. They are planning on releasing the card by Christmas of 2008.

Perfect Card currently provides debit cards for corporate customers like Dell and AOL Broadband implementing reward schemes for employees as well as serving the Richmond Shopping Centre and the forthcoming Quays shopping centre in Newry.
“At the moment we have an office in Second Life but we realized that while we have a real world product for gifts we are looking at transferring that into the virtual world whereby someone who is given a card as a gift can convert this into Linden Dollars,” explained Perfect Card’s Nikki Evans.
Perfect Card, which has been in business for two years now, provides debit cards on the back of the MasterCard platform and is actively looking at breaking into new markets and new countries.
“Already people can use our cards to buy goods online,” Evans continued. “We realized that setting up a direct physical sales channel in each country would take years so we looked at Second Life and realized a virtual version would give us access to an audience of 8.5 million people.” Source: Dublin company creating debit card for Second Life

Maybe once they settle on a security platform they can offer it to some of the homegrown banks in Second Life.

Popularity: 6%

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