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Terms And Conditions

MetaCard™ & MetaSavings™ Accounts

Last updated: January 28, 2008

Welcome to First Meta™, and thank you for your interest in our services. Please read this entire "Terms and Conditions" carefully so you understand your rights and obligations for your MetaCard™ credit card and the free MetaSavings™ deposit account relationship with us. Also note that your application for the MetaCard™ is intrinsically tied to the opening of its corresponding savings account, the MetaSavings™, which is free of charge and to your ultimate benefit. Please retain this agreement (and all changes to this agreement) for future reference.

 

1. MetaCard™ Account

Rates, fees, and other costs of First Meta™'s credit cards are disclosed below. All account terms are governed by the MetaCard™ & MetaSavings™ Accounts Agreement (hereinafter "Agreement") sent to you along with the activation of your card. Agreement terms are not guaranteed for any period of time; all terms, including the Daily Percentage Rates ("DPR") and fees, may change in accordance with the Agreement. We may change them based on information of your risk profile, market conditions, business strategies, or for any reason. First Meta™ will inform you when there is a significant change in the Agreement. The most updated version can always be found at http://www.firstmeta.com/consumers/tnc.

Notes Card type MetaCard™ Gold MetaCard™ Basic
  Credit Limit L$ 10,000 L$ 5,000
1 Standard DPR for purchases 0.11% 0.15%
2 Precondition Security is required

Please see "Notes" section for detailed explanation on security requirements. 		Security is not required.
3,4 Default DPR Up to 0.2% for all Purchase, and Cash Advance balances if late or over limit.
5 Cash Advance DPR 0.17%
See below for explanation.		 0.17%
W.e.f. February 1, 2008, cash advances will be not be allowed for MetaCard™ Basic accounts unless there is negative balance in the account. See "Notes" section for more detail.
7 Grace period At least 21 days from the statement Closing Date (provided you made your Minimum Payment by its Payment Due Date).
Monthly fee L$ 300 if purchases do not exceed Minimum Purchase amount.
Minimum Purchase amount for waiver of monthly fee L$ 500 per billing cycle
Minimum Payment 2% of New Balance plus Finance Charge and Fees
8 Late-payment fee (Based on balance as of assessment day) If balance is:

- L$ 4,999 or less: L$ 300
- L$ 5,000 and above: L$ 600 		If balance is:

- L$ 1 to L$ 5,000: L$ 300
8 Over-limit fee (Based on balance as of assessment day) If balance is:

- L$ 4,999 or less: L$ 300
- L$ 5,000 and above: L$ 600 		If balance is:

- L$ 4,999 or less: L$ 300
- L$ 5,000 and above: L$ 600
9 Method of computing the finance charge Average daily balance (including new purchases).
  Cash Advance limit L$ 60,000 in any 24-hour period (w.e.f. February 1, 2008)
10 ATM limit L$ 60,000 in any 24-hour period (w.e.f. February 1, 2008)

Notes

1. Standard DPR

Your application is a request for a MetaCard™, a credit card account with the Standard DPR, based on your choice of the type of MetaCard™ offered by First Meta, our review of your application and your credit worthiness. All applicants are subjected to credit checks (see “AGREEMENT” section for details) and applications subjected to approval.

The Standard DPR will apply to all MetaCard™ charges (excluding cash advances) that result in a positive balance on the MetaCard™ (unless Default DPR applies).

Note: A negative balance on a MetaCard™ account means that the cardholder has additional credit on his MetaCard™ account.

2. Security

The MetaCard™ Gold is secured against a real-world credit card. This means that in the event that you are seriously in default (see "Default") on your MetaCard™ payments, First Meta™ has a right to charge to your real-world credit or debit card, the US$ equivalent¹ of the outstanding balance on the MetaCard™ plus a transaction fee of (US$0.30 + 3.5% of the transaction amount).

First Meta™ reserves the right to validate all real-life credit card information provided. Validation will be done at signup and subsequently, at least once a month or as and when needed. Our partner billing company, Editorial Services, may appear on your real-life credit card transaction log or statement. Cardholders will NOT incur any charges as a result of the validation process.

Should any real-life credit card be found to be invalid or have insufficient balance to act as security for the cardholder's MetaCard™ account, First Meta™ will notify the cardholder and allow the cardholder sufficient time to provide a valid credit card or reserve sufficient balance on his real-life credit card. If the cardholder fails to do so, First Meta™ reserves the right to in the case of new applications, reject the MetaCard™ application, and in the case of already existing MetaCards™, downgrade the cardholder's MetaCard™ and/or reduce his MetaCard™ credit limit.

¹The applied conversion rate from L$ to US$ will be the rate published on the First Meta™ website at the time of transaction. We will do our best to match closely the best conversion rate offered on the Linden Dollar Exchange operated by Linden Lab®.

3. Default

We reserve the right to increase your account's Standard DPR to the Default DPR in the event that your
    (i) payment is late twice or;
    (ii) balance is over your credit limit thrice
in any 12 month period. The Default DPR will be applied to all new and outstanding balances.

If you fail to pay the minimum payment by the due date for two consecutive months, we will consider your account seriously in default. The Default DPR will apply and we reserve the right to charge your real-world credit or debit card on file.

Once an account is on the Default DPR, the account can only be reverted back to the Standard DPR upon on-time payment and a balance below the credit limit for six consecutive months.

4. Consequences of Default

If your account is in default, we may freeze or cancel your MetaCard™ and offset the outstanding balance by (i) debiting your MetaSavings™ account and/or (ii) charging your realworld credit or debit card.

We may report your default to Linden Lab® and publicly disclose your avatar identity. We may also close your account permanently and issue a negative credit rating.

5. Cash Advance DPR

This DPR will be applied to all MetaCard™ cash advances that result in a positive balance on the MetaCard™.

With effect from 1st February 2008, cash advances will be disabled for MetaCard™ Basic accounts, with the following exception: If the cardholder has a negative balance in his MetaCard™ Basic account, he is able to take a cash advance up to an amount equivalent to the negative balance.

E.g. If a cardholder's MetaCard™ Basic account has a balance of (-L$ 2,000), he will be able to take cash advances up to L$ 2,000.

MetaCard™ Basic cardholders who have previously taken cash advances and not yet paid them off will continue to be charged a DPR of 0.17% (unless Default DPR applies).

6. DPR Usage

If your account has balances with different DPRs, payments are applied to the balance with the lowest DPR before any payments are applied to balances with higher DPRs. This means that balances with higher DPRs are not reduced until balances with lower DPRs have been paid off.

7. Grace Period and Billing Cycle

The number of days between your statement Closing Date and your Payment Due Date (the grace period) may vary from one Billing Cycle to another. To preserve the grace period for new purchases, pay your Minimum Payment on time. The Billing Cycle is equal to the calendar month.

8. Late-payment Fee and Over-limit Fee

Each time your minimum payment is late (i.e., not received by 5 p.m., SL time, i.e. PDT (GMT -8), on its Payment Due Date), or the account balance is over the credit limit, we will charge you respective fees.

9. Finance Charge Computation

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.

10. ATM limit

For security reasons, First Meta™ has to impose a limit on the maximum amount that can be retrieved from First Meta™ ATMs in any 24-hour period with effect from February 1, 2008. Both MetaCard™ cash advances and withdrawals from MetaSavings™ accounts count towards this limit. Users who wish to withdraw above the ATM limit in any single day can do so by contacting our customer service officers.

 

2. MetaSavings™ Account

Rates and conditions of First Meta™ savings accounts are disclosed below. All account terms are governed by the Agreement sent to you with the activation of your account. Agreement terms are not guaranteed for any period of time; all terms and fees may change in accordance with the Agreement.

Account type MetaSavings™ Gold MetaSavings™ Basic
Precondition Approved for MetaCard™ Gold Approved for MetaCard™ Standard
Maintenance fee None None
Minimum
balance		 None None
Withdrawal fee None None
ATM limit L$ 60,000 in any 24-hour period
For withdrawals above this limit, please contact any First Meta™ customer
service officer.

 

3. MetaPoints™

With effect from February 1, 2008, MetaPoints™ are awarded all MetaSavings™ account holders will be eligible to participate in the MetaPoints™ Rewards Program (hereinafter "Program"), provided their MetaCard™ accounts are not in Default (hereinafter "Eligible Person(s)").
  1. MetaPoints™ (denoted as "MP") will be awarded each month as such:

    Average Daily Balance of MetaSavings™ account MetaPoints™ awarded for MetaSavings™ Gold accounts MetaPoints™ awarded for MetaSavings™ Basic accounts
    L$ 1,001 - L$ 5,000 20 MP 10 MP
    L$ 5,001 - L$ 10,000 85 MP 55 MP
    L$ 10,001 - L$ 20,000 190 MP 80 MP
    L$ 20,001 - L$ 40,000 330 MP 160 MP
    L$ 40,001 and above 650 MP 330 MP

  2. MetaPoints™ are credited on the first day of every month based on the Average Daily Balance of your MetaSavings™ in the previous month.

  3. MetaPoints™, subject to the Terms and Conditions herein and the respective qualifying MetaPoints™ amounts, can be used to redeem for promotional items and discounts offered under our MetaPoints™ Rewards Program. The Rewards which may from time to time be featured in the Program catalogue, MetaPoints™ redemption store, newsletter, First Meta's™ website or in any other of First Meta's™ publications in whatsoever medium. Eligible Person(s) may make their redemptions via such channel as First Meta™ may from time to time inform the Eligible Person(s). The Eligible Person(s) herein agree that the use of any particular channel shall be governed by its terms and conditions then in force.

  4. Eligible Person(s) may transfer MetaPoints™ as credit to his/her MetaCard™ account (if any). The conversion rate applied in this instance will be 1 MP : L$ 1.

  5. The conversion rate between the number of MetaPoints™ required for redemption and the value of the Reward redeemed may vary across different Rewards.

  6. MetaPoints™ do not expire.

  7. MetaPoints™ are non-transferable to any other persons and not exchangeable for L$ or cash. MetaPoints™ which have been redeemed cannot be refunded or transferred back to the account holder or any other persons.

  8. First Meta reserves the right to revoke and/or deduct and/or re-compute any MetaPoints™ earned in the event that the MetaCard™ holder fails to effect due payment for MetaCard™ transactions, or has his/her account terminated by First Meta™ for whatever reason.

 

AGREEMENT

I have read the terms and pricing disclosures for the MetaCard™ and MetaSavings™ accounts and by electronically transmitting this application, I indicate my agreement with each of the terms and conditions. I understand that I will be bound by each of the terms of the Agreement. Upon approval of my application I will read the combined MetaCard™ and MetaSavings™ Account Agreement carefully for important information regarding my account. The Agreement will be binding on me unless I cancel my account within 30 days after activation of the accounts and the card and in the meantime have not used or authorized the use of my account.

I have read this application, and everything I have stated is true. I am at least 18 years of age and I authorize First Meta™ ("you" or "your") to review my virtual world credit and employment histories, real-world credit history if I provide my real-world credit card information, and any other information in order to approve or decline this application, service my account, and manage your relationship with me. I authorize you to share with others, to the extent permitted by law, such information and your credit experience with me. In addition, I may as a customer later indicate a preference to exempt my account from some of the information-sharing with other companies ("opt-out"). If I accept or use an account, I do so subject to the terms of this application, and the "Terms and Conditions for MetaCard™ & MetaSavings™ Accounts" as outlined above and as it may be amended; I also agree to pay all charges incurred under such terms. Any changes I make to the terms of this application will have no effect. I accept that on a periodic basis an account may be considered for automatic upgrade at your discretion. I consent to and authorize you, any of your staff, affiliates, or marketing associates to monitor and/or record any of my email, instant messaging or phone conversations with any of your representatives.

The information contained in this advertisement was accurate as of January 28, 2008. The information may have changed after that date. First Meta™ will inform you when there is a significant change in the Terms and Conditions. The most updated version can always be found at http://www.firstmeta.com/consumers/tnc. To find out what may have changed you may contact First Meta® for specific information by emailing to .

 

 
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