Aug 27th 2007, 09:56 LNL L&L Financial Services
by Lindsay Druart

L&L Purchases 20% of the Global Credit Card Network

L&L Bank and Trust is proud to present the first credit card network to Second Life via Global Credit Card. The CEO, Kitila Cortes, has been an employee at LNL for about 2 months now heading the credit card division stemming from his previous run of Global before deployment in the military. After seeing his dedication to the product and the potential that it has for the SL community, I decided to outsource the credit card division totally to his company to develop the credit card network and the credit reporting system.

The Global Credit Card Network seeks to be the "SL Visa," spanning multiple financial institutions, retailers, and services. The Global Credit Card can be used anywhere in Second Life from a strip club to a clothing store. This innovative product is just one of the products that L&L Bank and Trust seeks to bring to the community to bring the real life into Second Life.

The first 50 co-branded cards from L&L Bank and Trust with L$500 credit limits set to launch this week with the following criteria in place:

Customer of LNL for at least 60 days with average balance of $10,000 or more
Avatar at least 90 days old
Payment Info on File
Verifiable income
Verifiable email address

Credit cards are for the credit worthy currently. The beginning of the program will be very selective in card issuance to diminish default. We will release a secured card in the coming weeks after I complete my RL move. The credit card system is the start to promoting a stellar credit file in Second Life on the L&L Credit Reporting System set to launch later this week or by September 7th.

I will post a "how to" on using the card as well as interest rates, fees, and payment schedules later today when I have finalized that information. Credit card applications will be available later today as well at the Main Branch on Port Druart for review and distribution by Wednesday this week.

Currently, the credit card network is separate from the Online Banking but we expect to merge the database mid-September to allow customer to link payments to their savings accounts.

We look forward to great success with Global Credit Card Network. Kitila Cortes spends countless hours in world managing the launch of the network, mingling with area businesses to establish his brand. We are confident in his ability and hope that he is successful in growing his business with our assistance.

Sincerely,

Lindsay Druart