Your account begins with a free 7-day trial, during which your Premium
benefits are not yet active. In order to enjoy your Premium account
benefits immediately, or to cancel if you decide you don't want to join,
change your account status at http://secondlife.com/account. At the end of
this trial period, if you choose not to cancel, you will be charged $9.95
for the Basic Plan you signed up for at registration. If you cancel before
your trial expires, you will not be billed.
This is part of the email you get when you signup now.
How can people be automaticlly charged if they don't have to give CC information? And what happens in this instance, will the account be cancelled when they don't update their CC info?
Edit: Ben Linden and Joe Linden are on it, should be fixed soon.