There is a new black card in town: Magnises. It is many things in one: a medium of payment, a go-to guide for millennials, and a portal to a networking community. Here is how one man’s ingenious idea is set to revolutionize how millennials spend on their social lives.
More than a Credit Card
Magnises looks and works much like a credit card, but it does more than a typical credit card would. It was founded by Billy McFarland, himself a millennial with a liking for social spending.
According to The Guardian, Inspired by American Express high-end cards, Billy McFarland realized that he could put a magnetic strip on a metallic card and invented Magnises. Essentially, the card takes up the user’s credit card’s data and is used to pay just like the latter. However, it is its perks that make it stand out.
Magnises tracks a user’s social expenditure and finds the best deals for him/her. It provides recommendations on virtually anything: great clubs and restaurants, awesome trainers, discounted sales, and virtually anything to do with social expenditure. To this end, the card helps its user to save on social expenditure while also getting leads to the best spots.
A Black Card for Millennials
There is no age limit for who can own a Magnises black card, but it is mostly associated with millennials. This is because 85 percent of all its members are aged between 21 and 29; McFarland himself is aged 24.
What’s more, the idea behind its inspiration is that perks offered by other credit cards are not relevant for millennials, most of whose social spending is substantially more than the older population’s.
However, its membership is fast growing and anybody is welcome. However, users must first reach certain requirements.
Becoming a Member
During its debut, Magnises accepted members only through referrals. Today, however, anyone can join through the card’s website but must first undergo vetting via a phone interview. There is also an annual membership fee of $250.
Currently the card has only about 1,000 members in Washington D.C. and New York. However, Billy is planning on expanding to other cities and states as his invention continues gaining popularity.