Imagine a credit card, that isn’t actually a credit card, that links to your checking or credit account that comes with perks that are geared towards the millennial generation. Perks that go hand in hand with hot nightclubs, hip speakeasies, cool fashion events and rowdy live concerts.
CEO and Founder of Magnises 24-year-old Billy McFarland is “building a complete platform that connects millennials with new businesses, online and offline.” (Madeline Stone “A 23-year-old created a club for elite millennials where everyone gets a black card and parties in a New York City penthouse”
McFarland founded Magnises in August 2013 and has made this card feel like a club for “interesting people from all different industries—whether it’s fashion or finance or media or technology—and connecting them through a credit card that’s more relevant to their daily lives.” (Krista Soriano “Carded: What It’s Like to Own a Magnises Card” DuJour, http://dujour.com/lifestyle/billy-mcfarland-magnises-credit-card/) Accessed 3 Jan. 2017.
Magnises has an annual fee of $250 with benefits that far exceed the payment for the growing member base of close to 6000 people. Some advantages Magnises cardholders have are “guaranteed reservations at restaurants like La Esquina, special fitness classes at gyms like David Barton and access to Magnises’ New York townhouse.” (Carson Griffith “Musicians Embrace Magnises, a Black Card for the Younger Set” Billboard, 18 Mar. 2014, http://www.billboard.com/articles/news/5937649/musicians-embrace-magnises-a-black-card-for-the-younger-set) Accessed 3 Jan. 2017
Billy McFarland and Magnises are focused towards bringing the young working professionals together in a community setting with these perks. McFarland says that Magnises isn’t trying to be like American Express, but rather trying to live vicariously through those card members with perks that go hand in hand with their purchases. After all, why not get a back stage tour of the 5 star restaurant your dining at with a private taste test from the chef?