If you haven’t heard about it yet, Magnises is a brilliant credit card brand that noticed how younger generations weren’t connecting with the typical credit card rewards offered by giants at Visa and Master Card.
So rather than offering young people vacations better tailored to their parents, Magnises provides credit card rewards that are more fun, like a helicopter ride to the Hamptons, a $150 reward through the club that lets people get from downtown New York City out to the Hamptons in a half hour.
Magnises hooks people up with all kinds of hard-to-get tickets in town, like seats at the UFC fight, NBA or NHL games, Beyonce concerts, Coachella passes, Hamilton tickets, yacht parties, you name it, Magnises is probably there getting their people tickets. Rumor has it they have even given out Tesla cars.
It’s not just tickets to concerts, clubs, or events; Magnises’ over 25,000 members can even get discount subscriptions on hotel stays on cnbc.com and tropical getaways, as well as fast-track for last-minute dinner reservations and deals at hot restaurants.
Magnises cards work by tapping into their users’ actual credit and debit cards, and they just charge a $250 annual fee, with no spending minimums or limits.
An invite-only black card for millennials
Changing How Millennials Spend Money
With a presence in New York and Washington DC, Magnises is planning expansions in Atlanta, Los Angeles, Boston, Chicago, and London, and works with the highly-targeted millennial demographic on Twitter. There are 92 million “millennials” in the United States alone, making this the largest demographic in America, with combined purchasing power of around $200 billion, according to the US Chamber of Commerce.
Magnises was first dreamed in 2013 up by then 22-year old CEO and founder Billy McFarland, with the intent to “take this thing you’re using five times a day, make it more community-based, and then build perks around it that affect your everyday life.”
Definitely changing the way people spend money, Mr. McFarland made sure that the Magnises cards they give out are even made of metal, an extra touch that shows attention to detail.
Magnises aims to add people who are really participating in life and getting out there. They are looking for people who are working hard and want to essentially play hard too.
Just How Exclusive is Magnises?
The leadership at Magnises stresses that they are selectively inclusive, staying committed to diversity while only accepting about 30% of members.
Trevor Gopnik, VP of Business Development for Magnises, urges that they are not an elitist organization, saying, “If you lay something as an elitist organization, you’re saying you accept people who are just sitting back and spending their trust funds. And that’s not what we’re going for.”
Magnises adds about 70 new members a day, and 80% of Magnises members make over $75,000 a year.
The application process at Magnises lasts between five days and two weeks, and asks questions about where applicants shop, favorite restaurants, what what they like to do for fun, as well as ranking out reasons for applying.