The Most Exclusive Credit Card

image from magnises.com

A few days back Kim sent me an article about one of the most exclusive cards. It’s only available in NYC and I can’t say that I’d heard about it until now.

The Magnises Card was founded by Billy McFarland, a 22-year-old college dropout.

McFarland had his first startup at 13 and launched a content-sharing site after dropping out of Bucknell during his freshmen year, making this card his third venture.

The Magnises card doesn’t come with a big sign up bonus of miles or points but it does come with lots of perks. However, I can’t say that I have much interest in the kind of perks that it offers.

The Magnises Card is a sleek-looking metal card which charges $250 per year for membership.

Along with the fees come perks like reservations at top restaurants, private events, hotel upgrades, entry into the (members only) townhouse and more.

While you can charge purchases with the Magnises Card, it isn’t an actual credit card. According to the NY Post article “it operates as an extension of a pre-existing credit or debit account: A designated card’s magnetic-strip data is duplicated onto the Magnises card”. 

Since being introduced a few months back, the card has become quite popular. To get approved you need to fill out an application asking some interesting questions.

Some questions you’ll need to answer:

  • Why do you want to join?
  • What do you like to do for fun in NYC?
  • What are your favorite restaurants in NYC?
  • What are your favorite places to shop in NYC?

The questions might sound odd but it’s received a fair share of interest. Magnise launched in March and there are already 1,200+ members, 100 membership requests daily and a 500 person waiting list.

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Billy McFarland-photo:Christian Johnston

I had a good laugh when I read where the card got its name. According to the NY Post, Magnises is “Latin for absolutely nothing,” admits McFarland, who launched the company in March. “The name is made up, but it sounds grand, doesn’t it?”

Reading about Magnises made me wonder why nobody in the miles & points community thought of the idea to create their own card? Imagine charging a fee for an exclusive card which gives you access to the best ways to earn and burns miles and points!

What do you think about the Magnises Card? Would you pay a membership fee for a card which only offered perks like exclusive access but no additional miles or points?

Find out more about the Magnises Card in the NY Post article here.

If you’re in the market for a credit card that will earn a sign-up bonus, here are a few suggestions:

(Disclosure: I receive a commission if you apply & get approved for any of the 3 cards listed above. Thanks in advance for supporting Michael W Travels!)

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