Credit card companies have been attempting to lure professionals and high-income individuals for decades through various cash-back and travel awards programs.
While credit card providers have typically tried to attract people who earn more money, and therefore spend more money, one growing credit card club is going after a unique set of individuals.
The new credit card program, which is called Magnises, was introduced just a few years ago, but already has thousands of users. The program, which was developed and introduced by a recent college graduate named Billy McFarland, focuses on providing credit cards to Millennials.
The target group is young professionals between the ages of 21 and 35 who have entered the workforce and are looking to take advantage of the unique opportunities that the card provides.
Unlike traditional credit card programs that focus on providing cash back or airline miles to consumers, the Magnises card promises to provide its users with access to an exclusive social network.
Members of the Magnises program will be able to gain access to a social network that has an online community and hosts plenty of free parties throughout the year.
The program is particularly popular for consumers in the New York City area, which tends to have the most social opportunities. Most users of the card agree that the annual fee of $350 is easily offset by the amount of free activities that they have access to.
According to Business Insider, The founder and CEO of the program, Billy McFarland, sees a significant amount of potential for the program. While Magnises is currently located primarily in New York City, he plans to expand the program into other large cities across the country and believes he could soon have a client base in excess of 10,000 members.
Through support of a few investors, he was able to quickly market the card on social media and soon had a viral following of members that were excited to join the membership club.