Just 18 months after it was started, the famous New York City membership organization Magnises has managed to gain a huge attraction to millennials. People have had the card with offers similar to that provided by the American Express. The difference here is that it links directly to members with existing credit or debit cards. The company has now attracted big names such as Tesla and Samsung that want to connect to the exclusive group of millennials.
Founded by the 23-year old entrepreneur Billy McFarland, Magnises is a card that charges its members an annual fee of $250. The fee goes to discounts in attending exclusive events, conducting meetings in a private space and using its mobile application. The Magnises app allows members to send text messages and requests for things such as restaurant recommendations. The card goes ahead to know their stated preferences and gives ideas for places where one will enjoy. Members often receive perks when they arrive that includes a bottle of champagne or complimentary dishes.
Since it was launched Magnises has managed to attract more than 8,000 members in New York City, Washington D.C. itself has more than 1,000 members. The company collected $3million in revenue in 2015. Just recently, the company announced that it is likely to expand to other states such as Chicago and Boston before the year ends. It is also introducing a $25 monthly fee as an alternative to the $250 annual fee.
Even though some card holders are internationally based, Magnises has had a huge following in New York. Currently, the card is mostly biased to New Yorkers that want to make most of life in the City. The card offers something unique that no other card provider has done in the past. There is a lot to expect from the company in the near future as it plans to expand to other areas in the city.
About eighty-five percent of cardholders are people aged between 21 and 35 years old. These are simply young age range. The card itself does not focus on their occupation; it is all about giving them perks and adding value to their community. According to Billy McFarland, all he wants is for people from different industries to have all the cool stuff they want.
Just by flashing out your metal made Magnises card, though heavier than you might expect, you will get discounts and offers to your favorite places such as bars, restaurants, and clubs. Experiences such as private concerts and luxurious getaways will not miss out on discounts. The whole idea behind the card is to build a platform that connects business and millennials both offline and online. One thing that everyone carries with them is their debit or credit card, so the company chose to implement that as an easy and convenient tool.