The credit card perks and rewards program is a very old industry, which has been around for decades trying to attract top executives and other wealthy individuals. While the credit card programs used to target older professionals with more discretionary income, the latest credit card rewards program is actually doing the complete opposite.
The latest credit card reward program craze is the Magnises credit card program, which is gaining in popularity in the New York City area. According to Bloomberg, this credit card rewards program was developed by a 24-year old entrepreneur named Billy McFarland while he was still in school at Bucknell University.
The Magnises program targets young professionals that are between the ages of 21 and 30 years old. While the program does have some credit and income requirements, they are much less stringent than other card programs.
Unlike traditional credit card programs, the Magnises program does not attract users based on a lucrative cash or mileage back program. Instead it promises to provide a social and professional network.
Those that have the card will be able to link into the network that the card already has built. The user can either limit the network to the online community, of they could take advantage of the free parties and events that the company hosts every year. The amount of perks that the user receives will typically greatly outweigh the $250 annual fee that will be paid each anniversary.
Billy McFarland is still just a recent graduate from Bucknell University, but still sees incredible potential for growth for his company. While it is just a few years old, the program already has over 10,000 members even though the marketing has been limited.