When he launched his Magnises credit card, Billy McFarland was asked why it was just targeted at people who lived in New York City. Wouldn’t that just cut back on how many people could use it? Wouldn’t it limit the card’s potential?
Though the idea behind the card was to grow and expand the influence it had — it’s now moved out of just New York — part of the reason at the beginning was simply that Billy McFarland felt that it fit best with people in NYC. It was a card aimed at them and designed for them. The perks that it handed out were created with the New York social scene in mind.
Part of the hope here is that it can help bring New York together. It’s also been targeted at people in their 20s. These are typically young professionals, with a few college students perhaps thrown into the mix. They’re people that are in the same social groups. It’s a card with a very specific market in mind, and, if people in that group start using the card, it could help to bring them together by giving them similar perks and driving their social lives in that fashion.
The proof of that concept is in this one simple fact: McFarland built a clubhouse for the members. There are televisions on the walls, leather couches, and drink options. It’s a high-end space for people to socialize, and the appeal is that it’s exclusive.
That will bring the members together, get them to meet, and create all sorts of new relationships. This is perhaps best for people in their mid 20s who are used to having that type of social life in college, but who now lack it after graduation.
In any case, McFarland has claimed that his card is doing things that other cards simply aren’t doing in the modern day, and he’s right. These are serious perks that can’t be found anywhere else, pushing the card into the news and into wallets at the same time.