Accrding to The Guardian, Billy McFarland was 23 years old when he founded Magnises. Magnises has grown to become a social club which allows members to get access to events through their black cards. The monetary benefits that come with the card have been appealing and beneficial to many.
The card can be linked to one’s credit cards for the purpose of making payments. Card holders get several offers such as discounts to pubs, hotels, clubs, and concerts.
Magnises has made various business agreements to companies located in New York City. The company has made agreements with La Esquina, Goldbar, Cyc Clubs and Catch. People with the card receive discounts when they visit these business places.
To become a part of the Magnises program, you have to apply through the company’s main website. You have to give basic details such as your address and additional information. Site administrators judge the information you provide and decide whether you are eligible to join the community. Any millennial under the age of thirty-five should qualify for the Magnises card.
When the company approves your request, you have to pay the annual fee to access the black card. The black card gives you an identity as a member of the Magnises community. You can link the black card to your credit or debit card.
This way, you can access all financial services through the new Magnises card. There is an additional app that allows you to see several places you can get discounts with the Magnises card. The card has become one of the best ways that millennials can network for business and social purposes.
According to Billy McFarland, he is happy with the success of the Magnises Black Card. However, he knows his main competitor is the American Express. The company plans to beat its competitors by providing a card that targets millennials exclusively. Millennials prefer something community-based and local. Magnises has been hosting several networking events and has had other companies sponsor parties for members.
Businesses that want to advertise with Magnises can do so by sending push notifications to the company’s application. 70 percent of revenues by Magnises comes from membership fees. The other amount comes from event partnerships and advertising.