Let’s break it down, shall we?
If you haven’t heard of Magnises, then you haven’t signed onto Facebook recently, they are dropping some serious cash trying to make sure everyone knows about their “exclusive” card.
Magnises CEO Billy McFarland sits down with Fox Business to explain why Magnises is taking over the credit card market.
-Actual Quote from Magnises Facebook Marketing
Misleading Sales Tactics
What credit card market? You’re not a credit card.
Lets read more lies about their product from their marketing PR spam.
Again remember they are trying to trick you into thinking that they are a credit card and not a rewards card.
“Magnises Credit Card”
“With the ultra-high-end card, American Express’s “Black Card,” out of reach and no need for gas money (“No one drives in New York,” he says), McFarland did what any 22-year-old would: he created his own credit card.”
“Techie creates starter ‘black card’ for 20-somethings”
“it was a short leap to starting his own credit-card company”
“The college dropout behind NYC’s most exclusive credit card”
Just because you keep saying “Credit Card” doesn’t mean you’re a credit card.
How Many Members Do They Really Have?
In a April 2014 article by the NYPOST, founder McFarland, was quoted in saying he has 800 members and in a second July 5th, NYPOST article he was quoted in saying they have a wait list of over 500 people, and Billy McFarland was quoted again in saying “No one’s gotten off the wait list yet.”.
Sounds like they still only have 800 members to me.
Did he lie on Fox News?
Billy went on fox news shortly after the July 5th NYPOST article and said that they have accepted 2,000 applications.
They keep doing this one thing that is driving me up a wall, they keep comparing themselves to credit cards, and of all the credit cards, they are coming themselves to Black Credit cards. What’s the problem with this? Well Magnises actually aren’t credit cards at all, they are a reward card that you give them your credit card information to, and in exchange you get a fancy reward card.
But because no one with any sort of intelligence would pay $250 for a fancy reward card, they have to keep comparing themselves to the big scary corporate monsters like AMEX, Visa, and Mastercard.
It’s hilarious to look at the screenshot above which compares the two cards, obviously the Magnises’s card doesn’t have a spending requirement, because it’s NOT a credit card.
“Well, technically, it’s not a real charge card, because Magnises is not connected to any financial institution. It is just a way to dress up your everyday Wells Fargo or Bank of America card.”
NYTimes Article in Dec 2013
They are also bragging about their Over 2K applications daily for this ultra exclusive card, The funny thing is, just looking at all the facebook comments of people claiming to get their card, and the amount of facebook likes they have and twitter followers, I’m going to guess they have only managed to convince a few people their bullshit.
Do yourself a favor steer clear of this company, they are just out to get your $250 and continue misleading people with their false comparisons.
Top Photo: Christian Johnston