Review: Magnises is marketing lies? Only 800 paid members?

Review: Magnises is marketing lies? Only 800 paid members?

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.”
From AskMen.com

“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”
From NYPost.com

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.

Screen Shot 2014-07-12 at 8.36.10 PM

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.

Facebook Stats:
6,533 likes
491 visits

Twitter:
482 Followers

Screen Shot 2014-07-12 at 8.49.53 PM

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

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About author

Walter Marrero 228 posts

An executive analyst at an elite technology & business focused publication.

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11 Comments

  1. PereLachaise
    November 21, 16:09

    Very interesting. However, I have to disagree with you in the fact that they are marketing themselves as a credit card. I don’t even know why Fox News showed that. In many different articles (Business Insider etc.) quickly found online, they explicitly separate themselves from calling their card a credit card. They actually highlight the fact that it is linked to a banking or credit card, and that it is primarily a rewards cards with benefits (geared toward a young age group) not available with other reward cards.

    I think an update to your analysis would give a more objective view of the company. I don’t believe it’s fair to dismiss them right away based on the misconception of OTHER companies.

    • Tiffany Rush
      March 18, 12:34

      I know right? It’s like Magnises’s own employees doesn’t know their own product when they compare it to credit cards.

  2. gmoney
    January 22, 16:52

    i was going to give this card a try just to see what it’s all about. i was a little skeptical, but figured i could piss away the $250 fee to give it a test run. I consider myself to be very successful guy in the age demographic they are targeting. So NINE weeks ago I applied. I got no acceptance letter, but no rejection.. in fact I got no response at all. I don’t care how exclusive they are, waiting 9 weeks for any kind of communication is ridiculous. At this point i seriously question the legitimacy of the business and wonder if they even have anyone working their to process applications. I wrote to cancel my application… but i only got an automated email response.

    • Tanaka
      March 16, 16:04

      You were not accepted. I agree that’s a little ridiculous that you didn’t receive a rejection letter but maybe that’s how they do things there.

      I am a member of Magnises and happy about the perks so far. They got back to me in a week as well as other that I referred.

      • Matt
        March 25, 08:24

        I applied last week and heard back 2 days later with an acceptance letter. Maybe an employee overlooked your application.

        The article above is misleading and seems to be attacking Magnises for whatever reason. I have known about this company for a while and have heard pretty good things from people I know in NYC that’s why I decided to join. The townhouse is very cool and probably the best part. I’m excited to see what events they have to offer. In the end, don’t make your decision to join based on this article

  3. Tanaka
    March 16, 16:16

    I don’t think anyone going into applying for this card thinks it’s a credit card. If you do then you didn’t do your research before giving them money which makes you the idiot.

    As a member of Magnises I am happy with the perks so far. Having access to the NYC townhouse is enough for me to be a member.

    Walter… you just sound like a old grumpy man that doesn’t quite get it. “executive analyst an an” Not sure what “an an” is but it sounds like a important position. Also.. Is your “elite technology and business focused publication” so elite that you can’t mention which one? Or is it such a big publication that you can’t disclose who it is in fear of writing such a crap review for a no name website?

    You are probably the same guy that eats and McDonalds and write reviews on Yelp about how much of a rip off Michelin Star restaurants are.

    If you look at the reviews on some of the most exclusive nightlife spots in NYC you will find the same reviews. Take a look at the reviews of Lavo or Marquee in NYC. You will see the same negative reviews even so they are some of the best clubs in the US packed every night with a hot crowd and celebrities. Yet people will still complain on how crap they are or “misleading”. These are also the same people that are standing in line that can’t get in. I see a comparison with the writer of this article. Someone that will never get in those clubs or become a member of Magnises. Don’t be a hater.

    • Tiffany Rush
      March 18, 12:32

      Since you’re oddly copying and pasting to multiple posts…. not suspicious at all. ;).
      I’ll paste my reply below.
      “Glad to hear you’re getting benefits from it. But you’re also
      comparing the card to an AMEX, which I’m not sure if you know, but is an
      actual credit card. Again, I just wish they would stick to the truth
      that they are a rewards card and not a credit card. Just compare apples
      to apples that’s all. :)”

  4. Matt
    March 25, 08:25

    The article above is misleading and seems to be attacking Magnises for
    whatever reason. I have known about this company for a while and have
    heard pretty good things from people I know in NYC that’s why I decided
    to join. The townhouse is very cool and probably the best part. I’m
    excited to see what events they have to offer. In the end, don’t make
    your decision to join based on this article

  5. Nunya
    March 15, 22:44

    All lies. Magnises hired goons to save face in the comments sectiom. I am former member. They stole my money, closed the clubhouse, and NEVER answer the phone! It’s all email. Terrible company, terrible club. Stop posing as real customers, it’s obvi you wete hired. Fool! Do not join this club.

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