Popular New York City Credit Card Designed by College Dropout

July 9, 2014, Written By Justin Hefner

Young New York elitists have discovered a new way to shop in style with the help of the exclusive Magnises credit card. The credit card company was launched by 22-year-old college dropout Billy McFarland, and it is creating a significant buzz in upscale communities of the Big Apple.

The card is made of black stainless steel, and is designed to work off an applicant’s existing credit card account. Why would someone want another card when he already has one for the same account? Because the Magnises card gives the person access to exclusive hangouts, 24/7 concierge service, a BMW 7L and driver, and more.

To get approved for a Magnises card, you simply have to prove that you are cool enough to deserve one. Unlike the American Express black card which has an initiation fee of $7,500 and an annual fee of $2,500, Magnises charges $250 a year. There are no minimum spending limits for people who want to use their cards, and any rewards associated with their primary accounts are still applied through the use of a Magnises card.

The name, Magnises? “Latin for absolutely nothing,” McFarland told the New York Post. “The name is made up, but it sounds grand, doesn’t it?”

Thus far, McFarland has managed to attract more than $1,000,000 in investor capital for his creation, including contributions from former Def Jam CEO Kevin Liles and former MasterCard International chairman Lance Weaver.

The information contained within this article was accurate as of July 9, 2014. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Justin Hefner

Justin Hefner is in the education field and has written about a number of financial issues. He holds a Bachelor of Arts degree from Texas Tech University and a Masters in Education from Texas State University.
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