In the latest instalment of accessories you didn’t know you needed, metal credit cards are being rolled out in Australia and spruiked as a must-have for the flashy executive.
It’s perhaps the suit-adorned businessman’s version of a customised water bottle with a young professional’s initials emblazoned on the side. And demand will be high, a company that makes the cards says.
“The premiumisation of everyday products is having a profound effect on the payments industry, driving the transformation of ordinary plastic payment cards to bespoke personal accessories,” says Jon Wilk, the chief executive of a company that designs and manufacturers the cards, CompoSecure.
“From the weighty feel in their hand to the sound that it makes when it hits the table to pay for goods and services, metal cards make a positive impression on the cardholder and differentiate the financial institution, as part of a strong loyalty and benefits package.”
Metal cards are already being offered on our shores by Qantas and American Express.
Nearly half of Australians preferred metal cards, CompoSecure cited from a recent survey, with the environmentally conscious among us supposedly being drawn to the non-plastic alternative.
As well as being an ostentatious display, the company says the metallic cards are durable and offer improved contactless technology.
“Metal cards take a very common transaction and transform it into a unique experience for consumers,” Mr Wilk told news.com.au.
“(They) create a positive brand experience at the point of sale, and it becomes the ‘top of wallet’ card.
“Based on our research, 40 per cent of Australians said they would prefer metal or metal hybrid cards over plastic cards if all other things (rewards, cost and benefits) were equal.”
The company said interest in the card could be shown by more than half of respondents whose income was above $100,000 and 35 per cent of earners in that bracket being willing to change banks to one that offered the metal version.
“We have seen significant penetration in the US market, specifically with affluent and mass affluent consumers and expect continued growth in those segments,” the chief executive said.
But does the flashy card offer any real environmentally friendly solutions?
“No,” Mr Wilk said. “All credit cards have expiration dates and need to be switched out on a regular basis due to security.”