The most appealing aspect of my slim bi-fold wallet is – slipped into my front pocket – I sometimes forget it’s even there. Between the couple of credit cards, insurance cards, driver’s license, and the wallet itself, you’re talking about an item less than a half-inch thick, weighing just a couple ounces. That suits (pants?) me just fine, since I don’t want to be weighed down (or bulged) any more than I have to be. Maybe that’s why I don’t understand the fuss over trendy credit cards made of metal. Then again, my “vanity score” probably wouldn’t qualify me for one anyway.
I guess I missed the memo on metal credit cards. They’re in circulation to the tune of 32 million these days, which sounds impressive until you stack them up against the four billion plastic cards out there. Less than 1% of any total is never impressive, but the forecasters say metal cards will quadruple in the next two years. One reason for the increase: some financial institutions issue metal cards as a replacement for expiring plastic ones. Another reason: consumers are willing to pay an annual fee for the privilege of metal vs. plastic.
The demand for this sort of thing fascinates me. If my financial institution wants to gift me a metal card (whose hefty feel apparently makes me feel special and therefore inclined to spend more), so be it. Just don’t charge me an annual fee. Speaking of annual fees, here’s the extreme example with metal. A by-invitation-only American Express Centurion “Titanium” card will set you back $5,000/year, just so you can carry it in your wallet. You’ll also be tagged with a $10,000 initiation fee. I know several country clubs who’d let me in the door for less than that.
Honestly, I have no problem with holders of metal cards. Those same 32 million people probably pay for vanity license plates and gold-colored trim on their cars. They also pay to avoid standing in line, whether at the airport or at Disneyland. Maybe there should be a website to purchase “vanity fair” in one place. We could call it IFeelSpecial.com
Let’s get the drawbacks of metal cards out of the way up front. They’re high-maintenance. Apple has a titanium credit card, complete with care guide, which advises “… against keeping it in a pocket or bag with loose change… or other potentially abrasive objects”. Metal cards also demand a cleaning solution (like rubbing alcohol), though I suspect that’s more to make them look pretty than keep them charging. Finally, metal cards destroy your shredder if you try to get rid of them when they expire. Buy a pair of tin snips instead.
I’ll own up to having an American Express Platinum card and a Visa Platinum card, but both are plastic, and “Platinum” simply means they have a rewards program. Which brings me to a point of missed opportunity. If issuers are trending towards metal cards, why not make them out of whatever material they’re named for? A platinum card should be made of platinum. A titanium card titanium. Citibank’s Diamond Preferred card? Oooooooo.
It’s not the craziest idea. Metal cards weigh up to five grams. If Amex issued my Platinum card from five grams of pure platinum, they could charge me $600 (current market value). A Gold card made of gold would be worth almost $1,000. A Silver card made of silver? Okay, that’d only be worth eleven bucks. But think about it. Your card gets declined? No problem. Just surrender it and say, “I’d like the current market value in cash, please”.
[As usual, someone beat me to the punch with my great ideas. If you live in the Middle East, Singapore, or the Czech Republic, you have access to a company called CompoSecure. CompoSecure makes its credit cards out of pure gold.]
Counter to the forecasters, I think metal cards will be challenged by no cards at all. Meaning, pay-thru-phone (i.e. Apple Pay, Google Pay, Venmo) is on the rise, and the security of these transactions – not to mention no need to carry cards and cash – may trump the “special feelings” metal brings. Can you imagine – plunking down your country-club-rate Amex Titanium after dinner, and one of your guests goes, “Really? You still pay with a physical card? How old-school!”
Pretty sure I’m going to miss the metal credit card movement completely (even if they do make better ice-scrapers than plastic). I’ll be jumping straight from my plastic Amex Platinum to digital one of these days.
It would probably help if I set up Apple Pay on my iPhone first.
Some content sourced from the 12/5/2019 Wall Street Journal article, “Once a Tool of the Elite, Metal Credit Cards Now Turn Up Everywhere”.