What Makes a Metal Card a Status Symbol?
Metal credit cards have become a status symbol for people who like to stand out. Most are premium cards that require good or excellent credit and come with valuable perks.
Once you decide to get a metal card, compare its welcome bonus, earn rate, benefits and annual fee to ensure it suits your spending habits and financial goals. Then, decide if it is worth the extra weight and durability.
The Plunk Factor
Metal cards have become a status symbol and a reflection of a high-end lifestyle. But deconstructing what has created this association reveals that the perception is based on more than just look and feel.
Adding unique designs and features to a metal card is a powerful differentiator. It allows brands to show their personality in a way that’s more distinctive than a regular plastic card and creates a feeling of luxury for the consumer.
Additionally, using metal to enhance the functionality of a credit card is another way to stand out and add value for the consumer. For example, incorporating fingerprint biometric sensors into the card’s metal makes it more secure and can allow consumers to access multiple services on one card including payments, transport and loyalty schemes.
Financial institutions looking to launch a metal card program need to be innovative and take advantage of new developments in manufacturing, materials and design that are now possible. Additionally, they need to focus on the perks and benefits that will drive customer adoption and help them to stand out from their competitors.
While metal cards can be a great addition to any wallet, it is important to remember that a card’s annual fee and earn rate should always be considered before applying. The best metal cards are typically reserved for people with good to excellent credit.
Rewards
The perks associated with metal cards vary, but some can offer valuable rewards and benefits. American Express’ Centurion Card Metal Card was a first-of-its-kind when it launched in 1999, sparking a metal credit card trend that continues today. Its exclusivity and coveted perks, such as lounge access and priority boarding, make it an attention-grabbing option for some cardholders.
These premium cards usually come with a signup bonus and earn rates similar to nxp mifare desfire other top credit card offers. Some metal cards also have higher credit score and annual income requirements than traditional plastic cards.
Disposing of a metal card requires a little more work than it does for a plastic one. When it’s time to close a card or replace an expired one, you won’t be able to just shred it, so you’ll need to mail it back to the issuer in a special envelope. You can also bring it to a bank branch in person if you want to drop it off for recycling, but this is a less secure option.
If you’re interested in a metal credit card, consider the benefits and annual fee of each option to find the right one for you. But remember that you shouldn’t pick a card based on its materials – always select one that fits your spending habits and financial goals.
Convenience
If you’re a heavy traveler, you can find metal credit cards that offer premium travel rewards perks such as lounge access and hotel credits. You’ll have to pay a higher annual fee for the privilege, but if you can use the card wisely you can earn thousands of dollars in benefits.
Metal cards are generally considered premium credit cards and require good-to-excellent credit and high income. Some also come with hefty annual fees and steep minimum spending requirements. That said, NerdWallet has compiled a list of the best metal credit cards for Canadians based on overall value and suitability for specific types of consumers.
If you’re not sure if a metal credit card is right for you, consider your spending habits, redemption preferences and how additional card perks compare to those offered by other cards in the same category. It’s also important to weigh a card’s annual fees, rewards rates, earning structure and other features before you apply for it. And if you do decide to get a metal card, it’s best to return it to your card issuer when it’s no longer needed. That way it can be destroyed safely and securely instead of falling into the wrong hands.
Disposal
Credit cards carry personal information that’s important to keep safe from theft, even after the card is closed or the account is frozen. That’s why it’s vital to destroy a credit card properly, regardless of its material. Typically, that means cutting through the numbers, stripe and chip on the back of a metal credit card. It’s much harder to do that with a standard pair of scissors or even a regular home paper shredder designed for plastic credit cards.
Fortunately, most credit card companies that offer metal cards give cardmembers the option to securely send the card back to the company in a prepaid envelope that’s provided when they receive a new replacement. That allows the issuer to take care of the card and ensures the information isn’t accessible when the card is no longer in use or has expired.
That’s probably the best way to go when it comes to disposing of a metal credit card, though some cardholders choose to stow their metal cards away in a drawer or filing cabinet until they need them again. This isn’t the safest long-term solution, and it can also lead to the cards falling into the wrong hands and being used for unauthorized transactions. In those cases, it’s usually best to contact the credit card issuer and see what their recommended procedures are for destroying a metal card.