To obtain an American Express black card, you have to show you can (and will) charge at least a quarter of a million dollars annually. To get a Magnises card, you need to cite a hot spot like Carbone or Beautique as your favorite restaurant.
What’s the Magnises card? It’s the brainchild of Billy McFarland. You’ve never heard of this 22-year-old college dropout, but he’s cooler than you. (Just ask him.)
The Short Hills, NJ, native — the son of two real-estate developers — launched his first startup (a service that matched websites and designers) at 13, and skipped out on Bucknell University during his freshman year to launch a content-sharing site called Spling. From there, it was a short leap to starting his own credit-card company — and only letting in members whom he and his staff of 11 deem cool enough.
Magnises is “Latin for absolutely nothing,” admits McFarland, who launched the company in March. “The name is made up, but it sounds grand, doesn’t it?”
Forged in matte black stainless steel, the credit card is attempting to position itself as the hot new way to spend money among NYC’s young elite. Olympic hopefuls, scenester DJs, tech innovators and socialites like Nick Loeb (Sofia Vergara’s ex-fiancé) are among the 1,200 or so chosen ones who don’t leave home without it.
“Two starters for the Rangers [have] applied,” McFarland squeals with delight.
Members enjoy Magnises’ aspirational perks, including access to a BMW 7L and driver; a 24/7 concierge service that arranges concert tickets and prime weekend reservations at chic restaurants like Catch; and such freebies as a class at David Barton Gym and a round of shots at Asian buzzspot the General.
There’s also a members-only hangout. At a recent Brazilian-themed World Cup dinner at the Magnises townhouse in the West Village, pretty young things sipped Champagne and flirted with preppy boys beneath a smattering of Picassos and Matisses. Patrick McMullan, the 58-year-old nightlife photographer, held court — he has his own key and acts as a sort of mentor to the clubhouse crowd. (His DJ son Liam, 26, is also a member.)
Gwen Tetirick has cavorted at the clubhouse at least 20 times since becoming a member this spring. “When I get out of work early, I’ll go to the townhouse and get oysters and cocktails,” says the 23-year-old from Chelsea, who works in business planning. “I wanted someone to curate my life for me.”
Cardholders swear Magnises membership is not about being flashy, but rather, paying for the good life in a more subtle — and, therefore, more exclusive — way.
Newly minted member Alex Sommer, 29, claims to be unimpressed by black-card swagger: “I’ve seen people throw down [other] black cards before, and thought it was extremely douchy,” sniffs the Hell’s Kitchen resident, who works in advertising.
Unlike an American Express black card — which carries an initiation fee of $7,500 and an annual cost of $2,500 — Magnises’ annual dues are just $250. No spending requirements are imposed, though receipts can be impressive, as proved by the member who blew $12,000 at Goldbar a couple months ago.
The thing is, Magnises isn’t actually a credit card. It operates as an extension of a pre-existing credit or debit account: A designated card’s magnetic-strip data is duplicated onto the Magnises card.
You can use the card anywhere your primary credit card is accepted, though Magnises is still so new, you might have to explain what it is to clueless cashiers. Asked by The Post if they accept Magnises, staffers at Bergdorf Goodman, Louis Vuitton and Chanel said they’ve never heard of the card.
Still, Olympic skiing hopeful Sam Tarling, 24, swears the card is a VIP pass, albeit with, for now, limited scope. “When I visit the city, I have some clout,” says the recent Dartmouth grad, who is training so much, he doesn’t have a home base right now. “It was nice to get into some of the backrooms and exclusive areas at Omar’s and Acme I’d never be able to get into.”
Not all of his purchases are ritzy, though. He’s also been known to use Magnises at a convenience store, though he admits: “It’s ridiculous to buy a six-pack of beer with a metal card.” (Liam McMullan claims he’s used his Magnises for doing his laundry.)
So far, McFarland has amassed $1 million in investor capital from heavyweights including former Def Jam CEO Kevin Liles and former MasterCard International chairman Lance Weaver.
With more than 100 daily requests, the Magnises application includes a drop-down menu of possible fields of employment — artist, entertainment, fashion, finance and law — and questions like, “What do you like to do for fun in NYC?” and “What are your favorite restaurants?” and “Where do you like to shop?”
“[We like] smart people from great schools, so they have the family background and education,” explains Emir Bahadir, a real estate exec and an adviser to Magnises.
One of those who didn’t make the cut was Bryan Hamilton, 30, of Wayne, NJ. The newspaper Web developer suspects his bridge-and-tunnel pedigree is to blame. “The ‘coolness factor’ and my location may have had something to do with it.”
“We have a wait list with about 500 people now,” Bahadir adds. “If we’re not sure about an applicant, we put them on the wait list, and when the timing is right, we approve them.”
So how many people have moved out of luxury card limbo?
“No one’s gotten off the wait list yet.”