The latest trend in credit cards
Australians are turning their back on plastic in favour of metal.
Sick of standard credit cards? Want something with a bit of flair in your wallet or purse?
New research has revealed 40% of Australians prefer metal credit cards over plastic.
A survey conducted by global consulting firm Edgar, Dunn & Company found the demand for metal credit cards in Australia was the same as that which took America by storm.
CompoSecure CEO Jon Wilk said metal cards had become something of a status symbol.
“The premiumisation of everyday products has had a profound effect on the payments industry, driving the transformation of ordinary plastic payment cards to bespoke personal accessories,” he said.
“From the weighty feel in their hand to the sound 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.”
The survey also found affluent customers who earned more than $100,000 were 50% more likely to use a metal card and 35% of consumers in the same income bracket were willing to change banks for one.
“Although metal cards often become a status symbol they are not just for the super-rich, but metal cards definitely have more appeal to the mass affluent,” Mr Wilk said.
“The top two reasons people said they would use a metal card are its ability to make an impression and its durability.”
Mr Wilk said metal cards offered no environmental or security benefits.
“All credit cards have expiration dates and need to be switched out on a regular basis due to security.”
The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.