Capturing status-conscious consumers?

24% of millennials in the United States see their credit cards as a status symbol. This is a key point for card issuers because design and style are becoming increasingly important when it comes to enhancing perceived status. Millennials are prone to social experiences and spend more freely than other generations, which it reinforces the interest in the attention that is obtained by having a high-level card and in social behavior when paying.

Metal credit cards are more likely to be selected if the benefits are identical. This is one of the findings of an experimental program coordinated by a large issuer which offered a platinum credit card to high-income customers and a conventional card with similar benefits. Additionally, customers were more likely to upgrade to a “premium” card when informed that eligibility for their current card was being expanded. Consumers in general, not just millennials, are more likely to use an «elite» card for spending in a social setting like restaurants and bars.

The metal card is an excellent, eye-catching and conversation-provoking item which aligns perfectly with marketing to millennials who respond to influence from others.

Once this key audience has been captured, they are loyal. Millennials are likely to use social media to spread the word about a product or service that has their stamp of approval.