Monzo, a fast-growing mobile bank based in the UK, recently began experimenting with metal bank cards through a monthly subscription program. In company trials, the cards cost up to £7.50 ($9.10) per month, according to the Telegraph. Monzo also tested annual fees ranging from £70 to £90 for its new metal cards.
For now, it appears the metal cards will only be available as an add-on to Monzo Plus, a customizable premium service the company introduced in April. On Twitter $TWTR, users have circulated photos of Monzo’s metal prototypes over the past couple months, but the company says the cards are “still a work in progress.”
Although customers can often store bank cards digitally on mobile phones, it seems they still crave a piece of plastic or, apparently, a hunk of metal. Indeed, since American Express $AXP introduced its Centurion Card—the “Black Card“—in 1999, customers have clamored for ways to show off their superior spending power. (After all, what says “I’m rich and I want you to know it” better than a titanium card with a $2,500 annual fee and a $7,500 initiation fee?)
Thankfully, Monzo’s fees aren’t nearly as steep, but some customers appear nonplussed by the metal bling. On Monzo’s community forum, a few questioned the value and purpose of the new cards.
“There is no part of me that believes that £90 is a fair price to pay for a metal card that probably costs less than a fiver to make,” wrote Justin, who identified himself as a loyal Monzo customer. He joked that he could imagine few uses for a metal card beyond a “windscreen ice scraper.”
In fairness, Monzo is simply following in the footsteps of UK competitors like Revolut and Curve, which also offer metal cards (albeit with a few more features). Ultimately, metal cards seem quite appropriate for today’s consumers. At least they will make our wallets feel heavier.
