Metal credit cards will experience the same demand in the UK as in the US according to cards vendor CompoSecure.
In the US, American Express is the original pioneer of metal credit cards. But it no longer has a metal credit cards monopoly.
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Metal credit cards are also issued by Wells Fargo, Chase and Capital One, among others.
But to date, the only UK metal credit card is the American Express Centurion. Digital challengers Revolut and N26 have rolled out metal debit cards. And then there is Curve. This start-up offers a brushed metal card that combines customers existing cards together with a mobile app.
To assess the UK appetite for a mass market metal credit card, CompoSecure commissioned a report from Edgar Dunn.
Of 1,000 polled in the UK, seven in 10 British respondents (68%) were not familiar with metal cards. That comes as no surprise. But according to the survey, almost one-half (48%) say they would prefer metal or metal hybrid cards over plastic cards if all other things (rewards, cost and benefits) were equal.
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By GlobalDataMetal credit cards: appeal to millennials, mass affluent segments
The interest in metal cards increases to over 60% with those who are either under 35 years of age or whose income was over £43,330. Additionally, 34% of consumers would be willing to leave their bank for another that offered metal cards.
The top two reasons people said they would use a metal card are its ability to make an impression and its durability.
“The premiumisation of everyday products is having a profound effect on the payments industry. It is driving the transformation of ordinary plastic payment cards to bespoke personal accessories,” says Jon Wilk, CEO of CompoSecure.
“From the weighty feel in their hand to the sound that it makes when it hits the table to pay the check, metal cards make a positive impression on the cardholder. And it differentiates the financial institution, as part of a strong loyalty and benefits package.”
