This Q&A with Asst. Professor Jonathan Lim was recently published on WalletHub online.
Are there any advantages/disadvantages to having a credit card made of metal?
The biggest disadvantage to such a card is practicality - metal cards are heavier to carry around, and take up more room in a wallet or purse. On the other hand, an advantage of such cards is their durability, as they will not bend or break as easily as traditional credit cards do (the drawback to this, however, is that they are harder to shred when a consumer wants to dispose of them). In reality though, the biggest benefit is often personal - metal cards are an understated status symbol, signifying wealth and prestige to others. It feels good to drop a metal credit card down onto the restaurant bill when you are having dinner with friends. This is the reason why many consumers gravitate towards such cards, as a means to demonstrate their status in a way that is less "flashy" than a luxury car or house.
What advice do you have for someone who wants to apply for a metal credit card?
Remember that most metal credit cards, given that they are often intended for wealthy users, will come with important financial benefits and drawbacks. There will often be great perks attached to such cards (e.g., travel credits, trip insurance, etc.), but there will also be significant disadvantages (e.g., high annual fees). Weigh the costs and benefits wisely before signing up, and think about what perks and features you need most from a card.
Does it matter what material a credit card is made out of?
At the end of the day, what matters most is what your credit card has access to - i.e., what is in your bank account. A card is really only as good as the size of your bank account. However, if having a card that is a bit more durable is important, or possessing a symbol of prestige matters, then a metal credit card is a great way to go. The choice of credit card is a personal one for each consumer, dictated by their finances and lifestyle preferences.
View the original article on WalletHub: