UK consumers have the same demand for metal credit cards as in the US, a new survey revealed.
The British are not yet familiar with metal cards — 68% of UK respondents were not aware of the product. But almost half of them (48%) say they would choose metal or metal hybrid cards over plastic cards, according to a survey by cards vendor CompoSecure.
Millennials and high-earners were more eager to have a metal card. More than 60% of respondents under 35 years old or those with an income of more than £43,330 showed interest in owning this card type.
Moreover, more than one-third (34%) of consumers would be willing to transfer to another bank that offered metal cards, said the survey.
The primary reasons given by people who would want to use a metal card are its potential to make an impression and its durability.
Jon Wilk, CEO of CompoSecure, said that a product’s ability to make an impression is having a profound impact on the payments industry. He added that this is the reason people are willing to transfer from ordinary plastic payment cards to tailored personal accessories.
CompoSecure commissioned the survey from the consulting firm Edgar, Dunn and Company.
To date, the only metal credit card available in the UK is the American Express Centurion. Digital payment companies Revolut and N26 have launched metal debit cards. Another metallic debit card provider is Curve, a start-up that aims to combine customers’ existing cards with a mobile app.
In the U.S., American Express is the first lender to roll out metal credit cards. Wells Fargo, Chase, Capital One and other minor banks have since issued their metal credit cards.
It is not only Americans, and the British have a penchant in metal credit cards. Nearly half (40%) of Australians were willing to replace their plastic credit card to a metal one, according to a survey conducted earlier this year.