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Iteon report: Metal card programs for lower income customers

Lower-income customers can be a good target for optional metal card programs. Metal can serve as an affordable status statement through an object used in everyday life. Limited purchasing power does not remove the desire for quality, recognition or a premium experience. Research on status consumption identifies reasons why some consumers with constrained budgets value visible symbols of prestige. A payment card can provide this experience at a lower cost than many luxury purchases.

A metal card can rejuvenate an established card program and give issuers a reason to relaunch it to younger customers, including Gen Z. Distinctive finishes and personalization can make an everyday payment product more appealing, while relevant influencer partnerships can introduce it to new audiences. An accessible upgrade can generate additional fee revenue and support profitable growth when its price covers the incremental card, servicing and acquisition costs. Where it also increases usage and retention, metal can strengthen customer lifetime value as well as refresh the program's image.

Cash App in the United States and Nickel in Europe illustrate how premium physical cards can sit within accessible financial services. Their models suggest two routes to revenue: a paid card upgrade and a recurring premium package. For issuers, the opportunity is to refresh an existing program, encourage customers to use it more often and earn additional contribution. We recommend an optional, clearly priced offer, followed by a controlled pilot that measures demand and profitability.

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