"There are so many people here," whispered a leggy brunette to her equally spindly friend, scanning for suitors from their perch at the white granite bar of a fashionable new Manhattan hotel. Amid Park Avenue-morbid decor—tufted leather seating, dark bookcases, a golden cat skeleton sculpture by the artist Jamie Roadkill—a crowd pushed toward the open bar. Everyone was here to make friends, or something like that.

The opulent weeknight event was hosted by Magnises, a members-only benefits card program that caters to millennials. Along with Select and Founders Card, it's one of several rising club programs that promise exclusive experiences at nightlife hot spots, unique networking events, and perks akin to those offered by credit cards. They've found popularity among millennials in particular, who value experiences over material possessions.

The clubs, which operate primarily in America's biggest cities, say they aim to recruit diverse members at the top of their respective fields. Magnises has about 30,000 members, Select more than 10,000 and Founders Card around 20,000; those who want in can find themselves on a lengthy wait list. The clubs say their ultimate goal is building relationships, and while they have no age restrictions, millennials make up the bulk of their membership—spurred by their values and their habit of moving frequently to new cities.

Unlike the country clubs and university clubs beloved of older generations, these new clubs eschew the brick-and-mortar clubhouse completely, relying instead on relationships with local businesses to host events.

They're also far less expensive. Magnises' annual dues are $250 and Select's $300, but both occasionally offer free memberships to people they think would benefit their communities; Founders Card is the priciest of the bunch, at $795 a year plus a one-time $95 fee. That's still considerably cheaper than traditional clubs, even those that try to lure millennials with reduced prices. The median initiation fee for a junior member at an old-school club that doesn't offer golf is $5,480, plus $3,500 for annual dues, according to industry data compiled by hospitality analytics firm Club Benchmarking; teeing off could cost somebody even more.

Along with networking events, the new clubs also offer perks similar to those of rewards credit cards—replete with a cool-looking card. Founders Card offers more than 500 benefits, many travel-related, Select offers bar and restaurant discounts plus travel and wellness-center perks and Magnises offers similar perks, plus up-charged packages geared toward members' specific interests, offering discounts on sports events, co-working space, hotels and more.

Asked who he sees as Magnises' rivals, CEO Billy McFarland named rewards credit cards; Select CEO Carlo Cisco also sees the cards as stiff, if indirect, competition. And like those competitors, the clubs each offer a sleek membership card. Employees and members of all three described theirs as "sexy."

But beyond the parties, deals and alluring cards, millennials say they're joining the clubs for the sense of community.

"This group is a unique group," explained Jerome Hardaway, the 30-year-old executive director of the nonprofit Vets Who Code and a Magnises member. "They've earned it. It's not just the hoity-toity, old-money field. It wasn't the events that brought me in; it's the way they were catering to millennials." He uses the club to reach out to likeminded entrepreneurs and build relationships with members interested in his charity work, and he plans to re-up his membership next year.

The dues and the vibe might differ, but these new clubs handle membership similarly to their more traditional brethren. There's an application, which for Founders Card is two pages including multiple questions. That, much like a ritzy country club, can strike some millennials as off-putting and elitist, but the card clubs' executives argue it helps preserve an active and diverse community.

First « 1 2 3 » Next