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Are Magnetic Money Clips Safe?

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Demagnetization and Credit Cards

Demagnetization as it connects to credit cards refers to occurrences where a magnet can be used to demagnetize the magnetic strip of a credit card. The magnetic strip is that thick black or colored line on the back of credit cards and bank cards. When the magnetic strip is demagnetized it, it corrupts the data stored in the card and renders the swiping feature unusable.

So, what about the magnets in money clips? Those who choose to carry their credit cards and bank cards in their magnetic money clip may be concerned about demagnetizing their cards. While magnetic money clips place credit cards in close proximity to magnets they should have no impact on the magnetic strip of credit cards. Many who use magnetic money clips report no issues with demagnetization or data corruption. So, go ahead and use your magnetic money clip to hold your credit cards!

A Word of Warning

While magnetic money clips should have no impact on credit cards and debit cards, there are some cards which can be affected. Hotel key cards are more likely to be susceptible to damage from magnets in prolonged close proximity, so avoid storing those in your magnetic cash holder.

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