We explain the origin of the electric and particular the magnetic polarizabiltiy of metamaterials employing a fully electromagnetic plasmonic picture. As example we study an U-shaped split-ring resonator based metamaterial at optical frequencies. The relevance of the split-ring resonator orientation relative to the illuminating field for obtaining a strong magnetic response is outlined. We reveal higher-order magnetic resonances and explain their origin on the basis of higher-order plasmonic eigenmodes caused by an appropriate current flow in the split-ring resonator. Finally, the conditions required for obtaining a negative index at optical frequencies in a metamaterial consisting of split-ring resonators and wires are investigated.