The Korea Herald


[Best Brand] Shinhan's spring-inspired card offers excellent cash back rewards

By Song Seung-hyun

Published : June 28, 2023 - 17:21

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Shinhan Card’s lilac-themed Shinhan Card’s lilac-themed "Bom" credit card (Shinhan Card)

Shinhan Card's spring-themed credit and debit cards have been well received by customers by providing excellent benefits and discounts at various stores both within and outside of Korea.

The cards are named "Bom," a Korean word that holds dual meanings.

Firstly, as a noun it can be translated to "spring," representing the beginning of the four seasons. The Korean company said it chose this name to show that its new card's concept symbolizes support for a vibrant and energetic start to the day.

It is also why the cards’ design bears the colors of blooming lilacs in its pale violet and blue paintbrush strokes that appear to be layered on a canvas.

"Bom," which also has meaning of seeing or experiencing when used as a verb, refers to the service that customers will receive through the use of the card.

The new credit card pays 0.5 percent (0.3 percent for debit cards) cash back for users who spent more than 300,000 won ($228.66) the previous month. Those who spend less than 300,000 won can still get 0.2 percent (0.1 percent for debit cards) cash back.

Furthermore, for users who spend over 3 million won in a previous quarter, additional cash in the amount of 5,000 won (2,000 won for debit cards) will be refunded as a reward.

Those who spend more than 15 million won in a year with the new card will receive an additional 20,000 won (5,000 won for debit cards) in cash back as well.

The new card also offers cash back benefits to clients who use it for public transportation expenses and streaming service payments.

If a client has spent more than 500,000 won for public transportation purposes in the previous month, they will receive 200 won per day cash back for when they used the card on mass transit.

For instance, if the user used the card to pay for public transportation 20 days in a month, they will receive 4,000 won cash back.

Additionally, if they spent amount for public transportation falls between 300,000 won and 500,000 won, 100 won per day will be provided as cash back.

Credit card holders who have made purchases totaling more than 300,000 won in the previous month will receive cash back of up to 10,000 won which can be used to pay for their Netflix or YouTube Premium membership.

The annual fee for the Bom credit card for domestic use only is 17,000 won, while the Mastercard, which can be used internationally, incurs an annual fee of 20,000 won.

As of last year, Shinhan Card held the leading position among credit card issuers here, with a market share of 19.6 percent based on credit card sales. Following closely is Samsung Card at 17.8 percent and Hyundai Card at 16.0 percent.

Shinhan Card's net profit in the first quarter of this year was also the highest among its local peers, recording 166.7 billion won.