Naver Hyundai Card (Hyundai Card)
Hyundai Card announced Thursday it has launched a private label credit card in collaboration with IT giant Naver to bolster the credit card issuer’s online retail business.
According to the company, the Naver Hyundai Card offers rewards and benefits to customers using online transaction and subscription services via Naver.
A PLCC refers to a credit card rolled out by a credit card issuer, but which offers benefits from a specific retailer the issuer has partnered with.
The credit card gives 10 percent cash rewards for purchases made through Naver Shopping.
Those who use Naver Plus, a subscription service giving rewards from the company’s e-commerce services, will receive up to 10 percent of the total monthly payment on the Naver platform back as Naver points, which can be used like cash.
The credit card also provides a one-month free subscription for Naver Plus. The original monthly subscription fee for the membership service is 4,900 won ($4.20).
Annual fees for both domestic and international use are 10,000 won. Users who have spent over 10,000 won or more by Sept. 30 will be reimbursed for the fees.
“We have joined hands with Naver to give exclusive benefits to e-commerce customers by analyzing their data and their spending habits,” Hyundai Card said in a statement.
The credit card company can receive more customer data to analyze and come up with new services while Naver can secure more users, the company said.
Since 2015, Hyundai Card has launched 14 credit cards with local companies such as Hyundai Motor Group, Starbucks Korea, eBay Korea, Costco Korea, Korean Airlines, Baemin and Musinsa.
The PLCC issued with eBay Korea in 2018 has attracted more than 1 million users, marking an unusual case for a PLCC to draw in so many customers, according to market insiders.
By Byun Hye-jin (email@example.com