Shinhan Card launches PLCC with LG Hausys..."Up to 60 months long-term installment"

'Z:IN Interior Shinhan Card' Launch
Up to 60 Months Long-Term Installment and Monthly Cashback Benefit up to 15,000 KRW

On the 6th, at the partnership signing ceremony held at LG Ji-in Interior Ji-in Square Gangnam Exhibition Hall in Nonhyeon-dong, Seoul, Kang Gye-ung, CEO of LG Hausys (left), and Lim Young-jin, President of Shinhan Card (right), are taking a commemorative photo.

[Asia Economy Reporter Ki Ha-young] Shinhan Card is launching a private label credit card (PLCC) in collaboration with LG Hausys to target the interior design market. The card features long-term installment plans of up to 60 months and cashback benefits, reducing the financial burden of expensive interior projects.

Shinhan Card announced on the 6th that it has partnered with LG Hausys to launch the interior-specific PLCC called the 'Jiin Interior Shinhan Card.' On the same day, Shinhan Card President Lim Young-jin and LG Hausys CEO Kang Kye-woong, along with representatives from both companies, held a signing ceremony at the LG Jiin Interior Jiin Square Gangnam Exhibition Hall in Nonhyeon-dong, Seoul, to formalize the partnership for the PLCC launch.

The Jiin Card offers long-term installment plans of 12 and 24 months (4.9% installment interest) and 36, 48, and 60 months (6.5% installment interest) when paying for interior design costs at Jiin Interior dealerships. Additionally, customers using long-term installments can receive cashback benefits based on their card usage in the previous month. For 12 and 24-month installments, if the previous month's usage exceeds 700,000 KRW, a monthly cashback of 10,000 KRW is applied. For 36, 48, and 60-month installments, if the previous month's usage exceeds 1,000,000 KRW, a monthly cashback of 15,000 KRW is provided.

For example, a customer who contracts a 5,000,000 KRW interior project with a 36-month installment plan and meets the monthly usage requirement of 1,000,000 KRW (from the 1st to the end of the month) with this card will receive a total cashback of 540,000 KRW. Considering the total interest cost during the installment period (approximately 520,000 KRW), the customer effectively gains a benefit of 20,000 KRW.

The annual fee is 22,000 KRW for domestic use only and 25,000 KRW for international brands (Mastercard).

Both companies plan to offer customized home economy-related services tailored to the lifestyle of LG Hausys PLCC customers in the future.

Lim Young-jin, President of Shinhan Card, said, "The interior market is rapidly growing due to factors such as COVID-19, and we are providing differentiated financial benefits to enhance customer convenience. Shinhan Card, leading the domestic data industry, and LG Hausys, with the industry's top brand competitiveness, will continue to create synergistic effects for customers."