K Bank Launches First 'PLCC Card' in Internet Banking in Partnership with BC Card

[Asia Economy Reporter Kiho Sung] K-Bank announced on the 29th that it will hold an event offering benefits of up to 120,000 KRW to commemorate the launch of the ‘K-Bank SIMPLE Card’ in collaboration with BC Card.

The SIMPLE Card is the first credit card introduced by K-Bank. K-Bank is focusing on strengthening synergy with BC Card while collaborating on the advancement of credit scoring models (CSS). This SIMPLE Card is the first product launched jointly by the two companies with differentiated benefits, and it is also the first private label credit card (PLCC) introduced by an internet bank.

To celebrate the collaboration between K-Bank and BC Card, the event consists of two parts. ‘Event 1’ offers a billing discount of 70,000 KRW if the total payment amount using the SIMPLE Card reaches 70,000 KRW or more by the 31st of next month. The discount will be applied to the payment bill in October.

Customers who meet the conditions of Event 1 can also participate in ‘Event 2,’ which offers a 50,000 KRW cashback. The mission is to maintain an average balance of 200,000 KRW or more in the K-Bank deposit and withdrawal account for 30 days from the first use date of the SIMPLE Card. The cashback will be credited to the K-Bank account at the end of October.

The K-Bank SIMPLE Card is characterized by having no monthly usage conditions or limits on the monthly discount amount.

Payments in daily life areas favored by the MZ generation receive an unlimited 1.5% billing discount. Eligible categories include nine types of online simple payments such as Naver Pay and Kakao Pay, four convenience stores including GS25, five coffee specialty stores including Starbucks, postpaid transportation (city buses/subways) and taxis, mobile phone bills (automatic transfers for KT/SKT/LGU+), and five digital media services including Netflix. Additionally, a 0.8% billing discount is provided at domestic merchants.

Moreover, although the SIMPLE Card is a credit card, it is equipped with an account cash withdrawal function. Users can perform deposit and withdrawal transactions without fees at all bank ATMs nationwide and GS25 convenience store ATMs.

Kim Ki-deok, Head of Marketing at K-Bank, said, “As the first PLCC introduced by an internet bank, we applied K-Bank’s product concept that offers the best benefits without complicated conditions such as monthly usage requirements or monthly discount limits, and covers cash card functions with a single credit card.” He added, “We will do our best to provide simpler yet differentiated benefits in the future.”