Reflecting MZ Generation Preferences
Carry Over Previous Month's Spending, No Open Banking Fees Applied
Earn Up to 1.1% Rewards on Domestic and International Spending
[Asia Economy Reporter Ki Ha-young] Shinhan Card has introduced a card that breaks the fixed notion of uniform card billing cycles and the requirement to meet the previous month's spending conditions.
On the 28th, Shinhan Card announced the launch of the 'Puzzle Card,' which is the industry's first to introduce the 'Payment Cycle Management Service' that bills the amount used from the 1st to the end of the month on the customer's desired payment date, and the 'Previous Month Spending Carryover Service.' This card was developed by analyzing the consumption patterns of the MZ generation (Millennials + Generation Z).
The Payment Cycle Management Service allows customers to pay their card bills for one month’s usage from the 1st to the end of the month on their preferred payment date, regardless of the payment date. If the Puzzle Card’s payment date is selected between the 14th and 27th, the amount used from the 1st to the end of the previous month will be billed regardless of the payment date.
The Previous Month Spending Carryover Service compensates when the previous month’s spending does not meet the discount requirements by carrying over the spending amount to the next month. This service carries over 200,000 KRW of spending to the next month when the previous month’s usage exceeds 700,000 KRW. For example, if 900,000 KRW was spent in September and 400,000 KRW in October, 200,000 KRW of September’s spending is carried over to October, making October’s recognized spending 600,000 KRW.
The Puzzle Card offers a common service and a basic service pack from which customers can choose one out of four options, and paid optional service packs (six types) can be added. By selecting both the basic and optional service packs to complete the puzzle, customers can receive differentiated benefits in their desired areas and freely apply or cancel them.
The common services include the 'Open Banking Service,' which provides up to 10 free transfer fee transactions per month via open banking transfers within Shinhan Play, and the Previous Month Spending Carryover Service. Additionally, when using affiliated merchants, My Shinhan Points are earned at a basic rate of 0.6%, and up to 1.1% can be earned when utilizing the service packs.
Among the four basic service packs, customers can select one and change it once a year. These include the 'Booster Pack,' which offers an additional 0.2% accumulation on domestic and overseas spending; the 'Point Plus Pack,' which provides up to 90,000 additional points based on annual spending; the 'Lucky Pack,' which grants extra points based on approval numbers; and the 'Payment Cycle Management Service.'
For the optional service packs, customers can select up to two out of six benefit areas according to their lifestyle. These cover digital content, online shopping, delivery apps, pets, transportation, and food and beverages, with up to 30% accumulation possible. An annual fee of 5,000 KRW is charged per service pack.
The Puzzle Card is issued as a mobile (app) card. If a physical card is separately requested, recycled plastic (R-PVC) material is used.
The annual fee is 15,000 KRW for domestic use only and 18,000 KRW for international use (Mastercard).
A Shinhan Card official said, "The Puzzle Card started from the perspective of MZ generation customers, breaking existing fixed notions and striving to allow customers to freely play according to their lifestyle. In line with Shinhan Financial Group’s new vision of 'Easier, More Comfortable, and Newer Finance,' we will continue to discover innovative services so that customers can experience more differentiated satisfaction and experiences."
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