[Giha-yeong's Life Card] Amex Centurion Card, Which Card to Use: Samsung or Hyundai?

Hyundai Card Launches Amex Card
Offers 'Membership Rewards' with No Earning Limits or Expiration
Samsung Card Offers Various Types with Low Annual Fees

Is there anyone these days without at least one credit card? In modern society, anyone can have a card if they want. Credit cards have brought unparalleled convenience to daily life. Now, wherever you go, you can easily see people paying with credit cards or smartphones. As demand has increased, cards with various benefits are being released almost daily. In response, Asia Economy delivers diverse stories related to cards, which are inseparable from our consumer life, through the weekly 'Cards in Daily Life' corner, including introductions of new cards, industry behind-the-scenes, and guides for card beginners.

Hyundai Card has launched an 'American Express' card featuring the Centurion (Roman army commander) image. Until now, Samsung Card has virtually been the sole supplier of Centurion design for personal cards, and Lotte Card for corporate cards. With Hyundai Card introducing this card for both personal and corporate cards, competition in the domestic premium card market is expected to intensify.

If your annual card spending exceeds 36 million KRW, Hyundai Card

The Amex card introduced by Hyundai Card is characterized by offering the country's first unlimited 'Membership Rewards' program without accumulation limits or expiration dates. Although the annual fee is high, the structure provides premium benefits commensurate with higher annual card usage.

Hyundai Amex cards come in three types: Green (annual fee 100,000 KRW), Gold (annual fee 300,000 KRW), and The Platinum (annual fee 1,000,000 KRW). Each card offers differentiated Membership Rewards benefits. Membership Rewards is a global rewards program exclusive to Amex card members, operating since 1991, with a value of about 10 KRW or more per 1 MR.

Platinum earns 1.5 MR per 1,000 KRW spent, Gold earns 1 MR per 1,000 KRW, and Green earns 1 MR per 1,500 KRW. At special usage locations such as overseas merchants, hotels, and golf courses, up to 3 times MR can be earned without limits.

Customers can exchange these Membership Rewards for mileage in 16 global airline alliance programs including Delta Air Lines and Korean Air, or for membership points in six hotel chains such as Marriott and Hilton, and can also book from over 550,000 hotels worldwide.

Bonus rewards are also provided based on annual spending. In the first year of issuance, customers who spend over 1 million KRW receive additional rewards: Platinum gets 100,000 MR (worth 1 million KRW), Gold gets 30,000 MR (worth 300,000 KRW), and Green gets 10,000 MR (worth 100,000 KRW).

However, from the second year onward, the criteria for bonus rewards accumulation increase. Platinum requires annual spending of over 36 million KRW, Gold over 24 million KRW, and Green over 12 million KRW to earn the same bonus rewards as in the first year.

If you want to use minimum spending and still get benefits, Samsung Card

Samsung Card issues a total of five types of Amex cards: Blue (annual fee 15,000 KRW), Green (annual fee 49,000 KRW), Reserve (annual fee 150,000 KRW), Gold (annual fee 300,000 KRW), and Platinum (annual fee 700,000 KRW). While they do not have the global Membership Rewards program featured in Hyundai Card, they offer a variety of products with lower annual fees. If your card spending is less than 36 million KRW or you want to receive benefits with minimum spending, Samsung Card may be a better choice.

For example, Samsung Card’s top-tier Amex Platinum offers a basic 1% point accumulation at domestic and overseas merchants, and an additional 4% points on golf, fuel, and hotels. Gift services include a 500,000 KRW discount at domestic luxury hotels (250,000 KRW twice a year) and a 100,000 KRW discount on overseas and department stores (50,000 KRW twice). However, unlike Hyundai Card, there is a monthly accumulation limit. If the previous month’s spending is over 1 million KRW, you earn 15,000 points; if over 2 million KRW, 40,000 points. Therefore, if your monthly card spending is high, despite the 300,000 KRW higher annual fee, choosing Hyundai Card with unlimited Membership Rewards accumulation and no expiration, and enjoying global premium services, might be better.

Ultimately, with Hyundai Card’s launch of the Amex card, consumer choice in the domestic premium card market has expanded. The Amex Centurion card, which has relatively loyal customers, now offers more card benefits to choose from depending on individual circumstances. However, since you know your own spending habits best, it is advisable to analyze your consumption patterns and select the optimal card accordingly.