Annual fee of 2.5 million won... What is Hyundai's 'Black Card' that not just anyone can have?

Hyundai Card The Black, Korea's First VVIP Card
Limited to 1,000 Issued

Photo by Vice Chairman Jung Tae-young Facebook

[Asia Economy Reporter Ki Ha-young] Annual fee of 2.5 million KRW, limited to 1,000 people, membership criteria is 'respect.'

Jung Tae-young, Vice Chairman of Hyundai Card, gifted actor Lee Jung-jae a VVIP card Hyundai Card Black engraved with the number 456, raising interest in the top-tier premium Black Card.

According to the financial sector on the 15th, Vice Chairman Jung posted a photo with actor Lee Jung-jae on his social network service (SNS) the previous afternoon.

Vice Chairman Jung stated, "To commemorate Squid Game, his Black Card was assigned the drama's number 456, and I have number 1 for Oh Il-nam, but these two numbers are going to the Golden Globes." Lee Jung-jae was nominated for Best Actor in a TV Drama at the Golden Globe Awards for the Netflix original series 'Squid Game.'

Hyundai Card Black is Korea's first VVIP card. When launched in 2005, it attracted attention as a card for the top 0.05% with an annual fee of 1 million KRW. Later, in 2017, 'The Black Edition 2' was introduced, and in October last year, 'The Black Edition 3' was released. The annual fee is 2.5 million KRW, making it the most expensive in the country. Only 1,000 people can be issued the card.

Vice Chairman Jung said about the Black Card, "The number of members has never exceeded 1,000 due to strict criteria," adding, "We consider assets and income, but the most important core is 'respect.'" This means the card is issued selectively to those respected in various fields who will take out the Black Card from their wallets. He added, "Surprisingly, there are many artists and certain experts among the members."

As the top-tier premium card, the Black Card recruits customers directly through an invitation system. Hyundai Card sends membership invitations to those with economic ability, social status, and honor, and upon receiving a positive response, the issuance is decided after internal review by Hyundai Card's screening committee. The first cardholder was Chung Mong-koo, Honorary Chairman of Hyundai Motor Group. CEOs such as Chung Yong-jin of Shinsegae, as well as singers G-Dragon and BTS, are known customers of the Black Card.

Matching its high annual fee, the card offers premium benefits such as vouchers, aviation, travel, and golf. If the usage amount exceeds 10 million KRW (based on the first year of issuance), vouchers worth about 1.5 million KRW usable at luxury brands like Moncler, Ermenegildo Zegna, and Baccarat, as well as vouchers worth about 500,000 KRW for domestic luxury hotels and fine dining, are provided as standard. When traveling abroad, concierge services that recommend itineraries or make reservations are also available. Services include upgrading airline tickets to first class and member discount benefits at affiliated golf courses in Namyangju and Icheon, Gyeonggi Province, on weekdays.