Satisfying Both Premium and Mass-Market Customers
Annual Fee of 80,000 KRW with 50,000 KRW Credit Each Year...
"Effectively Just 30,000 KRW"
Hyundai Card announced on the 6th the launch of three new products called 'Hyundai Card Boutique,' which combine features of both premium and mass-market cards. With an annual fee of 80,000 KRW, it offers services comparable to premium cards. It provides a credit of 50,000 KRW annually, effectively allowing customers to enjoy all benefits for just 30,000 KRW. The credit is a discount voucher that can be used in selected categories such as hotels, travel, and dining.
The product name 'Boutique' refers to a small shop selling unique items. It embodies the product philosophy of offering customers special experiences and value in their daily lives.
A Hyundai Card representative said, "The domestic card market is polarized between premium products with annual fees over 150,000 KRW and mass-market products with fees between 10,000 and 30,000 KRW. After considering whether it was possible to satisfy the demands of both premium and mass-market members, we created a new genre called Hyundai Card Boutique."
Boutique consists of three types: Copper, Satin, and Velvet. The annual fee for all three is 80,000 KRW.
All three offer credit benefits that can be used as a 50,000 KRW discount or exchanged for 70,000 M Points when spending over 50,000 KRW in hotel, travel, or dining categories, along with free access to airport lounges and valet parking services. The credit is provided annually at 50,000 KRW. This means that even with an 80,000 KRW annual fee, customers can effectively enjoy all Boutique benefits for 30,000 KRW.
The products are designed to be optimized for the user. Copper includes benefits for young professionals. It offers 5% cashback on online malls such as Naver Shopping, Coupang, Musinsa, and Cream, as well as on delivery apps, convenience stores, and public transportation.
Satin targets women aged 25 to 35. It provides 5% cashback on online malls like Naver Shopping, Coupang, 29CM, W Concept, and S.I.Village, as well as on Olive Young, coffee shops, and public transportation.
Velvet is designed for new-generation mothers aged 35 to 45. It offers 5% cashback on online malls such as Naver Shopping, Coupang, Kurly, and SSG.COM, as well as on department stores, large supermarkets, and educational institutions like academies and kindergartens.
All three types allow unlimited accumulation of 1.5% M Points on payments made at all domestic and international merchants. Customers can also use the 'M Emergency Accumulation' service, which allows them to accumulate points in advance when needed.
Hyundai Card Boutique offers a choice between one metal plate and two plastic plates per product. For more details, customers can check the Hyundai Card application (app) and website.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
