Finda Launches Korea's First Interest Refund-Type PLCC... "Up to 420,000 Won Annually"

"Up to 420,000 Won in Benefits for Finda Contract Loan Holders
and MyData Connection"

Fintech company Finda announced on April 24 that it has launched the "Finda Jeonbuk Bank Card," a private label credit card (PLCC) in partnership with Jeonbuk Bank, which offers monthly cashback on loan interest payments.

The Finda Card is the first "interest refund-type PLCC" in Korea that returns a portion of monthly loan interest as cashback. If users issue the card through the Finda application and spend above a certain amount, they receive a refund on their loan interest every month.

Lee Hyemin, Co-CEO of Finda, emphasized, "A PLCC that provides direct benefits to loan customers is a model that has never existed in the traditional financial sector or the fintech industry," adding, "We have opened an era where loan interest can be refunded through a card by implementing a reward structure unique to Finda."

A Finda representative stated, "With the launch of this PLCC, we have set a new standard of 'loan benefits' in a market that has traditionally focused on consumer rewards."

If users take out a loan through Finda, they can enjoy preferential interest rate benefits on loan products from Finda's partner financial institutions with just this one card. There is no longer a need to issue separate cards from each financial company to receive preferential rates.

In particular, users who hold a loan contracted through the Finda app and have connected MyData can receive double the benefits. Those eligible for the "double benefit" can receive up to 35,000 won per month and up to 420,000 won per year in interest refunds, depending on their card usage.

The minimum spending requirement is 300,000 won per month, and the refund benefit is maintained for up to two years after the card is issued. The interest refund is automatically paid on the 15th of each month based on the previous month's spending.

The double benefit will be gradually applied to loan products from more than 70 Finda partner financial institutions. The double benefit is not provided for loans withdrawn within 14 days or for products that do not support MyData connection.

For users who do not have a contracted loan through the Finda app or have not connected MyData, the standard benefit is provided. The annual fee is 15,000 won for domestic use only and 16,000 won for both domestic and international use.

The Finda Card is designed with three types of plates that reflect Finda's unique identity. The background features a percent (%) symbol representing loan interest rates, implying that the more the card is used, the greater the interest rate discount.

The three card types are: "Finda Purple," which features Finda's signature color; "Air White," which evokes the idea of lighter loan interest burdens; and "Matte Black," which adds a luxurious touch with a classic leather texture.

Management features are also provided. Users can intuitively compare the "effective interest rate," which reflects the interest refund benefit, on the loan limit inquiry screen. To help users avoid missing out on the interest refund benefit by failing to meet the minimum spending requirement, a "card performance notification" assists with performance management.

CEO Lee stated, "We have connected loans, MyData, and PLCC benefits into a single 'user journey,'" adding, "We will accelerate efforts to create a new paradigm of financial benefits through loan rewards."