Annual Fee of 7 Million Won for Top-Tier Card
Will It Become a Game Changer in the Premium Card Market?
Hyundai Card has launched the American Express (Amex) Centurion Card, known as the original "black card" and the highest tier of Amex, in Korea for the first time and on an exclusive basis. This card is issued only to the world's top-tier clients (VVIPs), such as former U.S. President Donald Trump and Microsoft founder Bill Gates.
As the card industry struggles to find new growth momentum, the VVIP premium product market is emerging as a new source of revenue, drawing attention to whether Hyundai Card will play a disruptive role in the market.
On June 19, Hyundai Card announced through a product disclosure on June 18 that it has released the Amex Black "Centurion Card," which is considered the highest tier among global premium cards.
A Hyundai Card representative stated, "It is true that we have launched the Amex Centurion," but added, "We cannot disclose further details about the product."
The annual fee for this card is 7 million won. This includes a basic annual fee of 2 million won and an additional 5 million won as a partnership fee. The annual fee for a family card is also 2 million won.
The card is issued by invitation only, following a screening process. Cardholders are provided with a dedicated manager (concierge) who offers exclusive services such as recommendations and reservations for hotels, flights, travel, shopping, cultural events, and fine dining worldwide.
The Centurion Card, first issued in 1999, has been available in countries such as Japan and Hong Kong, but this is the first time it is being issued in Korea. It is issued in only about 30 countries worldwide.
It is known that President Trump, Gates the founder, as well as Ariana Grande and Jay-Z, use this card. In Korea, it is reported to be used by IU and Lisa of Blackpink.
According to the Hyundai Card Centurion product guide, the concierge provides special benefits through partnerships with global hotel chains, recommendations for fine dining restaurants both domestically and internationally, recommendations and reservation services for well-known exhibitions, performances, events, and activities in Korea and abroad, as well as reservation services for private jets and rental cars.
If the cardholder spends more than 500,000 won in the previous month, 1 Membership Rewards point is earned for every 1,000 won spent at domestic and overseas merchants. Membership Rewards points can be converted to airline miles or global hotel chain membership points.
Cardholders receive eight 500,000-won vouchers that can be used at luxury brands such as Kiton and Moncler, or at the domestic fine dining restaurant L'Amant Secret.
Securing the Amex premium card lineup has long been a goal of Vice Chairman Chung Tae-young. In 2023, Hyundai Card formed a partnership with Amex and launched three Amex cards (Platinum, Gold, and Green), and with the launch of the Black Card, has further expanded its portfolio.
The industry is watching closely to see whether Hyundai Card’s move to secure VVIP loyal customers in Korea will act as a catalyst for premium product competition among domestic card companies. Card companies view premium products as items that can drive company growth momentum.
Domestic VVIP products include Shinhan's "The Premier Gold Edition," Samsung's "Raum O," KB Kookmin's "Heritage Exclusive," and Hana's "Jade First Centum" cards. The annual fees for these cards range from 1 million to 2 million won, and they are issued only to a select few VVIP customers.
Cardholders can receive benefits related to hotels, flights, golf, and 24-hour dedicated concierge services for dining and hotel reservations.
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