Nara Sarang Card Benefits Take Shape: Distinctive Offerings from Shinhan, Hana, and IBK

A Look at the Card Benefits from the Three Third-Phase Providers
Shinhan Focuses on Daily Discounts, Expanding Coverage to All Activities
IBK Pursues Digital Partnerships and Expands PX Discounts
Hana, as a First-Time Operator, Stands Out with Travelog Integration

All the benefits of the third phase of the "Nara Sarang Card," a debit card exclusively for military personnel, have been released. Shinhan Bank, Hana Bank, and IBK Industrial Bank, which will operate the program for eight years from this year until a maximum of 2033, have each unveiled bold benefits to actively attract military personnel. From the banks' perspective, the generous discounts make this a loss-making project, costing hundreds of billions of won each year. However, all banks are fully committed, viewing this as an opportunity to secure potential customers among young people in their 10s to 30s, who may become future employees and newlyweds.

Shinhan excels in daily discounts, IBK expands PX benefits, and Hana offers unique perks

On January 9, a review of the benefits offered by Shinhan Bank, Hana Bank, and IBK Industrial Bank reveals that, in the third phase, benefits at military stores (PX), which are most frequently used by military personnel, have been expanded, and the range of discounts has broadened. Beyond simple discounts, the scope of benefits has diversified to include insurance, overseas travel, and collaborations with digital service providers.

Shinhan Bank, drawing on its experience as the sole operator during the first phase (2007-2015), has expanded the range of discounts to cover all aspects of daily life. Its discount coverage is the widest, spanning not only PX but also public transportation, convenience stores, cafes, books, delivery services, and shopping-major brands frequently used by young people. The concept is to enable discounts everywhere young people typically spend money in their daily lives.

At PX, a 20% discount is applied daily regardless of the payment amount. In particular, considering the spending patterns of service members who often make small and frequent payments, even transactions under 30,000 won per purchase are eligible for a 20% discount up to a monthly limit of 30,000 won. This differentiates Shinhan from IBK Industrial Bank, which offers a 15% discount up to a monthly limit of 10,000 won for transactions under 30,000 won, and Hana Bank, which offers a 30% discount up to a monthly limit of 5,000 won for transactions under 100,000 won.

The integrated membership program also stands out, offering partnerships with the largest number of companies-GS POP, Happy Point, CJ ONE, Amorepacific, and LG Electronics-focusing on collaborations with brands frequently used and favored by young people to provide substantial benefits.

IBK Industrial Bank, which was selected as a third-phase operator following its participation in the second phase, has significantly expanded its PX benefits. At PX locations in military bases nationwide, both basic and special discounts are applied simultaneously based on the payment amount, resulting in discounts of up to 50%. For example, if you spend 200,000 won at PX, a basic discount of 50,000 won and a special discount of 50,000 won are applied, totaling a 100,000 won discount. Notably, if the previous month's spending exceeds 250,000 won, the "All-in-One" service is introduced, increasing the size and frequency of discounts by category, so the perceived benefits grow. The larger the payment amount, the greater the benefits.

The digital partnership with Naver Pay is also noteworthy. If the previous month's spending exceeds 250,000 won, registering the Nara Sarang Card on Naver Pay allows users to earn 10% of the payment amount as points. Additionally, it is now possible to pre-apply for the card through Naver and the Naver Pay app even before the Military Manpower Administration's examination.

Hana Bank, participating as an operator for the first time, has lowered the usage threshold for major daily discounts such as public transportation, fast food, and coffee by applying a minimum monthly spending requirement of 100,000 won, reducing the burden for users. PX benefits and discounts at Coupang and Naver Plus Store are available even without any previous monthly spending. Its partnership with Travelog is also notable. Through the "Travelog Switch Service," Hana Bank has designed the Nara Sarang Card to be linked to foreign currency Hana Money payments. When traveling abroad, users can switch the card's payment setting to foreign currency Hana Money, allowing them to enjoy benefits such as exemption from overseas merchant and ATM withdrawal fees.

Other unique perks include compensation for mobile phone repair. Upon card issuance, the "Nara Sarang Touch Card" (a watch-type NFC payment card) is provided free of charge to support convenient payments.

Earn 2% annual interest just by depositing in a checking account... Up to 10% for savings accounts

The banks have also designed the Nara Sarang checking and savings accounts, which are linked to the Nara Sarang Card, with exceptionally generous benefits.

The "Nara Sarang Checking Account" at Shinhan Bank and IBK Industrial Bank offers an annual interest rate of up to 2.0% when military salaries are deposited. This is significantly higher than the typical 0.1% interest rate for standard checking accounts. The "Tomorrow Preparation Savings Account for Service Members" offers interest rates of 8.0% to 10.2% for terms of 15 to 24 months.

A financial industry official stated, "Until the program ends in 2033, service members can continue to enjoy the benefits of the Nara Sarang Card even after discharge," adding, "Although banks cannot expect immediate profits, they see this as an unmissable opportunity to secure potential customers and attract low-interest, low-cost deposits."