Woowa Brothers and Hyundai Card announced they unveiled Baemin Hyundai Card, the first private label credit card (PLCC) for Korea’s No. 1 food delivery app Baedal Minjok (Baemin).
Baemin Hyundai Card centers around what is called “Baemin Points,” cash-like rewards for use with Baemin app. Baemin, run by Seoul-based Woowa Brothers, operates Baemin Pay, its own mobile payment service. When a Baemin Hyundai Card subscriber registers the card with the payment app, every 3% of the spending is returned in the form of Baemin Points. The 3% reward is given on top of the default 0.5% Baemin Points for using Baemin Pay.
Considering the high portion of Baemin users enjoying digital services, Baemin Hyundai Card offers reward points equivalent to 2% of all payments made at 13 online shopping malls, such as SSG.com and Coupang, and 6 digital content services in Korea, including YouTube Premium, Netflix, Melon and Kyobo eBook. Shopping at other outlets leads to reward points of 0.5% of total payments.
“After analyzing Baemin users’ spending patterns and learning that they are proactive about contactless consumption, we optimized benefits for Baemin Hyundai Card users,” said a Hyundai Card spokesperson. “We plan to work together with Baemin on data science-based marketing campaigns, eco-friendly food containers and other events.”
Baemin Hyundai Card’s eight different off-the-wall plate design is also worth attention. Each plate features witty images of foodstuff ranging from mackerel to dried laver, tteokbokki (spicy stir-fried rice cakes) and fried egg as well as Baemin’s iconic images.
Various promotions and events will be available for those subscribing to Baemin Hyundai Card. In the first six months, an extra 2% reward points will be given for payments made with Baemin Pay, meaning a total of 5.5% of every expenditure will be saved up in the form of Baemin Points. All of those who make Baemin Hyundai Card by the end this year will receive two 10,000 won ($9.1) coupons for Baemin food delivery service.
Branded cards, often referred to as “private label credit cards,” are launched by credit card issuers but the benefits and rewards come from the brand for customer loyalty. Several global partners have chosen Hyundai Card for branded cards in the past several years, in recognition of Hyundai Card’s big data analysis and marketing capabilities.
Customers may apply for Baemin Hyundai Card only through a Baemin app and annual fee is 10,000 won for two types: one for domestic use only and the other for domestic/overseas use (via MasterCard). If payments made through Baemin Pay total 100,000 won or more in a year, annual fee will be exempted in the following year.
More details on Baemin Hyundai Card and related promotional events can be found at apps and homepages of Baemin and Hyundai Card.