Woo Kee-hong (left), president of the Korean Air Lines, shakes hands with Hyundai Card Vice Chairman and CEO Ted Chung after singing a partnership deal for PLCC business.
Korea’s first Private Label Credit Card (PLCC) carrying a flagship airline brand
◇ PLCC partnership with industry leaders in retail, automobile and oil refinery
◇ Mileage points benefit stronger than ever
◇ Partnership with Korean Air to solidify Hyundai Card’s leading position in the PLCC market.
◇ Super-customization customer services will be available
Seoul, Korea – Dec 17, 2019 – Hyundai Card announced on Dec. 17 that Korean Air Lines has joined hands with Hyundai Card to release a credit card that specializes in offering flight carrier mileage benefits. The card will be the first of its kind in Korea.
"Korean Air Lines signed a contract for Private Label Credit Card (PLCC) partnership with Hyundai Card to jointly design a credit card under the Korean Air Lines brand," said a Hyundai Card spokesman. "Hyundai Card will be in charge of card marketing and operation."
PLCC is an outcome of joint work between a company that wishes to release its own branded credit card and a credit card issuer that has an expertise with card product design and operation. Credit card issuer and company under PLCC partnership burden product development costs and share benefits. On the other hand, conventional credit cards give bonuses and rewards with partners and credit card issuers take care of all the expenses and revenue from the card products. Partners are merely in charge of attracting subscribers.
The contract will make Korean Air Lines the first domestic airliner to have its own credit card under its brand. The new card will offer special customer benefits, including hefty mileage points. It is expected to become the best option for prospective air mileage card subscribers.
The deal was made possible as Korean Air Lines highly recognized Hyundai Card’s past performance with other partners such as Costco, E-Mart, eBay, Hyundai Motor, Kia Motors and GS Caltex – all industry leaders.
Hyundai Card is expected to solidify its leadership in the PLCC market when it partners with the Korean Air Lines, which has been proceeding with resuscitating overall customer services under new management. “PLCC partnership with the Korean Air Lines, a world-class airliner trying to providing even more advanced customer services, will give us an opportunity to exert our strength in PLCC product design and business operation,” said a Hyundai Card spokesperson.
“Hyundai Card plans to mobilize its artificial intelligence-based data science capability, which lies behind the super-customization service for individual customers, to that end.”