Starbucks Coffee Korea and Hyundai Card signed a partnership on June 15 for a branded credit card to be launched in the latter half of this year.
Starbucks Coffee Korea CEO Song Ho-seob and Hyundai Card Vice Chairman and CEO Chung Tae-young joined the partnership signing ceremony at Starbucks Coffee’s The Jongno R store in central Seoul.
“Starbucks Coffee Korea and Hyundai Card have agreed to jointly design and launch the Starbucks branded credit card,” said a Hyundai Card spokesperson. “Hyundai Card will be in charge of supporting the card management and marketing campaigns.”
This is the first time that Starbucks Coffee Korea is rolling out its own branded credit ever since entering Korea in 1999. The American coffee empire hasn’t even unleashed rewards credit cards in Korea thus far.
Branded cards, often referred to as “private label credit cards (PLCC),” 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.
Starbucks Coffee Korea CEO Song Ho-seob, left, and Hyundai Card Vice Chairman and CEO Chung Tae-young talk over a cup of coffee at the Starbucks Coffee’s The Jongno R store in central Seoul on June 15.