SOCAR and Hyundai Card have unveiled SOCAR Card, a credit card with exclusive benefits for SOCAR users, the two companies announced on Jan. 25.
This is the first time that a mobility service is rolling out a private label credit card (PLCC) in Korea.
SOCAR Card users will receive ample exclusive benefits. Paying for the car-sharing service with the credit card will return cash-like rewards called “SOCAR credits.” The credits may replace 3% of each round of payment for SOCAR service and the ceiling for combined monthly expenditure on the service eligible for the reward is 300,000 won ($272).
The same benefits will apply to payments at restaurants, cafes, hotels, movie theaters, taxis, public transportations and premium outlets, in reflection of SOCAR customers’ inclination to enjoy travels and various leisure activities. Using SOCAR card at other destinations will lead to SOCAR credits equivalent to 1% of each transaction.
“Private label credit cards (PLCCs),” otherwise known in Korea as branded cards, are launched by credit card issuers but the benefits and rewards come from the brand for customer loyalty. A series of renowned brands have chosen Hyundai Card for branded cards in the past several years, in recognition of Hyundai Card’s big data analysis and marketing capabilities.
SOCAR Card plates come with five different designs carrying witty reinterpretation of SOCAR’s identity combined with the images of a digital map, road signs and car racing games.
Special promotional campaigns will be available for new SOCAR Card users. For a year from Jan. 25, SOCAR credits of extra 2% of payments for SOCAR services will be given out, meaning the combined SOCAR credits will be 5% during the promotional period. Any SOCAR Card user making the first payment will receive an immediate discount of up to 20,000 won.
Those SOCAR Card users who register the card with SOCAR app by March 31 will receive a 50% discount coupon for SOCAR services, to be valid for three months.
Application for SOCAR Card can be filed at SOCAR mobile app. Annual fees for both domestic use only and domestic/overseas use (partnership with VISA) are 10,000 won.
Details on the promotion events for SOCAR Card are available at SOCAR and Hyundai Card apps and homepages.
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