By Kim Jae-won
Hyundai Card has grown up fast in the credit card industry creating new markets, which its competitors could not even imagine before.
The credit card service arm of Hyundai-Kia Automotive Group introduced specialized services for premium customers to meet their needs in the area of lifestyle and big sports events.
Hyundai provides a new platinum card service titled “Platinum Three,” or “P3,” which reflects needs of premium customers. The premium credit card market is increasing fast. The balance of card transactions in such markets is estimated at 35 trillion won a year. However, many services providers have failed to meet the needs of customers.
Hyundai realized this problem by its own survey, which was based on consuming patterns of more than 5 million customers of the company. Hyundai finally launched the P3 product, which can bring real benefits to cardholders.
The P3 provides general services, such as discount for air tickets, loans with no interest, free parking fee on weekends. In addition to that, it provides more benefits in specific categories, such as automobiles, family, shopping, and travel.
Hyundai also emphasized on customers’ lifestyle to become their main credit card service provider. Average Korean has 4.2 credit cards, so it is important for plastic issuers to secure royal customers.
Hyundai analyzed customers’ consuming pattern and lifestyle, and released various products titled by alphabets, which symbolize each life patterns. For example, T card provides discount services for travel products, while H card specializes in health services, such as discount at hospitals, clinics and drugstores.
Hyundai Card is also famous for its unique marketing strategy using big sports events and inviting world-class musicians for its customers. So far, many renowned sports stars, such as Maria Sharapova, Roger Federer, Rafael Nadal, and Kim Yu-na have been in the matches or stages hosted by the credit card service provider.
It also invited Stevie Wonder and Whitney Houston to give chances to enjoy top performances for consumers at a reasonable price. The company said about 90 percent of audiences paid the concerts with Hyundai Card, which provide discount service for those programs. It plans to invite Sting, one of the world’s biggest pop groups, to Seoul on Jan. 11