Value context and insight. lkm@koreatimes.co.kr
Standard Chartered Bank Korea issues Sigma Card
A model holds a sign promoting Standard Chartered (SC) Bank Korea's Sigma Card. Courtesy of SC Bank Korea
By Lee Kyung-min
By Lee Kyung-min
Standard Chartered (SC) Bank Korea has rolled out a credit card that meets the needs of frequent overseas travelers, the firm said Tuesday.
Holders of the new Sigma Card will be able to use some 850 airport lounges worldwide, the use of which is strictly limited to priority pass holders.
Up to three people are allowed to accompany the card holder into the lounge. Entrance is granted up to three times a year.
Other privileges include a favorable foreign currency exchange rate as well as an exemption of a 0.35 percent overseas transaction fee.
“The card is gaining popularity among vacationers that travel overseas during summer,” an SC official said.
“The exclusive access to lounges with up to three accompanying travelers is a benefit that has received great reviews from our customers, especially parents with children on a trip during summer or winter vacations,” the official added.
The card offers many other benefits in proportion to the amount spent.
Card users will be given a cash back of 1.5 percent of the amount spent both domestically and overseas on online transactions.
For the amount spent at the card's partner member stores, 1 percent of the total expenditure will be accumulated as points.
The points can be used to pay monthly payments or interest and part of principal on loans.
They can also be used to pay for airline tickets or exchanged for a department store gift certificate.
Up to 200,000 won ($169) in cash awards will be given to users who make payments with the card at local hospitals, select hotels and select overseas golf courses.
Of those who get the new card between July 1 and August 30 and spend at least 100,000 won by September 30, a 20,000 won cash award will be given.
“Before choosing a credit card, many customers thoroughly review which benefits will be the most cost-effective way that best suits their consumption patterns. This card definitely has a competitive edge with frequent travelers who spend substantial amount of money overseas,” the official added.