Park Han-sol reports on Korea's financial regulators, along with fintech and insurance. She previously wrote about the art world, from biennales and exhibitions to fairs and auctions, with a focus on Seoul and the figures shaping the scene. Before joining The Korea Times, she spent a year at ABC News' Seoul bureau, contributing to coverage of major Asia-Pacific events.
From fuel discounts to fitness coverage, card issuers and insurers roll out everyday perks amid rising living costs
Runners take part in a marathon at Sookmyung Women’s University in Seoul, Friday, held to celebrate the school's 120th anniversary. Yonhap
By Park Han-sol
As inflation reshapes consumer priorities, Korea’s card and insurance sectors are rolling out more products tailored to everyday spending habits, industry officials said Monday.
Rather than offering broad, one-size-fits-all benefits, these firms are sharpening their focus on customized products that reflect real-world consumption patterns — from fuel and transportation to fitness — as households grow more selective about where they spend.
For card issuers, that has meant expanding discounts and rewards across essential spending categories such as gas and commuting.
Amid prolonged concerns over global oil supply disruptions tied to the U.S.-Israeli war on Iran, Lotte Card introduced a fuel-focused card aimed squarely at drivers grappling with high energy costs. Customers who spend between 500,000 won ($333) and 1 million won on gas in a month receive a cashback up to 30,000 won, while those exceeding 1 million won receive one capped at 50,000 won.
Hana Card has similarly strengthened its gas savings offerings through its MULTI Oil card, which provides a 10 percent discount up to 30,000 won monthly at Korea’s four major refiners: SK Energy, GS Caltex, S-Oil and HD Hyundai Oilbank.
Samsung Card, meanwhile, has embraced greater personalization with its iD SELECT card, allowing users to directly choose the benefits that best suit their lifestyles.
Customers can select one discount category for fixed monthly costs, such as apartment maintenance fees, telecommunications or education expenses, alongside another category covering daily spending such as dining, online shopping, delivery apps or medical costs.
Insurers, for their part, are targeting consumers in their 20s and 30s, whose spending habits emphasize affordability and flexibility. As demand grows for practical financial products that minimize unnecessary costs, companies have launched more budget-conscious policies that prioritize essential coverage over bundled plans.
KB Insurance recently launched a policy that offers premiums up to 25 percent lower than comparable existing plans for policyholders with clean medical records, including no recent hospitalization, surgeries or major illnesses, effectively rewarding healthy living with tangible financial savings.
At the same time, the growing popularity of fitness culture among younger consumers has fueled demand for affordable “mini-insurance” products tailored to active lifestyles.
NH NongHyup Life, for example, introduced a low-cost annual plan covering six common exercise-related injuries, from fractures and ligament tears to Achilles tendon surgery, with premiums ranging from just 5,500 won to 7,000 won.
Hana Insurance has rolled out similar specialized coverage, offering payouts for lower-body surgeries linked to outdoor running injuries, along with protection against weather-related conditions such as heatstroke and frostbite.
“Ultimately, platform competitiveness will depend on how deeply financial services can integrate into the rhythms of customers’ everyday lives,” an industry official said.