Shinhan Card simplifies benefits
The company says Shinhan Simple Card provides two benefits — coin save and cash back. / Courtesy of Shinhan
By Kim Jae-won
It is not easy for consumers to learn about the benefits they are entitled to when using credit cards, because there are literally hundreds of different rules and equations defining the types of goods and services available.
To help these confused customers, the nation’s leading plastic issuer Shinhan Card launched a new credit card product, simplifying its benefits into two categories: coin save and cash back.
If customers use this card for payments over 20,000 won in supermarkets, discount chains, convenient stores, clinics, pharmacies, cafes and bakeries among others, they will be allowed to save small change quantities (for example 365 won on a product priced at 20,365 won). However, this savings benefit, advertised by the bank as “coin save” can only be used up to 10 times per month.
“We hope the Shinhan Simple Card will appeal to consumers with its differentiated services amid the economic downturn haunting the country,” said a Shinhan spokesman.
Experts say that the new card is one of the most innovative products in the industry because it frees holders from worrying about meeting conditions to gain benefits, such as monthly payment records.
If a customer cannot find a product from which to gain a coin save benefit, the credit card company pays back 0.5 percent of the total monthly transactions into the bank accounts of cardholders within three business days.
In addition, if cardholders have bought more than 300,000 won of goods during the previous month, they can get up to a 3,000 won discount on movie tickets through Maxmovie, an online movie ticket seller. Eligibility for a half price ticket to Seoul Land is another benefit available for faithful cardholders. Seoul Land is one of the country’s biggest amusement parks, based in Gwacheon, Gyeonggi Province, south of Seoul.
Cardholders can also have interest-free monthly payment options for two to three months at all shops with no conditions.
Annual fees on the card range between 5,000 won and 10,000 won, according to the type issued. The General edition is charged at 5,000 won while Visa and Master editions cost 10,000 won in fees.
Shinhan Card is a credit card affiliate of Shinhan Financial Group. The plastic issuer is leading the group’s business along with Shinhan Bank. It has become one of the group’s two biggest revenue sources since it was acquired from LG Group earlier in the 2000s.