Card firms target business clients as consumer market saturates
Truck drivers refuel their vehicles at a gas station in Incheon, Friday. Yonhap
Credit card companies are stepping up efforts to launch specialized cards designed for businesses in specific sectors as they shift their focus to business operators amid saturation in the consumer credit card market, industry officials said Friday.
Card issuers are increasingly offering benefits tailored to the spending patterns of different sectors in an effort to build a loyal customer base. Payment volumes by business clients tend to be larger and their transaction cycles relatively stable, they said.
Major card firms have recently introduced a series of products aimed at specific professions, including cargo truck operators and forestry workers.
Unlike earlier products that were broadly categorized as business cards, the latest offerings are designed based on detailed analyses of industry-specific expenditure patterns.
Woori Card recently rolled out the industry’s first fully non-face-to-face application and issuance system for cargo welfare cards that does not require document submissions.
Instead of asking applicants to provide paperwork such as business registration certificates or vehicle registration documents, the company verifies the information automatically by linking data from external institutions including the Korea Transportation Safety Authority and the National Tax Service, in a bid to improve convenience for cargo transport operators.
The system also reflects expectations of strong demand for services that enable truck drivers, whose largest fixed expense is fuel, to receive fuel subsidy benefits more quickly.
In a similar move, Hana Card partnered with the National Forestry Cooperative Federation to launch a card tailored to forestry workers.
The product expands the benefits of the company’s flagship hyperpersonalized “Wonder Card 2.0” to forestry workers through the cooperative’s financial and retail networks, with features designed around their everyday spending habits and work-related needs.
“Because the consumer card market has already become highly competitive and mature, card companies are increasingly focusing on business customers as a new growth driver,” a card industry official said. “Providing benefits that reflect the cost structures of each sector can help secure long-term customers while increasing transaction volumes in a stable manner.”
Card companies have seen their earnings deteriorate amid mounting regulatory pressure and sluggish consumer spending.
According to company filings, the combined net profit of the country's seven major credit card issuers — Shinhan Card, Samsung Card, KB Kookmin Card, Hyundai Card, Hana Card, Woori Card and Lotte Card — came to 2.25 trillion won ($1.5 billion) in 2025. This marks an 8.4 percent drop from 2.46 trillion won the previous year.
Notably, the industry’s overall profit pool has been shrinking for several consecutive years.
The seven companies’ combined net profit reached its peak at 2.63 trillion won in 2021, before slipping to 2.57 trillion won in 2022, 2.49 trillion won in 2023 and 2.46 trillion won in 2024. The figure declined further to 2.25 trillion won last year, extending the industry’s losing streak to four straight years.