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A promotional image of Marriott Bonvoy The BEST Shinhan Card (Shinhan Card) |
Shinhan Card in March announced a launch of a co-branded hotel credit card product Marriott Bonvoy The BEST Shinhan Card, offered by Visa.
The card allows cardholders to accelerate the number of Marriott Bonvoy points they earn, which can be redeemed for free nights at more than 7,600 hotels under Marriott International’s 30 brands including JW Marriott, Sheraton and Courtyard, across 133 countries including Korea.
The idea of a hotel credit card during the pandemic stemmed from the analysis of the spending and travelling behavior of Koreans, conducted by Shinhan Card and Marriott International. The analysis showed that Koreans loved to travel, as 9 percent of Koreans’ credit card spending is done overseas, and enjoyed dining out, which accounted for 11 percent of credit card spending.
The private label credit card aims to capitalize on the opportunity that South Koreans customers are expected to present once international travel resumes and overseas spending picks up.
Korea was the second-largest outbound travel market in Asia before the COVID-19 pandemic. Before the pandemic, outbound travel doubled over the course of five years to 28 million in 2019.
This shows the potential for a credit card product that offers benefits that come with elite status automatically, including free night coupons, access to airport lounges and breakfast discounts at participating hotels in Korea. Cardholders have to pay an annual fee of 267,000 won ($236).
By Korea Herald (
koreaherald@heraldcorp.com)
