Baemin Hyundai Card attracts 100,000 users

Baemin Hyundai Card, a food delivery-focused private label credit card product, has attracted over 100,000 users in eight months since the launch in November, card issuer Hyundai Card said Thursday.

The cardusers are to redeem reward points in the form of “Baemin points,” which can be used like cash exclusively for food delivery orders through Baemin, South Korea‘s largest food delivery app.

Baemin Hyundai Card users have food delivered through the Baemin app an average of 9.2 times every month, more than double that of all Hyundai Card users in general, according to Hyundai Card.

The news comes as Hyundai Card has sought to capitalize on those accustomed to digital services and to have the benefits tailored to the tech-savvy card users, on the premise that those using food delivery services tend to enjoy digital services. The card allows users to accumulate Baemin’s reward points for food delivery on Baemin -- equivalent to 3 percent of every spend -- as well as for ecommerce and web streaming services -- with 2 percent for each payment.

Private label credit cards distinguish themselves from branded cards in that a credit card company issues the cards and the user benefits and rewards are offered by the card company’s partner. Hyundai Card has teamed up with Woowa Brothers and other brands including coffeehouse franchise Starbucks, car-sharing startup Socar for its 13 PLCC products.

By Son Ji-hyoung (consnow@heraldcorp.com)