SoCar announced that it would launch its Private Label Credit Card (PLCC) in partnership with the credit issuer Hyundai Card. The leading car-sharing service provider in South Korea would include more exceptional mileage and travel benefits personalized for customers by the end of the year.
SoCar and Hyundai Card held a signing ceremony at the headquarters of Hyundai Card in Yeouido, Seoul, on Thursday, with representatives attending from both companies, such as Jaewook Park and Vice Chairman Tae-Young Chung, and signed the partnership to launch the PLCC.
SoCar PLCC, scheduled for release later this year, plans to provide the highest credit service and accrual benefits when using the service. Also, both companies analyze the card usage data of SoCar users and identify areas frequently used by customers. The specialized card would also include optimized lifestyle benefits in areas such as Food and Beverages, shopping malls, and hotels.
Private Label Credit Card
PLCC features a card product designed and operated by a credit card company with another credit card company that uses its brand and provides optimized benefits. The most prominent feature showcases focused benefits and incentives from the company as compared to general affiliate cards.
A PLCC allows retailers to offer flexible and lenient terms to customers using the card at a specific store. Most merchant stores suggest their card to encourage more spending through the convenience of a credit card with deferred payment schemes and loyalty discount rewards on the next purchase.
An official from SoCar said that the collaboration provided the company to grow into a platform that encompasses not only car sharing, but also an entire lifestyle. The company would promote a unique experience with regards to the use of the card together with mobile services.