Hyundai Card, a subsidiary of South Korea-based vehicle maker Hyundai Motor Group, has signed a memorandum of agreement (MoU) with flag carrier Korean Air to roll out a new credit card.
The co-branded credit card will be offered as a private label credit card (PLCC) which will enable the cardholders to avail all rewards provided by the contracting company, reported The Korea Herald.
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An agreement signifying the PLCC partnership was signed by Korean Air CEO Woo Ki-hong and Hyundai Card vice chairman and CEO Chung Tae-young.
Both Korean Air and Hyundai Card have also signed a partnership contract whereby Hyundai Card will assume the responsibility of the marketing and operations of the new Korean Air-labelled credit card.
The exclusive credit card will provide the cardholders with optimized flight mileage benefits, officials told the publication.
Hyundai Card in a statement said: “Our new partnership with Korean Air, which is a global top-level air carrier, will give us the chance to fully present our capacity in PLCC planning and operating.”
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By GlobalData“We will also make full use of our data capacities, which provides individuals with artificial intelligence-based superior customization services.”
Earlier, Hyundai Card rolled out a number of private label credit cards with retailers including E-mart, Costco, Hyundai Motor, GS Caltex and Kia Motors.
