If platinum is no thrill, consider a ‘Black Card’
Published: 09 May. 2005, 22:25
Credit cards designed for the affluent and status-conscious, with a million-won ($1,000) annual fee attached, have been sold in the last three months to more than 300 people, mostly identified as business executives, lawyers and doctors.
Hyundai Card Co. started issuing the premium “Black Card” in early February.
After members pay the fees, the card’s benefits include a 100-million- won credit limit per month. In addition, gift vouchers are sent to holders for luxury shirts, cigars and free meals at restaurants and automatic upgrades for airline seats.
The card company, which has set a quota of 9,999 members, is building its list of clients. Of the 310 people who now have the cards, more than 70 percent are business executives.
The company issued its first Black Card to Chung Mong-koo, chairman of Hyundai Motors, an affiliated company of Hyundai Card. The last card is reserved for Chung Tae-young, president of the card company. Chung Mong-koo is the father of Chung Tae-young’s wife.
Hyundai Card said that not all wealthy people are qualified to become members. It said a top professional sportsman who applied for card membership was rejected because he was not an opinion leader, and a top television star was also turned down because she was too young.
According to the company, those who are qualified for membership are chairmen of companies whose annual revenue is 10 billion won or more, doctors and lawyers who own their offices and have been in the practice for more than five years.
And they ultimately will have to be approved by the “Black Committee” composed of Hyundai Card executives.
by Kim Joon-sool, Min Seong-jae
Hyundai Card Co. started issuing the premium “Black Card” in early February.
After members pay the fees, the card’s benefits include a 100-million- won credit limit per month. In addition, gift vouchers are sent to holders for luxury shirts, cigars and free meals at restaurants and automatic upgrades for airline seats.
The card company, which has set a quota of 9,999 members, is building its list of clients. Of the 310 people who now have the cards, more than 70 percent are business executives.
The company issued its first Black Card to Chung Mong-koo, chairman of Hyundai Motors, an affiliated company of Hyundai Card. The last card is reserved for Chung Tae-young, president of the card company. Chung Mong-koo is the father of Chung Tae-young’s wife.
Hyundai Card said that not all wealthy people are qualified to become members. It said a top professional sportsman who applied for card membership was rejected because he was not an opinion leader, and a top television star was also turned down because she was too young.
According to the company, those who are qualified for membership are chairmen of companies whose annual revenue is 10 billion won or more, doctors and lawyers who own their offices and have been in the practice for more than five years.
And they ultimately will have to be approved by the “Black Committee” composed of Hyundai Card executives.
by Kim Joon-sool, Min Seong-jae
with the Korea JoongAng Daily
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