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[Sponsored Report] Hyundai launches new cash back, point cards

Published: 29 Sep. 2013, 21:40

Hyundai’s new cards offer the benefits of points and cash back. Provided by the company

Hyundai Card recently released check and hybrid cards in line with the government’s policy to facilitate use of check cards.

It fits the company’s “Chapter Two” system, which refers to its two-track product portfolio comprising of its main product lines, M and X. Hyundai Card M is well-known for its point system, while Hyundai Card X offers more direct benefits such as a cash back service.

Users of Hyundai Card M Check can earn “M points,” which can then be used to buy various products and services; from Hyundai and Kia Motor vehicles to family restaurants, cafes, amusement parks, theaters, anywhere they make purchases. There is no limit to the number of M points that can be accrued. If a person’s purchases exceed 1 million won ($929) in a month, 1 percent of their spending will be accumulated as points, while if their purchases are under a million won, 0.5 percent will be accrued. Another type of new check card, Hyundai Card X Check, provides cash back benefits in proportion to card usage. If spending on that card in a single payment exceeds 1 million won in one month, 0.6 percent of that amount will be deposited back into the user’s bank account. For purchases under a million won, 0.3 percent will be redeposited into the account. However, those who pay taxes or tuition fees with two cards, or benefit from other Hyundai Card discounts, cannot receive the overlapping benefits of points and cash back.

Hyundai M Check and X check cards can be issued to those over 18 years old who hold accounts at associated banks such as KB Kookmin, Shinhan, Standard Chartered, Korea Post and Korea Development.

Meanwhile, the new Hyundai Card M Hybrid and X Hybrid conducts credit card transactions when not enough of a balance is left on the check card. They offer the same types of services as check cards, and have the same credit limit as ordinary credit cards.

Hyundai M Check, M Hybrid, X Check and X Hybrid are all for domestic use only, and their annual fee is 2,000 won. For all four cards, if the total amount of single payments in a year is larger than 3 million won, next year’s annual fee will be canceled. Also, customers will receive 2,000 won in cash back if they use the card to shell out more than 3 million won in a single payment during the first year.

“Following the successful launch of Hyundai Card Chapter Two credit card in July, new types of check cards and hybrid cards have been released,” said an official at Hyundai Card. “Customers will receive benefits from easy, convenient services of points and cash back, without having to worry about complicated limitations.”

By Park So-yeon [[email protected]]