Hyundai Card to offer a Socar credit card

Hyundai Card CEO Chung Tae-young left, and Socar CEO Park Jae-uk pose together to celebrate the partnership between two companies. [YONHAP]

Hyundai Card has partnered with car sharing service Socar to launch a branded credit card.

Set to launch in the second half of this year, the deal, announced Thursday, will see Hyundai Card create its first branded credit card dedicated to a mobility service.

Previous partners of Hyundai Card were mostly retail companies, such as Costco, Starbucks and recently the food ordering service Baedal Minjok.

The Socar branded credit card will give credit rewards, dubbed “Socar Points,” to users which can be used as cash to pay for rental fees.

Socar is one of the biggest car sharing services in Korea with more than six million users across the country. It owns some 12,000 cars and operates 4,000 rental service zones locally.

The two companies said it will strengthen ties for further partnerships and use transactional data to provide more personalized services.

BY KANG JAE-EUN [kang.jaeeun@joongang.co.kr]