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Hyundai Card and Musinsa issue a PLCC

Hyundai Card on Monday introduced a private label credit card in partnership with online shopping platform Musinsa. The branded card comes in eight different designs. [HYUNDAI CARD]

Hyundai Card on Monday released a private label credit card (PLCC) made in partnership with online shopping platform Musinsa.

A PLCC is a credit card designed with the benefits and rewards from a specific brand.

The Musinsa-branded Hyundai card will offer a 5 percent discount on the payments made at "soldout," an online market run by Musinsa that specializes in selling limited-edition fashion items.

One percent of all transactions made with the Musinsa-branded card will be saved as rewards that can be used like cash when shopping at Musinsa.

Musinsa has some 8 million registered users and 5,700 brands are operating on its shopping platform. Almost 70 percent of the platform's customers are teenagers or twenty-somethings.

Hyundai Card hopes to appeal to young people through its partnership with the fashion shopping platform.

Under the branded card partnership, a credit card issuer and a brand work together on the entire process of credit card development from planning to branding and marketing. The two parties also share profits generated and cost incurred.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]