Hyundai Card and Musinsa issue a PLCC
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 [email@example.com]