Saemaul Geumgo and Hana Card will launch their sixth private label credit card in mid-August, nine months after their previous release. The new 'MG+' series card focuses on subscription payment benefits including mobile services like Netflix and KakaoTalk, as well as appliance rental monthly fees. The launch comes as Saemaul Geumgo faces a 0% household loan growth target for this year, pushing the cooperative to expand non-interest income through card partnerships and new account acquisition.
Saemaul Geumgo and Hana Card Launch Sixth Partnership Card Since 2014
Saemaul Geumgo and Hana Card are currently finalizing details including the product name for the mid-August launch. The two institutions released their first partnership product in October 2014, and have since introduced PLCCs specialized in specific consumption areas including mobile payments, overseas travel, and health.
The new PLCC will offer discount benefits on subscription payments for mobile services such as Netflix and KakaoTalk, as well as monthly rental fees for appliances like water purifiers. The card targets all age groups through utility payment discounts. The discount benefit amount has not been finalized. Industry observers note that matching the monthly maximum 60,000 won discount offered by the previous 'MG+ S Hana Card' will be difficult, as the high discount level created cost burdens for both the card company and Saemaul Geumgo. Subsequent products reduced the monthly maximum discount limit to around 40,000 won.
Saemaul Geumgo Targets Non-Interest Income Amid Household Loan Constraints
Saemaul Geumgo expects to expand non-interest income through this PLCC launch. The cooperative's household loan growth rate target is set at 0% for this year, making revenue expansion through lending difficult. Saemaul Geumgo's household loan balance in June decreased month-over-month for the first time this year.
The cooperative is accelerating efforts to strengthen its non-interest income base through new customer acquisition and expansion of investment members. The 'MG+' PLCC requires applicants to hold a Saemaul Geumgo deposit and withdrawal account. The cooperative has expanded its investment member base by offering annual fee cashback benefits to investment members with each PLCC launch.
Previous MG+ S Card Generated 100,000 New Accounts in Three Weeks
The 'MG+ S Hana Card' launched in July last year offered discount benefits for mobile payment platforms including Naver Pay and Kakao Pay. The card gained popularity among customers in their 20s and 30s and was discontinued early after three months. During the three weeks following the MG+ S launch, approximately 100,000 new accounts were opened — about four times the normal account opening rate.
A financial industry official stated that the new PLCC from Saemaul Geumgo and Hana Card is scheduled for August release, with the card concept being a subscription automatic payment specialized card targeting all age groups based on utility bill payments.
FAQ
When will Saemaul Geumgo and Hana Card launch their new PLCC?
Saemaul Geumgo and Hana Card will launch their sixth private label credit card in mid-August. The two institutions are currently finalizing details including the product name.
What benefits does the new MG+ card offer?
The new 'MG+' series card will offer discount benefits on subscription payments for mobile services such as Netflix and KakaoTalk, as well as monthly rental fees for appliances like water purifiers. The specific discount amount has not been finalized.
Why is Saemaul Geumgo launching another credit card?
Saemaul Geumgo faces a 0% household loan growth target for this year, with June household loan balances decreasing month-over-month for the first time this year. The cooperative is expanding non-interest income through card partnerships and new account acquisition.
