"Helping Small Business Owners"... Card Companies Launch Successive Cards for Individual Entrepreneurs

Samsung, Hyundai, and Woori Card
Launch Cards with Enhanced Benefits Tailored for Individual Entrepreneurs

[Asia Economy Reporter Ki Ha-young] Card companies have focused on the individual business owner market, including small business owners and self-employed individuals. They are competitively launching new cards with enhanced customized benefits. Although cards for individual business owners have existed, there is a trend to reorganize them from the perspective of ESG (Environmental, Social, and Governance) management.

According to the industry on the 26th, Samsung, Hyundai, and Woori Card recently launched new cards for individual business owners or renewed existing cards. They strengthened customized benefits in industries frequently used by approximately 6.6 million individual business owners. In addition to tax benefits as an added service, they also provide commercial district analysis data.

Woori Card introduced the 'Biz KIT (Biscuit) Card' based on surveys targeting individual business owners and in-depth data analysis. It offers a basic benefit of 0.5% point accumulation without monthly performance or limit at domestic merchants, and provides customized benefits in preferred industries for individual business owners such as Owner, Operation, and Premium Kits. The Owner Kit offers benefits specialized for usage patterns of individual business owners such as dining and online, while the Operation Kit includes essential service benefits for merchant operations such as rentals and subscription payments.

Samsung Card launched the 'Corporate #7 More' card, characterized by a low annual fee (7,000 KRW). As a basic benefit, it accumulates 0.7% points on payments made at domestic and overseas merchants without monthly performance or limit. If the previous month's amount is 500,000 KRW or more, an additional 0.5% (up to 20,000 points per month) is accumulated on top of the basic accumulation benefits when using wired telephone/internet fees, domestic golf courses, and department stores.

Hyundai Card also introduced the renewed 'Hyundai Card My Business,' focusing on customized benefits by individual business owner industries. It offers a total of 15 types, with 5 products including M, M3, X, X3, and Zero provided in three business owner industry categories: 'Food & Drink' for food service business owners, 'Retail & Service' for distribution and service business owners, and 'Online Seller' for online mall business owners. M, M3, X, and X3 offer up to 5% M point accumulation and discounts, while Zero provides a 1.5% discount without performance conditions or limits. Special accumulation and discount benefits are provided for the four major social insurances and electricity/gas bills regardless of the product used for payment.

An industry official said, "Although cards for individual business owners have existed for some time at each card company, they are being launched from the perspective of ESG management to support small business owners facing difficulties due to COVID-19."

This content was produced with the assistance of AI translation services.