KB Card introduced a credit card service that automatically applies discounts after analyzing the goods to be charged to the credit card.
KB Card has introduced the service from June 1, with the name of “Smart Offering” Service. The credit card company developed some 20 such services during a trial-run in the past year. One of them provides a discount of 5,000 won if the cardholder uses the card in very different locations in the country, away from his or her usual areas. The idea is to reward users for travel when they go to places like Gangnam, Seongnam City and Bundang, Gyeongju, and even at service stations on the way to the ancient capital of Silla Dynasty. A message will be sent to users saying that 5,000 won will be granted if the card charges total over 100,000 won.
Other popular vacation spots like Jeju Island, Gyeongju and Jinju are included during the summer vacation season to spur travel in the country and the use of the card.
Officials of KB Card said the credit card holders feel great when they get unexpected discounts from a credit card operator because it’s automatic and does not require a user to log in to a website and redeem “points.” This is the first time that the card operator has launched such a service based on an intelligence configured from so-called Big Data.
The cardholders now don’t have to look for the stores or restaurants where they can get the discount for their cards, as the credit card company automatically gives the discount based on what they paid for and where the cards were used.
They said the service came out of a competition among the credit card operators, which is getting stiffer day-by-day as they battle for a bigger share of the credit card market. Lately, credit card companies have been showing off mobile credit cards. Woori Card plans to introduce its “Mo Buy” card, which gives the largest discount among mobile credit cards in the market.
The card can be used at sales counters with NFC terminals, which total around 30,000 across the country, they said, with the discount range running as high as 7 percent — the highest among the mobile cards.
If a credit card charge in the preceding month reaches a certain amount, the cardholder could choose the sales counters or restaurants for discounts.
Meanwhile, Hana Card and Shinhan Card introduced their NFC and app-method exclusive mobile cards into the credit card market to open a tripartite competition in the mobile card market with Woori Card, and possibly, Hyundai Card jumping in with its own exclusive mobile card. Only the timing is left for the company to decide at this juncture.
KB Financial Group is Korea’s leading financial institution with the largest customer base and the most extensive branch network in the country. With total assets exceeding $380 billion, the group wields a solid capital prowess and enjoys strong brand loyalty. As of December 2013, the Group had 10 domestic subsidiaries — banking, credit cards, securities, life insurance, asset management, real estate trust, venture capital, credit information, data system, and savings bank-and-four overseas subsidiaries in Hong Kong, England, Cambodia, and China.
KB Financial Group was established in September 2008 with extensive stock transfers from major subsidiary companies. The group’s establishment was to better deal with such fundamental changes in the financial markets at home and abroad as the rapid globalization of financial service, a declining profitability of traditional banking operations, new industry regulations, and an increasing demand for comprehensive financial services.
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