South Korean conglomerate Hyundai’s credit-card subsidiary Hyundai Card is collaborating with Starbucks to launch a private-label credit card.
The card will be made available later this year with marketing and operations taken care of by the local issuer. Customers bearing the card will be eligible for all rewards offered by Starbucks on top of regular credit functions, and will enjoy optimised benefits from both firms.
“Along with the private-label credit-card product, we will spur the development of customised services based on our big data,” company officials told the Korean Herald.
The partnership marks Starbucks’ first such private-label alliance within the territory, while Hyundai has previously set up such agreements with E-mart, eBay, Costco, GS Caltex and Korean Air, among others.