Private Business Cards: Save Costs, Boost Benefits
- SEOUL, South Korea – South Korean credit card companies are increasingly focusing on the nation's burgeoning population of small business owners, rolling out new cards and revamping existing...
- Hana Card introduced the 'Haner Soho Card' last month, a credit card designed specifically for small business customers.
- The 'Soho Service' provides a 5% discount on several key business expenses, including:
Credit Card Companies Target South Korea’s Growing Ranks of Small business Owners
Table of Contents
- Credit Card Companies Target South Korea’s Growing Ranks of Small business Owners
- Credit Card Solutions for Thriving South Korean Small Businesses: Your Questions Answered
- 1. What’s the current trend in South Korea’s credit card market for small businesses?
- 2. Why are credit card companies focusing on small business owners in South Korea?
- 3.What is the ‘Haner Soho Card’ from Hana Card?
- 4. What benefits does the ‘Soho Service’ package offer on the Haner Soho Card?
- 5. What does the ’Hana More Service’ on the ‘Haner Soho Card’ offer?
- 6. What is the ‘Hyundai Card MY Business Summit’?
- 7. What services does the ‘Business Summit Card’ offer?
- 8. How can business owners earn extra M points with the ’Hyundai Card MY Business Summit’ card?
- 9. What additional benefits does the ‘Hyundai Card MY Business Summit’ card offer?
- 10.How is Lotte Card improving its services for small business owners?
- 11. wich cards are mentioned and what are their key benefits?
SEOUL, South Korea – South Korean credit card companies are increasingly focusing on the nation’s burgeoning population of small business owners, rolling out new cards and revamping existing platforms to cater to their specific needs. This push comes as the number of self-employed individuals in South Korea continues to rise.
Hana Card Launches ‘Haner Soho Card’
Hana Card introduced the ‘Haner Soho Card’ last month, a credit card designed specifically for small business customers. The card offers two primary service packages: ‘Soho Service’ and ‘Hana More Service’.
The ‘Soho Service’ provides a 5% discount on several key business expenses, including:
- Food supplies
- Online shopping
- Fuel
- Non-life insurance
- Telecommunications
- Electricity and city gas
The ‘Hana More Service’ offers a 2% discount on overseas merchants and a 0.5% discount on domestic merchants. It also includes interest-free installment plans for purchases made in South Korea,ranging from two to three months.
Hyundai Card Unveils ‘Hyundai Card MY Business Summit‘
Earlier this month, Hyundai Card presented the ‘Hyundai Card MY Business Summit,’ an extension of their premium ‘Hyundai Card Summit’ launched the previous year.This card focuses on providing extensive support for business operations.
The Business Summit Card offers services such as assistance with VAT returns, business car sales, and business analysis. Cardholders also earn 1.5% of their spending back in M points, with no limit on accumulation.
Moreover, businesses with notable monthly expenses can earn up to 30,000 M points per month. Qualifying business expenses include:
- Advertising and promotion costs (e.g., Naver, Baemin)
- Purchasing expenses (e.g., hypermarkets, food retailers)
- Operating expenses (e.g.,gas,insurance)
The card also offers 5% M point earnings in daily consumption categories like education,medical services,travel,and golf.Additional benefits include vouchers, airport lounge access, and valet parking at Incheon International Airport and select domestic hotels.
Lotte Card Revamps ‘Sally’ Platform
Lotte Card recently reorganized its private business platform, ‘Sally,’ aiming for a more intuitive user interface. The updated platform allows business owners to easily access key facts such as sales figures and deposit details. A new section connecting users to the Digyro Car App Shop has also been added.
Growth in Self-Employment Fuels Card Company Interest
The National Tax Service reported last year that the number of business owners in South Korea reached 10 million by the end of 2023, an increase of 27,300 from the previous year. This steady growth is a key factor driving card companies’ increased focus on this demographic.
According to a Hana Card official, the company launched its new card “to provide various services to help self-employed businesses grow and support win-win finance.”
Credit Card Solutions for Thriving South Korean Small Businesses: Your Questions Answered
In a rapidly evolving financial landscape, South Korean small business owners are increasingly looking for financial tools to streamline operations and foster growth. With the self-employed sector booming, credit card companies are stepping up. This Q&A will explore the latest credit card offerings designed specifically to meet the unique needs of these businesses focusing on data from the provided article.
1. What’s the current trend in South Korea’s credit card market for small businesses?
South Korean credit card companies are actively targeting small business owners. They are rolling out new credit cards and revamping existing platforms to cater to the increasing number of self-employed individuals in the country.
2. Why are credit card companies focusing on small business owners in South Korea?
The national Tax Service reported that the number of business owners in South Korea reached 10 million by the end of 2023. This represents an increase of 27,300 from the previous year. This meaningful and consistent growth is the main driving force behind the increased focus from credit card companies.
3.What is the ‘Haner Soho Card’ from Hana Card?
The ‘Haner Soho Card,’ launched last month by Hana Card,is specifically designed for small business customers. It offers two main service packages: ‘Soho Service’ and ‘Hana More Service’.
4. What benefits does the ‘Soho Service’ package offer on the Haner Soho Card?
The ‘Soho Service’ provides a 5% discount on essential business expenses, including food supplies, online shopping, fuel, non-life insurance, telecommunications, and electricity and city gas.
5. What does the ’Hana More Service’ on the ‘Haner Soho Card’ offer?
The ‘Hana More Service’ offers a 2% discount on purchases from overseas merchants and a 0.5% discount on domestic merchants. It also includes interest-free installment plans, ranging from two to three months, for purchases made within South Korea.
6. What is the ‘Hyundai Card MY Business Summit’?
The ‘Hyundai Card MY Business Summit’ is an extension of Hyundai Card’s premium ‘Hyundai Card Summit’. It has been designed to provide thorough support for business operations. This card focuses on providing extensive support for business operations.
7. What services does the ‘Business Summit Card’ offer?
The Business Summit Card provides assistance with VAT returns, business car sales, and business analysis. Cardholders also earn 1.5% of their spending back in M points with no accumulation limits.
8. How can business owners earn extra M points with the ’Hyundai Card MY Business Summit’ card?
Businesses can earn up to 30,000 M points monthly based on eligible expenses. These expenses include advertising and promotion costs (like those on Naver and Baemin), purchasing expenses (for example, at hypermarkets and food retailers), and operating expenses (such as those for gas and insurance).
9. What additional benefits does the ‘Hyundai Card MY Business Summit’ card offer?
the card grants 5% M point earnings in everyday categories such as education, medical services, travel, and golf. Further benefits comprise vouchers, as well as airport lounge access and valet parking at Incheon International Airport and selected domestic hotels.
10.How is Lotte Card improving its services for small business owners?
Lotte Card has revamped its private business platform, ‘Sally,’ to create a more intuitive user interface. The updated platform offers business owners easy access to essential information like sales figures and deposit details. A new section connecting users to the Digyro Car App Shop has also been integrated.
11. wich cards are mentioned and what are their key benefits?
| Card Name | Issuing Company | Key Benefits/Features |
|---|---|---|
| Haner Soho Card | Hana Card | 5% discount on business expenses (food supplies, online shopping, fuel, insurance, etc.) and 2% discount on overseas purchases. |
| Hyundai Card MY Business Summit | Hyundai Card | 1.5% M points back on spending (no limit),up to 30,000 M points monthly with eligible expenses (advertising,purchasing,operating),5% M points in education,medical service,travel,and golf. |
| Sally (Platform) | Lotte Card | Improved user interface, easy access to sales and deposit details, and integration with the Digyro Car App shop. |
These cards and platforms showcase the commitment of major South Korean credit card companies to support the growth and success of small businesses.