S.Korea's Hana Card, KFCC launch first PLCC

South Korea's Hana Card said on Tuesday it launched the first private label credit card (PLCC) product, the "MG+ Credit Card Primo Hana Card" of the Korean Federation of Community Credit Cooperatives (KFCC), following the partnership agreement signed with the latter at the end of June.

This product offers a 0.5% statement discount at all domestic and international merchants, regardless of usage amount, and a 2-3 month interest-free installment benefit at all domestic merchants.

For customers with a monthly usage of 400,000 won ($290) or more, the card provides up to 5% discounts on public transportation, convenience stores, supermarkets, gas stations, and apartment maintenance fees.

The annual fee is 12,000 won ($8.70).

KFCC offers the "MG+ Credit Card Savings," limited to 10,000 accounts on a first-come, first-served basis. This installment savings account is linked to the MG+ Credit Card usage and offers an annual interest rate of up to 10%.

The savings account provides a base interest rate of 4%, with an additional preferential rate of 2% to 6% based on the annual usage of the MG+ Credit Card. It is available at all credit cooperative branches.

Write to Mi-Hyun Jo at mwise@hankyung.com