[Provided by Hyundai Card]
[Provided by Hyundai Card]

Hyundai Card announced Wednesday that it is launching the "Olive Young Hyundai Card Plus" in partnership with CJ Olive Young, a new credit card that lets cardholders earn 20 percent of their spending back as "Olive Points."

The card is the first credit card to offer Olive Points — a rewards currency introduced in May that can be used like cash at CJ Olive Young's online store and physical locations. CJ ONE points based on membership rating will continue to be awarded as before.

The card's standout feature is its industry-leading rewards rate paired with a lower annual fee than comparable products.

Cardholders earn 20 percent of their CJ Olive Young spending as Olive Points, up to 10,000 points per month — the first time a 20 percent rewards rate has been offered at the retailer. During a promotional period running through July next year, the monthly cap doubles to 20,000 points.

Outside of CJ Olive Young, the card earns 5 percent back on spending in three everyday categories — online shopping, coffee shops and online food delivery — up to 2,000 points per category per month, or 6,000 points combined. Stacking all benefits, cardholders can accumulate up to 26,000 Olive Points a month.

The annual fee has been cut from 30,000 won ($21) to 15,000 won, and all benefits are unlocked when the cardholder spends at least 300,000 won in the previous month.

"The Olive Young Hyundai Card Plus is the first product to reflect CJ Olive Young's new rewards structure," a Hyundai Card official said. "The high 20 percent rewards rate and various promotions will significantly boost member satisfaction."

To mark the launch, Hyundai Card and CJ Olive Young will give new Hyundai Card members an instant discount coupon pack worth 70,000 won at CJ Olive Young through Sept. 30. The companies also plan to run promotions tied to CJ Olive Young's major discount events, including the Olly Sale, Olive Day and All-Benefits Day.

Full details are available on the Hyundai Card and CJ Olive Young apps and websites.

The new card also offers enhanced benefits compared with the original "Olive Young Hyundai Card," Hyundai Card's first private-label credit card with CJ Olive Young. That earlier card earned up to 5 percent back on CJ Olive Young purchases and 1 percent on domestic and overseas spending when monthly spending reached at least 400,000 won. New applications for the original Olive Young Hyundai Card were discontinued Thursday.


won@heraldcorp.com