Impact of premium card release
Mostly accumulation type cards
Most loaded global brand is ‘Visa’
Provided by Card Gorilla
, ‘[Financial News] The average annual fee of major credit cards released in the first half of this year increased significantly compared to the previous year, exceeding 100,000 won. This is attributed to the impact of the release of premium cards.’,
, ‘According to the ‘2024 first half credit card analysis data’ released by the credit card platform Card Gorilla on the 20th, the average annual fee of 44 major credit cards released in the first half of this year was 113,225 won. This is a 36% increase from the average of the first half of last year (83,454 won) and a 63% increase from the overall average of last year (69,583 won).’,
, ‘Last year, the annual fees of credit cards decreased in the second half of the year with the release of many cards in the 10,000 to 20,000 won range, resulting in an overall average of 69,583 won, a decrease of about 17% compared to the first half. However, in the first half of this year, with the release and renewal of many premium cards with annual fees exceeding 100,000 won, the fees showed an upward trend again.’,
, ‘Hyundai Card released the highest number of credit cards with annual fees exceeding 100,000 won in the first half of this year, totaling 5 types. They introduced the renewal of the Amex Hyundai Card series, the re-launch of the discontinued MX Black, and the new premium card Summit. Hana Card also launched a new premium brand ‘JADE’, introducing a total of 4 types of premium cards including Classic, First Centum, First, and Prime.’,
, ‘Among the newly released credit cards in the first half, the most common form of benefits provided was the ‘accumulation’ type, accounting for 54.5% of the total. Discount cards accounted for a lesser number of 19 types (43.2%) that were released, while mileage cards were limited to only 1 type (2.3%).’,
, ‘The most loaded global brand was ‘Visa’, with 26 out of 44 major credit cards released in the first half of this year (59.1%) being issued under the Visa brand. ‘Mastercard’ was used for 20 cards (45.5%), ‘Amex’ for 13 cards (29.5%), ‘UnionPay’ for 3 cards (6.8%), and JCB was not released.’,
, ‘Ko Seung-hoon, CEO of Card Gorilla, said, “Recently, there has been a steady high interest in overseas travel, and with the diversified lineup of premium cards, the psychological barrier for premium cards seems to have relatively lowered. Card companies are likely to strive to increase profitability and secure premium customers through the renewal and new release of premium cards in the face of issues such as deteriorating profitability.”‘, ‘]