This launch is set to be the first hotel industry credit card in South Korea where Cardholders can earn Marriott Bonvoy points and enjoy member benefits that come with elite status.
In designing the Marriott Bonvoy The BEST Shinhan Card, the two companies analysed the spending and traveling behavior of Koreans, finding that they love to travel (9 percent of credit card spend is on overseas spend) and enjoy dining out (11 percent of credit card spend). Korea is the second largest outbound travel market in Asia: in pre-COVID 2019, the Korea Tourism Organization reported more than 28 million outbound Koreas compared to 14 million in 2014 –– presenting an opportunity for overseas spend once international resumes.
“It is very meaningful that our customers will be able to enjoy differentiated benefits and membership anywhere in the world via the launch of Marriott Bonvoy The BEST Shinhan Card card,” said Youngjin Lim, CEO, Shinhan Card. “In partnership with Marriott, the world's No. 1 hotel company, we will continue to make our best efforts to provide broader value to customers so as to evolve into a 'Life & Finance Platform' company, our future direction.”