Fintech corporation Finda announced on the 24th that it has launched the 'Finda Jeonbuk Bank Card', a PLCC (Private Label Credit Card) that refunds loan interest (up to 420,000 won annually) in collaboration with Jeonbuk Bank. This is the country's first 'interest refund type PLCC' where users can receive some of their loan interest back in cashback form upon meeting certain usage amounts through the Finda application.
Users holding a contracted loan in the Finda app who have linked their mydata can receive 'double benefits', which doubles the perks. Qualifying users can receive up to 35,000 won per month and up to 420,000 won annually in interest refunds based on card usage performance. The minimum usage requirement is over 300,000 won per month, and the refund benefits will remain valid for up to two years after card issuance, with interest refund amounts automatically provided based on the previous month's performance by the 15th of each month.
The double benefits are set to be gradually applied to products from more than 70 financial firms affiliated with Finda (excluding policy products from the Financial Service Agency and personal rehabilitation loans, business loans, and corporate loans), and there are plans to continue expanding the product lineup. However, loans that are revoked within 14 days or products that do not support mydata linkage will not be eligible for double benefits.
Users who do not have a contracted loan in the Finda app or have not linked their mydata will receive standard benefits. The annual fee is 15,000 won for domestic-only use and 16,000 won for domestic and international use.
Management features are also provided for users of the Finda card. Users can intuitively compare the 'perceived interest rate', which reflects the interest refund benefits, on the loan limit inquiry screen. In particular, Finda helps users manage their performance through 'card performance notifications' to ensure they do not miss out on interest refund benefits due to not meeting the minimum usage amount.
Lee Hye-min, co-CEO of Finda, noted, 'A PLCC that directly benefits loan customers is a model that has not existed in traditional finance or the fintech industry, and we have opened an era where loan interest can be refunded through a card with a reward structure that only Finda can realize.'