Saemaul Geumgo is seeing significant effects from its third commercial label credit card, 'MG+S Hana Card,' launched in collaboration with Hana Card. A Saemaul Geumgo transaction account (checking account) is essential for card issuance, and nearly 100,000 transaction accounts have been opened in just three weeks since the card's release.
According to Saemaul Geumgo, from the card's launch on the 15th of last month to the 3rd, the number of card applications received has reached 55,065, while 47,916 cards have actually been issued. This is a remarkable speed compared to the MG+Primo card, Saemaul Geumgo's first commercial label credit card, which surpassed 100,000 issued cards 7 months after its launch. During the same period, 97,800 transaction accounts were opened, nearing the 100,000 mark, with the central headquarters reporting that the daily average number of open accounts increased fourfold.
According to the credit card platform Card Gorilla, as of today, the MG+S Hana Card has climbed to 6th place on the popular new card chart and has entered 8th place on the popular card chart for previous month's performance of below 300,000 won, despite its launch on the 15th of last month.
Initially, this card could be issued non-face-to-face, but due to its unexpectedly high popularity, it switched to fully offline issuance starting from the 24th of last month. Nevertheless, as financial consumers seek to obtain the card at Saemaul Geumgo branches across the country, the number of card issuances is still rapidly increasing.
The reason for its popularity lies in its various benefits. While recent cards from other companies have been discontinued or had their benefits reduced, Saemaul Geumgo's commercial label credit card offers rewards that can be utilized in various fields. Major benefits include a 10% discount on payment amounts in the simple payment sector (such as Naver Pay and Kakao Pay), and a 50% discount when using digital membership services like Naver Plus Membership and Coupang Wow Membership. Subscribers to online video services (OTT) such as Netflix, YouTube, Disney Plus, Tving, and Wavve can also enjoy a 50% discount on subscription services.
The expansion of the commercial label credit card and card business that Saemaul Geumgo has been pursuing since last year aims to broaden the foundation of the credit union's non-interest revenue. The increase in non-interest revenue is linked to the improvement in soundness management that Saemaul Geumgo has been criticized for. By diversifying its revenue structure, Saemaul Geumgo can establish a financial structure that is less sensitive to economic fluctuations and achieve risk dispersion through low-risk items such as card fees and insurance sales revenue.
Additionally, the Saemaul Geumgo Federation recently formed an 'Emergency Response Committee for Credit Union Soundness Management' with participation from board members and department heads. This is the first time that the central headquarters has established an emergency committee for the restructuring of individual credit unions. The committee is primarily reported to address the scale and timing of resolving arrears and the merger of insolvent credit unions.