10 years after “Be Rich” ... BC Card designs co-branded card with LG Electronics

[Financial News] BC Card has teamed up with LG Electronics to launch a co-branded card tailored to home-appliance subscription customers.
According to BC Card on the 2nd, the LG Electronics Privilege card has launched. It is BC’s first joint product in 10 years since its flagship hit product, “Be Rich.”
Taking into account consumers’ growing preference for “use and experience” over “ownership,” the card combines the discounts offered by existing co-branded cards based on spending in the previous month with LG Electronics’ subscription prepayment program to reduce the burden of monthly subscription fees.
The arrangement enables BC Card to secure demand for recurring subscription payments, while LG Electronics can encourage the use of its subscription service by easing customers’ cost burden. In particular, it was designed to reduce both upfront costs and recurring expenses by applying discounts to monthly subscription fees and the prepayment due at the start of a contract.
Customers who pay their LG Electronics home-appliance subscription fees with the card receive a monthly discount of up to ₩35,000, depending on their spending in the previous month. The discount is tiered across three spending levels: at least ₩900,000 for a ₩25,000 discount, at least ₩1.3 million for ₩30,000, and at least ₩1.8 million for ₩35,000.
An additional discount is available when customers pay the prepayment for an LG Electronics subscription contract with the card. For a prepayment of at least ₩900,000, ₩25,000 is deducted once a year, regardless of spending in the previous month. The same discount applies the following year.
Customers who receive the maximum amount under both benefits can save ₩60,000 in total.
Issuance of the Privilege card began with BNK Kyongnam Bank on the 30th of last month, and will expand to IBK Industrial Bank of Korea in the fourth quarter of this year and iM Bank next year. Details of each bank’s card brand (Visa/Mastercard) and annual fee may be found on its website. The card is issued only as a personal credit card.
Kim Ho-jeong, a managing director at BC Card, said, “This product is distinguished by how it lowers customers’ actual subscription cost burden,” adding, “We will continue to develop differentiated products and services that customers can experience in their daily lives by keeping up with changing consumer trends.”

[email protected] Kim Tae-il Reporter