SEOUL, Nov.9 (Korea Bizwire) – With the American ‘Black Friday’ shopping frenzy only three weeks away, the credit card industry has ramped up marketing efforts, targeting those who make direct overseas purchases.
As the number of people who make overseas purchases is increasing rapidly, credit card companies have started their promotions earlier than in previous years, hoping to get an early advantage with consumers.
‘Black Friday’ refers to the day that kicks of a shopping season that starts from American Thanksgiving (the fourth Thursday of November) to the end of the year. A whopping 70 percent of the annual sales of American retail stores are said to occur during this sale period.
Korean online shoppers who make direct overseas purchases have embraced Black Friday, and have shown that they are as voracious as their American consumer counterparts.
Shinhan Card announced that it will open a lottery for customers that purchase over 100,000 won worth of products, and present a cash reward of one million won to the winner. In addition, the company will provide 10 percent cash back to those who purchase more than 100,000 won through Amazon or iHerb from November 27 to November 30.
Samsung Card is also giving customers who use Amazon or iHerb and purchase more than $100 a chance to win cash prizes through a lottery. The company is also providing its consumers with a ‘Master Pass’ service, which allows one to make payments through an app card at overseas online affiliates.
Hyundai Card decided to provide a five percent cash back service to customers who make purchases at an overseas online shopping site until the end of the year, while also offering compensation of up to $1,000 when damage or loss occurs during shipping.
Lotte Card has established a ‘Direct Overseas Purchase Mall’ on its homepage. The company is providing cash back of four to 14 percent to consumers as a promotion to celebrate Black Friday.
KB Kookmin Card is holding a promotion in which it has set the standard exchange rate to 1,100 won per dollar, and if the exchange rate exceeds the standard amount at the time of purchase, the difference will be returned in cash.
By Francine Jung (firstname.lastname@example.org)