KB Kookmin Card has stopped the new issuance of its partnership card with Homeplus.
According to the financial sector on July 10, KB Kookmin Card has ceased the issuance of new, additional, and replacement 'Homeplus KB Kookmin Card' and employee-exclusive cards as of today.
However, to enhance convenience for existing customers and protect consumers, renewals and reissuance within the validity period will still be available.
This decision comes just a week after the Seoul Bankruptcy Court decided to terminate Homeplus's corporate rehabilitation process on July 3. The uncertainty surrounding Homeplus's recovery, along with store closures that have weakened the usage base and product competitiveness of the partnership card, is believed to be the reason behind the halt in new issuances.
Currently, in addition to KB Kookmin Card, Shinhan Card and Samsung Card also operate partnership cards with Homeplus. Both Shinhan Card and Samsung Card plan to decide on the continuation of their partnerships after the court's final ruling.
A representative from KB Kookmin Card stated, "We decided to halt the new issuance of Homeplus-specific products due to the reduction in actual customer benefits stemming from recent changes in Homeplus's business environment."
* This article has been translated by AI.
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