S. Korean credit card firms lure young customers with labeled cards such as Starbucks and IKEA

Major South Korean credit card companies have been releasing private label credit cards (PLCCs) to lure the MZ generation into becoming loyal customers.

Shinhan Card Co. is offering five PLCCs under partnerships with Swedish furniture giant IKEA, building material maker LG Hausys Ltd., and international hotel chain Marriott International Inc.

Meanwhile, Hyundai Card Co. will release a Naver-specific PLCC in the second half of this year after coming up with PLCCs last year in collaboration with Starbucks Korea and Korean Air Lines Co.

PLCCs are appealing to those who favor certain brands since they provide attractive benefits and specialized design through partnerships.

Joint marketing with their partners has proven to be a good way for credit card companies to attract new customers.

Hyundai Card's number of cardholders rose 34 percent to 9.07 million in the third quarter of last year from the 6.79 million recorded in late 2016.