Hyundai Card, a subsidiary of South Korea-based vehicle maker Hyundai Motor Group, has signed a memorandum of agreement (MoU) with flag carrier Korean Air to roll out a new credit card.

The co-branded credit card will be offered as a private label credit card (PLCC) which will enable the cardholders to avail all rewards provided by the contracting company, reported The Korea Herald.

An agreement signifying the PLCC partnership was signed by Korean Air CEO Woo Ki-hong and Hyundai Card vice chairman and CEO Chung Tae-young.

Both Korean Air and Hyundai Card have also signed a partnership contract whereby Hyundai Card will assume the responsibility of the marketing and operations of the new Korean Air-labelled credit card.

The exclusive credit card will provide the cardholders with optimized flight mileage benefits, officials told the publication.

Hyundai Card in a statement said: “Our new partnership with Korean Air, which is a global top-level air carrier, will give us the chance to fully present our capacity in PLCC planning and operating.”

“We will also make full use of our data capacities, which provides individuals with artificial intelligence-based superior customization services.”

Earlier, Hyundai Card rolled out a number of private label credit cards with retailers including E-mart, Costco, Hyundai Motor, GS Caltex and Kia Motors.