'Oil Price Fears' from Middle East War Surge... Card Companies Intensify Discount Competition

Energy Conflict Intensifies... Prolonged High Oil Prices

Concerns Grow Over Long-Term Supply Instability Due to 'Hormuz Risk'

Credit Card Companies Expand Partnerships, Discounts, and Cashback Offers

As international energy prices have surged due to the aftermath of the Middle East war, the burden of rising fuel costs is increasing. With the United States and Iran continuing to confront each other over gas facilities and concerns mounting over a prolonged rise in oil prices, credit card companies are seeking to attract consumers with products offering fuel discounts and cashback benefits.

According to the financial industry on March 20, Samsung Card launched the "Samsung iD STATION Card" the previous day in partnership with HD Hyundai Oilbank, offering fuel discount benefits. Depending on the cardholder's spending in the previous month, this card provides a 10% discount on fuel purchases at gas stations, up to a maximum of 35,000 won per month.

This launch of new products by credit card companies is seen as a response to the spike in international oil prices. Recently, after Israel bombed Iran's largest gas field facility, Iran retaliated by attacking Qatar's energy facility cluster, intensifying concerns over supply disruptions. As a result, Brent crude oil, the international oil price benchmark, surpassed $110 per barrel during intraday trading on March 18. While the sharp spike at the beginning of the month, when prices approached $120 per barrel, has not been repeated, the ongoing risk related to the Strait of Hormuz due to the potential for escalation remains. The Strait of Hormuz is a key shipping route through which about 20% of the world's crude oil and liquefied natural gas (LNG) maritime trade passes. The U.S. Energy Information Administration (EIA) projected in its report on March 10 that, as a result of the Iran war, Brent crude prices could remain above $95 per barrel for at least the next two months.

The burden of high oil prices is directly leading to increased fuel expenses for domestic consumers. In response, credit card companies are enhancing various types of fuel benefits, including per-liter discounts, percentage discounts on payment amounts, and cashback offers. They have expanded their product lineup to include not only co-branded cards with specific oil companies but also general-purpose cards that offer benefits at all gas stations.

Shinhan Card offers the "Deep Oil Card," which allows users to select an oil company and receive around a 10% discount on fuel purchases. Hyundai Card has introduced the "Energy Plus Card," which, when used at GS Caltex, compares prices at nearby stations and adjusts the payment amount to the lowest price available. In addition, NH Nonghyup Card is holding a cashback event until April 10, offering 200 won per liter back when spending 50,000 won or more at Nonghyup gas stations nationwide. Furthermore, Lotte Card, Hana Card, and KB Kookmin Card are also seeking to attract customers by offering per-liter discounts or reimbursement benefits.

As the period of high oil prices continues, fuel expenses are increasingly becoming a fixed household expense, prompting card companies to go beyond simple promotions and strengthen practical, everyday benefits. An industry insider stated, "Whenever oil prices rise, fuel discount cards have stood out as a representative means of saving money," adding, "It is important to compare your average monthly fuel expenditure and each card's benefit structure before making a choice."

This content was produced with the assistance of AI translation services.