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VISA

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Visa : Marriott International Teams With Shinhan Card and Visa For Korea's First-Ever Co-Branded Hotel Credit Card

03/31/2021 | 11:17am EDT

Marriott International today announced the launch of Marriott Bonvoy The BEST Shinhan Card, offered exclusively by Visa, enabling cardholders to accelerate the number of Marriott Bonvoy points they earn, which can be redeemed for free nights at more than 7,600 hotels across 30 extraordinary brands around the world. This launch is set to be the first hotel industry credit card in South Korea where Cardholders can earn Marriott Bonvoy points and enjoy member benefits that come with elite status.

In designing the Marriott Bonvoy The BEST Shinhan Card, the two companies analyzed the spending and traveling behavior of Koreans, finding that they love to travel (9% of credit card spend is on overseas spend) and enjoy dining out (11% of credit card spend). Korea is the second largest outbound travel market in Asia: in pre-COVID 2019, the Korea Tourism Organization reported more than 28 million outbound Koreas compared to 14 million in 2014 -- presenting an opportunity for overseas spend once international resumes.

Korea Co-Brand Credit Card

'It is very meaningful that our customers will be able to enjoy differentiated benefits and membership anywhere in the world via the launch of Marriott Bonvoy The BEST Shinhan Card card,' said Youngjin Lim, CEO of Shinhan Card. 'In partnership with Marriott, the world's No. 1 hotel company, we will continue to make our best efforts to provide broader value to customers so as to evolve into a 'Life & Finance Platform' company, our future direction'

'We are pleased to introduce Marriott Bonvoy The BEST Shinhan card in South Korea, making travel more meaningful and rewarding for members of Marriott Bonvoy,' said Bart Buiring, Chief Sales & Marketing Officer, Marriott International Asia Pacific. 'This credit card launch underscores our commitment to providing members with an unmatched array of benefits and travel experiences that meet their needs, including the opportunity to accelerate the number of Marriott Bonvoy points they earn at our hotels around the world, and points that can be used for hotel stays, through their daily purchases.'

Marriott Bonvoy is the award-winning travel program from Marriott International comprised of a portfolio of 30 hotel brands including JW Marriott, Sheraton and Courtyard, a home rental offering, all-inclusive resorts and hundreds of thousands of experiences across 133 countries and territories. Members can earn and redeem points for free nights, accelerating the points they earn with co-branded credit cards.

'Visa is a leading global payments network and one of the most powerful brands preferred by consumers and partners around the world,' said Patrick Yoon, Country Manager of Visa Korea. 'We are very excited to bring to market through collaboration among three leading brands a truly unique value proposition for the affluent and traveler consumers.' 'With the Marriott Bonvoy The Best Shinhan Card, consumers will not only gain access to unique benefits at Marriott properties but also enjoy benefits at more than 61 million merchants globally where Visa is accepted.'

Accelerated earnings and more ways to explore

With Marriott Bonvoy The BEST Shinhan Card, cardholders enjoy rich earn ratios and become a Marriott Bonvoy Gold Elite member upon sign up. Platinum Elite Status is also more achievable with Cardholders enjoying 5,000 bonus points after spending KRW 10 million, and 10,000 bonus points after spending KRW 20M. Cardholders will immediately be awarded Platinum status upon KRW 60 million spend in an accounting year.

'The launch of Marriott Bonvoy The BEST card through Shinhan provides immediate value for travelers in Korea,' said Duke Nam, Area Vice President, Korea and The Philippines, Marriott International. 'In addition to hotels around the world, cardholders have 27 Marriott Bonvoy participating hotels to choose from in Korea, along with more than 60 restaurants and bars across 11 hotel brands. Anyone who loves to travel is able to accelerate the number of points they earn towards free night stays at Marriott Bonvoy participating hotels and home rentals around the world.'

Marriott International already offers enhanced experiences in many countries, including US, UK, Canada, UAE and Japan, in collaboration with other world leading credit card companies and local banks.

Marriott Bonvoy The BEST Key Features

Annual Fee	KRW 267K (USD236)

Annual Welcome/Renewal Gift

Category 5 (up to 35K points): 1 Free night award

*Redemption Chart

Complimentary Elite Status

Automatic Marriott Bonvoy Gold Elite Status upon issuance

Bonus Points and status upgrade based on Spend

Spend over KRW 10 million, get 5,000 points

Spend over KRW 20 million, get 10,000 points

Spend over KRW 60 million, upgrade to Platinum Elite status

Earn Marriott Bonvoy Points

(Per KRW 1,000)

5 Points: Marriott Bonvoy participating hotels worldwide

3 Points: Spend abroad, airlines, taxis, and cafes

1 Point: All other purchases

Other benefits

4 times airport lounge access for 2 guests per year

KRW 50K breakfast discount at participating hotels in Korea (twice a year)

About Shinhan Card

Shinhan Card Co.Ltd. is one of Korea's leading credit card companies with a No.1 market share of up to 26 million customers. The company leads the market by providing differentiated services and benefits to customers through Big data and Digital innovation capabilities in credit card, installment plan, lease financing, and long-term car rental services, etc. Shinhan card, a core subsidiary of Shinhan Financial Group, has expanded its presence into the overseas markets like Vietnam, Indonesia, and Kazakhstan etc. via strategic partnership with global companies and social contribution activities. It is also recognized for its high performances in ESG (Environmental/Social/Governance) programs to realize co-existence with all the parties such as customers, societies, and companies, ranking No.1 for 11 consecutive years in KSI (Korean Sustainability Index) credit card sector.

About Visa Inc.

Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog and @VisaNews.

About Marriott International

Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,600 properties under 30 leading brands spanning 133 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company offers Marriott Bonvoy, its highly-awarded travel program. For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
MARRIOTT INTERNATIONAL, INC. 2.89% 143.29 Delayed Quote.8.62%
VISA 1.43% 226.94 Delayed Quote.3.75%
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Financials (USD)
Sales 2021 23 521 M - -
Net income 2021 12 229 M - -
Net Debt 2021 4 351 M - -
P/E ratio 2021 40,4x
Yield 2021 0,56%
Capitalization 484 B 484 B -
EV / Sales 2021 20,8x
EV / Sales 2022 17,4x
Nbr of Employees 20 500
Free-Float 84,4%
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Technical analysis trends VISA
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TrendsNeutralBullishBullish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 41
Average target price 261,95 $
Last Close Price 226,94 $
Spread / Highest target 30,9%
Spread / Average Target 15,4%
Spread / Lowest Target -14,5%
EPS Revisions
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NameTitle
Alfred F. Kelly Chairman & Chief Executive Officer
Ryan McInerney President
Vasant M. Prabhu Vice Chairman & Chief Financial Officer
Rajat Taneja President-Technology
Kelly Mahon Tullier Secretary, Chief Legal & Administrative Office
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