With the number of South Koreans traveling overseas hitting new record highs each year, the local credit card industry has been rushing to roll out new products to offer frequent overseas travelers more chances to earn air miles.

Shinhan Card’s new product, Asiana Shinhan Card Air 1.5, is one such card recently launched to earn air miles through Asiana Airlines.

The product accumulates 1.5 mileage points per 1,000 won (88 cents) spent on Asiana flights, among the highest rates offered by local credit cards, the company said.

If the credit card payment is done overseas, the mileage rate will double to three mileage points per 1,000 won, it said. Double mileage accumulation, however, is capped at 2,000 mileage points per month.

Such points can only be accumulated when the credit card user spends more than 500,000 won on the card in the previous month, the company noted.

The credit card also offers free valet parking at certain prestigious hotels and airports, as well as free entry into the airport lounge at Incheon Airport.

The annual fee for the latest credit card product is set at 43,000 won for local use only, and 45,000 won for overseas use in partnership with MasterCard.

Shinhan Card is promoting Asiana Shinhan Card Air 1.5 throughout the year, returning the first annual fee to new subscribers in points until the end of 2017.

If the payment is made within the air industry, 5 percent of the purchase will be offered in points within the limit of points of 50,000 won.

For more information, visit www.shinhancard.com or call 1661-8599.