LG Card Co., Ltd. has been a minor player in Korean credit card industry since it entered this business by acquiring Korean Express in 1988. At the beginning, it was nothing but a small company which managed to survive thanks to the favorable macroeconomic condition in Korea. After financial crisis in 1998, however, LG experienced a dramatic history of extension when new CEO launched bold strategic initiatives. Within a couple of years, LG Card became the number one company in Korean credit card market, which was growing extremely fast due to favorable government regulation. However, the victory did not last more than three years. Due to the changes in government regulation which tried to curb over-heated market, major companies such as LG card collapsed. Finally, the ill-fated LG Card was sold to Shinhan in 2006. This study aims to give light on this dramatic case, focusing on the period of 1998~2003, during which LG Card experienced both growth and failure. After outlining and analyzing credit card industry, this study investigates such issues as what was the most critical factor that led the growth of LG Card, what caused the drastic decline right after that. As a result, this paper intends to provide useful lessens and implications on the rise and fall of a giant credit card company during the period of 1998~2003, to both practitioners and academics alike.