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Korean Credit Cards
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jo777



Joined: 22 Jan 2003
Location: Hongik,Seoul

PostPosted: Wed Feb 19, 2003 5:58 am    Post subject: Korean Credit Cards Reply with quote

After banking 16 months with Hana Bank and a healthy amount in my account, I am turned down, point blank when applying for a Credit Card - only reason given -you are a foreigner.
Do you know of any banks that will issue a credit card to a foreigner?
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Dan



Joined: 16 Jan 2003
Location: Sunny Glendale, CA

PostPosted: Wed Feb 19, 2003 6:14 am    Post subject: Reply with quote

i doubt it. whats to stop you from running up like $5000 on the card and then skipping the country to never return?
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globalfish



Joined: 18 Jan 2003

PostPosted: Wed Feb 19, 2003 6:22 am    Post subject: Credit cards Reply with quote

I too wanted a Korean credit card. I bank with Hanvit, which is now Woori bank or some damn thing. Anyway I found out I can have a credit card but I must find myself Korean guarantor or someone who will vouch for me and take the fall in case I should do a runner.

Theres the real problem.

Good Luck

Oh is there some reason why you can't get one from home?

Globalfish
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jo777



Joined: 22 Jan 2003
Location: Hongik,Seoul

PostPosted: Wed Feb 19, 2003 6:44 am    Post subject: Credit Card Reply with quote

Is there a reason for not obtaining a card from my own country. Oh, Yes, thanks for asking. I went insolvent in my country, the FBI is searching for me, my wife divorced me, my own mother doesn't love me anymore.

However, after procuring a card from any bank, I'm going to run up debt of at least $10,000, then I will split and go to Japan.

If you need any more information, do not hesitate to ask
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yoda



Joined: 19 Jan 2003
Location: Incheon, South Korea

PostPosted: Wed Feb 19, 2003 7:01 am    Post subject: Can be done. Reply with quote

I have two Korean credit cards, and I must say they are worth getting.

I get discounts on movies at CGV and restaurant bills at TGIF.

Try the Samsung card first. All of the 'guest professors' (heavy emphasis on the quotation marks) got them at my university this semester.
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exportedhabster



Joined: 10 Feb 2003
Location: Suwon

PostPosted: Wed Feb 19, 2003 7:19 am    Post subject: Reply with quote

I have a visa from ChoHung bank (CHB). It is actually a BC card, which means the bank automatically withdraws money from your account everymonth. (I think American Express does or did that). I was able to use it in Canada too.
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Dan



Joined: 16 Jan 2003
Location: Sunny Glendale, CA

PostPosted: Wed Feb 19, 2003 7:35 am    Post subject: Re: Credit Card Reply with quote

jo777 wrote:
Is there a reason for not obtaining a card from my own country. Oh, Yes, thanks for asking. I went insolvent in my country, the FBI is searching for me, my wife divorced me, my own mother doesn't love me anymore.

However, after procuring a card from any bank, I'm going to run up debt of at least $10,000, then I will split and go to Japan.

If you need any more information, do not hesitate to ask


someone need helps some ritalin
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dogbert



Joined: 29 Jan 2003
Location: Killbox 90210

PostPosted: Wed Feb 19, 2003 9:16 am    Post subject: Reply with quote

Dan wrote:
i doubt it. whats to stop you from running up like $5000 on the card and then skipping the country to never return?


Gee, I don't know.

It sure didn't stop Kim Woo-joong, did it? Except (a) he was Korean; and (b) he ran up considerably more than $5000.
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thinker



Joined: 10 Feb 2003

PostPosted: Wed Feb 19, 2003 9:42 am    Post subject: 3 days! Reply with quote

i entered the bank, which wasn't even my branch, had a korean to translate at first and was told to come back and meet with the bank manager later, the girls were very snooty to my friend and said of course the manger can speak english! but when i went back he spoke no english and another woman came over to help and my basic korean came in handy. . . filled out the form, that was wednesday. . .friday i had my card! quite efficent!
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jaderedux



Joined: 10 Jan 2003
Location: Lurking outside Seoul

PostPosted: Wed Feb 19, 2003 4:09 pm    Post subject: KEB Reply with quote

I bank with Korean Exchange Bank. I also have U.S. issued credit card but got tired of getting dinged for won exchange everytime I used it. So I wanted to get a local card.

KEB does offer a credit card. It is sort of a hybrid. You must put 1 million won in a collateral account. For each million in collateral you get 700,000 line of credit. Now this is not a debit card! That one million sits there to guarantee your account. Each month what ever you have charged is subtracted from your KEB account or you can pay the bill at the bank.

They used to offer credit cards to foriengers but alas as it always is a few bad apples spoiled it for all of us. The guy at the bank told me they had a lot of people leave the country and not pay their bills so....this set up was established. Not the greatest but it is international card. I have used it in the U.S., China, and on the Internet. It is also multipass card so you can use it as bus and subway pass. They also have pretty good internet banking too. You can check your account etc. when you want to.

Actually it is nice. Since it is local card I don't have the dings for currency exchange. But one strange thing......some merchants in Iteawon do NOT accept local credit cards....GAWD I LOVE KOREA! Strange but true...some only accept US, British, Austrailan etc. type cards. Ask if I was flabbergasted when this happened! Shocked

If your Korean is pretty good I am sure you can get one at any KEB bank. You need your passport, address (but they will probably send card to bank the first time) alien registration card. If your command is minimal I suggest going to a KEB with a foriegn desk.

It isn't the best deal I suppose but it works. Plus most major stores have the 3 payment deal. The airline lost a bag when I went on vacation and it had all my skin care products in it. Because I am vain ... Wink it was a pretty penny to replace. I went to Lotte and got what I needed and I charged it and they spread it over 3 months. Kinda cool.

If you have any other questions pm me and I will try to help if I can.

Jade
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rasta man
Guest




PostPosted: Wed Feb 19, 2003 5:35 pm    Post subject: Reply with quote

biggest problem getting a credit card from a bank in the US is since we live in Korea you are nothing on a credit report, foreign addresses, jobs etc are not reported to US credit bureaus. You will likely be turned down for US credit card even if you have perfect credit because you live and work here.

its the one big drawback to living here
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gajackson1



Joined: 27 Jan 2003
Location: Casa Chil, Sungai Besar, Sultanate of Brunei

PostPosted: Wed Feb 19, 2003 6:13 pm    Post subject: Reply with quote

KB Iteawon branch has several options - International-access ATM card, a debit card, or a credit card.

Let's see - for the credit card, you will need an earnings statement from your employer and to sign a promisary note. Credit starts small, but is based upon balance & usage. They were VERY friendly about it all, but it IS easier for University employee/engineer types, and I think (but not sure) you do have to have an account.

The other nice thing about KB Itaewon? The manager doesn't just speak Englishee - she's a foreigner, too!

Good luck!

G.
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jo777



Joined: 22 Jan 2003
Location: Hongik,Seoul

PostPosted: Wed Feb 19, 2003 7:27 pm    Post subject: Credit card Reply with quote

Thinker, what bank did you get your card from??
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Sat Jan 14, 2006 5:11 am    Post subject: Reply with quote

I got this from Wooribank:
----------------------------------------------------------------------------------
Dear Mr. name;

Thank you for using Woori bank service.

As for your inquiry, we have a credit card available to foreign residents.

However, there is a requirement you should meet, a time deposit, which Woori bank is going to take it as a security, and the minimum amount for that should be no less than w1,000,000.

When you are ready for this, please visit your local branch office with your ID card used for your account establishment (it could be either your alien card or passport) and the bankbook. We will be glad to help you.

If you have further questions, please send a message or call Woori Bank Customer Service at 02-2008-5000,#7. Our collect number is 080-365-5000,#7. Representatives are available to assist you from 9:30 AM Monday through to 5:30 PM Friday.

Thank you for using Woori Bank. We appreciate the opportunity to serve you.
Best regards,
Tina
-----------------------------------------------------------------------------------
The way it works is your limit is ~95% of your deposit.
1.1 million won time deposit = 1 million won limit.
2.2 million won time deposit = 2 million won limit.

Your money is placed in a term deposit with an interest (as of Jan 2006) rate of about 4.5-5% and then you get a VISA card that can be used globally, can also be used for bus/subway domesticallyand gives discounts at various locations like Everland/LotteWorld (50%), theaters (2000won), various restaurants. etc.

If the clerk in the bank doesn't speak English, get them to phone the number listed above and the Customer service center will assist you with translation and take care of any problems. Takes about 30-35 minutes for the whole process. You get your card in the mail in about a week.

You can get your deposit back early simply by turning in your card and closing the account. Position and employer don't matter.
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antoniothegreat



Joined: 28 Aug 2005
Location: Yangpyeong

PostPosted: Sat Jan 14, 2006 8:20 am    Post subject: Reply with quote

i read a lot about people having problems with getting cards, but mine was easy. i was at a department store, where they have those stands placed randomly to ask people to sign up. all i needed was my ARC card, and later faxed them a copy of my passport and health insurance. it is an LG international visa card, and this really surprised me, i have a 4,000,000 won limit. my american card is only a $500 limit, but in korea i can get one for 8 times that. go figure....
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