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IncognitoHFX
Joined: 06 May 2007
Location: Yeongtong, Suwon
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 Posted: Thu Sep 25, 2008 8:20 pm Post subject: Pre-paid Credit Cards |
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A thread in the Buy/Sell forum spured this one. Basically, I want to buy stuff online... namely, computer games and possibly a few books.
I don't have a credit card though, nor do I want to accumulate credit. I hate the principle of credit cards.
So I was wondering, where would I be able to get a pre-paid credit card in Korea? Something I could charge easily?
Thanks! |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Thu Sep 25, 2008 10:15 pm Post subject: |
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| Get a check card from Kookmin Bank or another bank that offers it. You can charge things on the card and the amount is simply subtracted from your bank account. |
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IncognitoHFX
Joined: 06 May 2007
Location: Yeongtong, Suwon
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| Posted: Thu Sep 25, 2008 10:55 pm Post subject: |
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I'm looking at my Shinhan card now... It has "Free Check" written on it, as well as a 16-digit Credit Card style account number on the front and an expiry date with a three digit code.
Think that will work?
The disconcerting thing is the "Valid Only In Korea" writing on the top, left corner. |
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Otherside
Joined: 06 Sep 2007
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| Posted: Fri Sep 26, 2008 12:22 am Post subject: |
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Many Korean credit cards are little more than glorified debit cards.
Basically, you rack up your purchases and on an agreed date of the month they debit that money from your bank account. You only accumulate debt for a period of about 1 month. (can be about 45 days, due to billing cycles).
Nice thing about this is that it has the lovely Visa logo, works online (at international stores too) and can be used abroad. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Sep 26, 2008 12:48 am Post subject: |
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| Otherside wrote: |
Many Korean credit cards are little more than glorified debit cards.
Basically, you rack up your purchases and on an agreed date of the month they debit that money from your bank account. You only accumulate debt for a period of about 1 month. (can be about 45 days, due to billing cycles).
Nice thing about this is that it has the lovely Visa logo, works online (at international stores too) and can be used abroad. |
The default payment on those are 100% but in many (not all) cases you can drop it down to as little as 5% with a simple phone call as long as you are not in default.
You can also usually spread your payments out at the time of the purchase (up to 12 payments) depending on the merchant and amount of the purchase. |
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Otherside
Joined: 06 Sep 2007
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| Posted: Fri Sep 26, 2008 12:55 am Post subject: |
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| ttompatz wrote: |
| Otherside wrote: |
Many Korean credit cards are little more than glorified debit cards.
Basically, you rack up your purchases and on an agreed date of the month they debit that money from your bank account. You only accumulate debt for a period of about 1 month. (can be about 45 days, due to billing cycles).
Nice thing about this is that it has the lovely Visa logo, works online (at international stores too) and can be used abroad. |
The default payment on those are 100% but in many (not all) cases you can drop it down to as little as 5% with a simple phone call as long as you are not in default.
You can also usually spread your payments out at the time of the purchase (up to 12 payments) depending on the merchant and amount of the purchase. |
Ttom, if you do that, aren't you liable to pay interest then? What are the interest rates, if I read correctly, I think Samsung card was extorting about 17%p.a. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Sep 26, 2008 1:34 am Post subject: |
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[quote="Otherside"]
| ttompatz wrote: |
| Otherside wrote: |
Many Korean credit cards are little more than glorified debit cards.
Basically, you rack up your purchases and on an agreed date of the month they debit that money from your bank account. You only accumulate debt for a period of about 1 month. (can be about 45 days, due to billing cycles).
Nice thing about this is that it has the lovely Visa logo, works online (at international stores too) and can be used abroad. |
The default payment on those are 100% but in many (not all) cases you can drop it down to as little as 5% with a simple phone call as long as you are not in default.
You can also usually spread your payments out at the time of the purchase (up to 12 payments) depending on the merchant and amount of the purchase. |
Ttom, if you do that, aren't you liable to pay interest then? What are the interest rates, if I read correctly, I think Samsung card was extorting about 17%p.a.[/quote
The rates get UGLY (15-29%APR).
I didn't say it was a smart thing to do, just that you could do it. |
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scorpiocandy
Joined: 27 Feb 2008
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| Posted: Fri Sep 26, 2008 1:39 am Post subject: |
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I just called Woori Call Centre about this today. The lady i spoke to was really helpful so I hope this helps you too.
I'm on an E2 visa and she said i had 2 options.
1. I could get a credit card, which I guess would be a "pre-paid" credit card. Called the Assured Credit Card.
You have to pay in a deposit. The minimum is 1 000 000 Won and then your limit is however much you deposited.
2. International Debit card called (I think she said) Woori V Check Card or V Chip Card. i couldn't catch the word. Nevertheless it's an
International Debit card and can be used for online purchases.
I told her I needed something to use on International sites and these are the options she gave me.
I'm going to the bank on Monday to see but have to find one with English Tellers. I tried to open one yesterday but they gave me a BC check card.
Hope this helps. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Fri Sep 26, 2008 1:45 am Post subject: |
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| scorpiocandy wrote: |
I just called Woori Call Centre about this today. The lady i spoke to was really helpful so I hope this helps you too.
I'm on an E2 visa and she said i had 2 options.
1. I could get a credit card, which I guess would be a "pre-paid" credit card. Called the Assured Credit Card.
You have to pay in a deposit. The minimum is 1 000 000 Won and then your limit is however much you deposited.
2. International Debit card called (I think she said) Woori V Check Card or V Chip Card. i couldn't catch the word. Nevertheless it's an
International Debit card and can be used for online purchases.
I told her I needed something to use on International sites and these are the options she gave me.
I'm going to the bank on Monday to see but have to find one with English Tellers. I tried to open one yesterday but they gave me a BC check card.
Hope this helps. |
When you get to the counter at the bank, just call the nice lady on the customer service line (1588-5000 extension 7). Tell her what you want and they will take care of it quick and easy.
. |
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seoulteacher
Joined: 18 Nov 2005
Location: Seoul
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| Posted: Fri Sep 26, 2008 2:00 am Post subject: |
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| scorpiocandy wrote: |
I just called Woori Call Centre about this today...
1. I could get a credit card, which I guess would be a "pre-paid" credit card. Called the Assured Credit Card.
You have to pay in a deposit. The minimum is 1 000 000 Won and then your limit is however much you deposited. |
About 4 years ago I asked KEB on a Monday for one of these, and by the Thursday I had my card.
I deposited Won 2.2 Million, if I remember correctly, and that was the limit of my purchases. And it functioned like a regular credit card, including being able to be used outside Korea (and for online purchases - except where the website required a US credit card). |
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scorpiocandy
Joined: 27 Feb 2008
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| Posted: Fri Sep 26, 2008 3:00 am Post subject: |
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| ttompatz wrote: |
| scorpiocandy wrote: |
I just called Woori Call Centre about this today. The lady i spoke to was really helpful so I hope this helps you too.
I'm on an E2 visa and she said i had 2 options.
1. I could get a credit card, which I guess would be a "pre-paid" credit card. Called the Assured Credit Card.
You have to pay in a deposit. The minimum is 1 000 000 Won and then your limit is however much you deposited.
2. International Debit card called (I think she said) Woori V Check Card or V Chip Card. i couldn't catch the word. Nevertheless it's an
International Debit card and can be used for online purchases.
I told her I needed something to use on International sites and these are the options she gave me.
I'm going to the bank on Monday to see but have to find one with English Tellers. I tried to open one yesterday but they gave me a BC check card.
Hope this helps. |
When you get to the counter at the bank, just call the nice lady on the customer service line (1588-5000 extension 7). Tell her what you want and they will take care of it quick and easy.
. |
Good idea, thanks ttompatz. |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Fri Sep 26, 2008 3:07 am Post subject: |
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| I use my samsung card like money. Rack up about 800,000 per mo. It all comes out on the 26th. My wife adds up all the slips every month and it's always the same amount as they take out not a cent for interest. Only the 20,000 per year service charge. |
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Otherside
Joined: 06 Sep 2007
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| Posted: Fri Sep 26, 2008 9:32 pm Post subject: |
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| spliff wrote: |
| I use my samsung card like money. Rack up about 800,000 per mo. It all comes out on the 26th. My wife adds up all the slips every month and it's always the same amount as they take out not a cent for interest. Only the 20,000 per year service charge. |
Exactly. You are using it as a glorified debit card. If you dont pay 100% of the bill at once though, the interest will hurt! |
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