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crianp
Joined: 10 Oct 2008 Location: Incheon
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Posted: Sat Mar 28, 2009 5:29 am Post subject: Credit Card |
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Hi there everyone, I am based out in Incheon and a buddy of mine that I work with whom I also trust recently approached me to ask if my co-teacher can cosign his credit card application at KEB. My co-teacher and I are really close so I am sure she would do it but I hate asking her to do this considering it is a financial matter. Does anyone know if there is any easier way of obtaining a credit card in Korea?
To the best of my knowledge, my local KEB is the only organization that offers credit cards to foreigners as long as they have a Korean cosigner. |
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Ya-ta Boy
Joined: 16 Jan 2003 Location: Established in 1994
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Posted: Sat Mar 28, 2009 5:53 am Post subject: |
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Nong Hyup will also give credit cards if you have a certain minimum balance in your account. I don't know the minimum. |
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crianp
Joined: 10 Oct 2008 Location: Incheon
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Posted: Sat Mar 28, 2009 6:02 am Post subject: |
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Thanks for that Ya-ta, there is an NH quite close to my work, but I remember going there and thinking after the visit that they spoke a lot less English than KB or even KEB. I will look into that though. Any other suggestions? |
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CA-NA-DA-ABC

Joined: 20 Jun 2006
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Posted: Sat Mar 28, 2009 6:15 am Post subject: |
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I was at a KB branch opening a bank account a couple days ago and asked about getting a Korean CC. The lady I was dealing with said there shouldn't be a problem getting approved as long as I can prove my monthly income. They'll probably be calling my school but that's about all they need it seems. |
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crianp
Joined: 10 Oct 2008 Location: Incheon
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Posted: Sat Mar 28, 2009 6:51 am Post subject: |
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I am currently a KB customer too, but a few of my foreign co-workers went over to get credit cards and we had some varied responses. One of the responses told my co-worker that he needed to have 10 million won in his account, other responses said we need to be in Korea over 6 months. Do you guys think it just depends on which branch of a bank, you bank at? |
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red_devil

Joined: 30 Jun 2008 Location: Korea
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Posted: Sat Mar 28, 2009 8:22 am Post subject: |
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crianp wrote: |
I am currently a KB customer too, but a few of my foreign co-workers went over to get credit cards and we had some varied responses. One of the responses told my co-worker that he needed to have 10 million won in his account, other responses said we need to be in Korea over 6 months. Do you guys think it just depends on which branch of a bank, you bank at? |
For Korean banks for most things it will vary on the bank branch you go to. The best bet is to try KB banks in areas where there are a lot of foreigners. From what i've heard KB is the best bank for foreigners to get credit cards. |
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Kikomom

Joined: 24 Jun 2008 Location: them thar hills--Penna, USA--Zippy is my kid, the teacher in ROK. You can call me Kiko
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Posted: Sat Mar 28, 2009 12:46 pm Post subject: |
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Just say no thanks. You'll be asking your co-teacher to be a partner in Usery. All kinds of things can go wrong--one friend over-extending himself, the other stuck with the bill, etc. Very disturbing and morally unethical. |
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John_ESL_White
Joined: 12 Nov 2008
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Posted: Sat Mar 28, 2009 12:54 pm Post subject: |
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NEVER co-sign for credit and NEVER get a co-signer.
If you can not live without a Korean credit card, go home and get mom to co-sign for you.... |
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Gaber

Joined: 23 Apr 2006
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Posted: Sat Mar 28, 2009 3:38 pm Post subject: |
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Has your friend looked at the Samsung card? From what I've read, they can be gotten pretty easily by foriegners. |
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crsandus

Joined: 05 Oct 2004
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Posted: Sat Mar 28, 2009 5:17 pm Post subject: |
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I got a VISA from Hana Bank and they were the ones to offer it to me. The teller found out I was a teacher while I was opening my account and told my coteacher that I was eligible for an international credit card and asked if I would like to get one. |
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Yu_Bum_suk

Joined: 25 Dec 2004
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Posted: Sat Mar 28, 2009 7:45 pm Post subject: |
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John_ESL_White wrote: |
NEVER co-sign for credit and NEVER get a co-signer.
If you can not live without a Korean credit card, go home and get mom to co-sign for you.... |
I couldn't agree more. I wouldn't want my best friend to have to co-sign for a credit card for me, much less another friend. |
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crianp
Joined: 10 Oct 2008 Location: Incheon
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Posted: Sat Mar 28, 2009 8:09 pm Post subject: |
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Thanks for the responses gents, I think the best move for me at this point is to recommend to my friend to open up an account at a foreigner friendly bank branch in the hopes that they will give him a credit card. |
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Yu_Bum_suk

Joined: 25 Dec 2004
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Posted: Sat Mar 28, 2009 8:16 pm Post subject: |
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crianp wrote: |
Thanks for the responses gents, I think the best move for me at this point is to recommend to my friend to open up an account at a foreigner friendly bank branch in the hopes that they will give him a credit card. |
I got an international credit / debit card from NH with no problems; it may have helped that some of the bank employees are my co-teacher's former students and graduates of my school. |
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moosehead

Joined: 05 May 2007
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Posted: Sun Mar 29, 2009 6:58 am Post subject: |
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KEB will approve cc's to foreign teachers but you have to ask the right people - not all KEB employees understand or are aware of the various policies.
try calling this number (02) 1544-3500
there are actually several options - some cost fees - the one that offers the most discounts if you use it costs 100,000/yr in fees - the simplest one is free (or maybe a nominal start-up cost, I don't recall)
you'll need a copy of your contract and a letter from your school that's referred to as a statement of business or something like that - your school's bus office will know what it is.
the first one might take a while but they'll courier it over to you when it's finished processing and you can use it overseas no problem.
the only thing to be aware of is you'll usually pay the balance every month; large purchases you can opt to pay it out but I've never done that.
anyway, go for it. it makes life a lot easier here - sometimes you'll need a Kcc because for whatever reason a foreigner cc won't work or be accepted. |
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JJJ
Joined: 27 Nov 2006 Location: Seoul
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Posted: Sun Mar 29, 2009 3:47 pm Post subject: |
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I got a Samsung MasterCard. Very handy and it's the only one they accept at Costco (pretty sure). However, if I wasn't allowed to get one, it wouldn't be the be all and end all. My North American VISA or M/C works just fine. |
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