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Michael Langley
Joined: 30 Oct 2009
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 Posted: Tue Jan 12, 2010 4:44 pm Post subject: The TRUTH about the Korea Exchange Bank credit card |
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A few weeks ago the Korea Herald had an article about getting a credit card through KEB with the help of Seoul Global Center. Well, all the ads for the card are not true. They didn't list any 'fine print' in the ads.
You DON'T get 30% off the posted exchange rate. You get 30% off the BANK MARGIN. That amounts to dog doo doo.
Second, they advertise a 50W per liter discount on gas. Yeah, ONLY if you carry a balance on your card every month of over 100K. No benny there as the interest cancels out the gain.
There's also visa restrictions, F-series only, and employment restrictions. No hagwons.
Other than that it's great ha ha. On the upside, the English support online is very good. That's important if you ever have a card stolen. You can cancel it online very quickly. |
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Juregen
Joined: 30 May 2006
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| Posted: Tue Jan 12, 2010 11:27 pm Post subject: |
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I run a hagwon and I have the KEB card.
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Cerberus
Joined: 29 Oct 2009
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| Posted: Tue Jan 12, 2010 11:32 pm Post subject: Re: The TRUTH about the Korea Exchange Bank credit card |
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| Michael Langley wrote: |
A few weeks ago the Korea Herald had an article about getting a credit card through KEB with the help of Seoul Global Center. Well, all the ads for the card are not true. They didn't list any 'fine print' in the ads.
You DON'T get 30% off the posted exchange rate. You get 30% off the BANK MARGIN. That amounts to dog doo doo.
Second, they advertise a 50W per liter discount on gas. Yeah, ONLY if you carry a balance on your card every month of over 100K. No benny there as the interest cancels out the gain.
There's also visa restrictions, F-series only, and employment restrictions. No hagwons.
Other than that it's great ha ha. On the upside, the English support online is very good. That's important if you ever have a card stolen. You can cancel it online very quickly. |
their advertising is unclear.. at first glance it does look like you get a big % off the exchange rate.. but I immediately dug deeper, since I knew that was IMPOSSIBLE. (why would a bank lose money and give you 'free money" on the exchange rate?)
yes, it's basically peanut savings.. but I give credit to KEB for being the first to aggressively market to and cater to expats in Korea. |
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Forever
Joined: 12 Nov 2009
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| Posted: Tue Jan 12, 2010 11:41 pm Post subject: |
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I applied for one. I was ReJeCtEd. I was told that everything was fine, the only reason why I could not get one is because my salary was paid into the Hana bank, and I did not have my salary paid into a KEB bank.
I got a Samsung card instead, and it has been great, they have great service! |
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Cerberus
Joined: 29 Oct 2009
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| Posted: Tue Jan 12, 2010 11:56 pm Post subject: |
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| Forever wrote: |
I applied for one. I was ReJeCtEd. I was told that everything was fine, the only reason why I could not get one is because my salary was paid into the Hana bank, and I did not have my salary paid into a KEB bank.
I got a Samsung card instead, and it has been great, they have great service! |
if you really wanted to, you could ask your employer to switch and pay into a different account. |
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justin moffatt
Joined: 29 Aug 2006
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| Posted: Thu Jan 14, 2010 7:18 am Post subject: |
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| I have the KEB Platinum Expat Card. Free Jeju-do flight and hotel. Air miles, and Priority Pass card (free VIP lounge at all airports-used at Icheon and Phuket, definetly worth it). |
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JMO
Joined: 18 Jul 2006
Location: Daegu
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| Posted: Thu Jan 14, 2010 9:42 am Post subject: |
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| the priority pass is awesome. being able to take a shower in hong kong during a long wait for a flight as well as eating breakfast was great. |
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fortysixyou
Joined: 08 Jun 2006
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| Posted: Thu Jan 14, 2010 11:21 pm Post subject: |
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| How do I get this magical platinum expat card of which you boast? |
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hellofaniceguy
Joined: 10 Jan 2003
Location: On your computer screen!
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| Posted: Thu Jan 14, 2010 11:43 pm Post subject: |
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| fortysixyou wrote: |
| How do I get this magical platinum expat card of which you boast? |
Have the gift of gab...a line of bull.... |
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justin moffatt
Joined: 29 Aug 2006
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| Posted: Fri Jan 15, 2010 10:18 pm Post subject: |
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| If you work for a University or a large corporation in Korea. You have to renew every year, pay 120,000won yearly fee, and provide validation you are still employed. PM if interested. |
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pkang0202
Joined: 09 Mar 2007
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| Posted: Fri Jan 15, 2010 11:20 pm Post subject: |
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[quote="justin moffatt"]I have the KEB Platinum Expat Card. Free Jeju-do flight and hotel. Air miles, and Priority Pass card (free VIP lounge at all airports-used at Icheon and Phuket, definetly worth it).[/quote
Also, you have to have worked at the same place for more than 1 year. I worked for SMOE for 2 years, but since I switched schools after 1 year, they rejected my application. Saying I had to have been in the same place for more than 1 year.
Doesn't matter that I've had a job in Korea every single day I've been here. Doesn't matter that I bank at KEB, and they have seen a deposit from my employer into my KEB account every month since I opened the account.
I showed them 3 years of account activity where it showed a 2 mil+ deposit into my account every month. I didn't qualify because I hadn't stayed at the same school for more than a year. |
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BoholDiver
Joined: 03 Oct 2009
Location: Canada
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| Posted: Fri Jan 15, 2010 11:38 pm Post subject: |
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It sounds almost as complicated as the immigration process. No thanks.
I have a credit card from a Canadian bank. That works for me. The only place it hasn't worked in is Costco. |
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