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Korean Job Discussion Forums
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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 Posted: Thu Sep 27, 2012 10:01 pm Post subject: |
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| Obtaining a Korean credit card can sometimes be difficult. There is no law against issuing a credit card to foreign residents, but many banks (or bank branch managers) are reluctant to do so in the belief that foreigners will run away without paying. |
A far cry from
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| "He is an F5 and has told me it's really hard to get credit here and to get high limits unless you have a very high income and physical assets" |
Simply keep trying until you find a bank that will. There are banks that do issue CCs to foreigners. I don't see finding such a bank or 'sometimes being difficult' as falling under the category of "really hard". |
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Steelrails
Joined: 12 Mar 2009
Location: Earth, Solar System
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| Posted: Thu Sep 27, 2012 10:10 pm Post subject: |
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| I know it's pretty easy for public school English teachers to get credit cards. As for other banks, getting CCs isn't too hard if you get a secured one. Getting a CC is about as "hard" as getting a used car loan back home. Might not get what you want or get it on the first try, but someone out there will loan you the money for some basic wheels at least. |
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crescent
Joined: 15 Jan 2003
Location: yes.
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| Posted: Thu Sep 27, 2012 10:29 pm Post subject: |
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| TheUrbanMyth wrote: |
A far cry from "He is an F5 and has told me it's really hard to get credit here and to get high limits unless you have a very high income and physical assets"
Simply keep trying until you find a bank that will. There are banks that do issue CCs to foreigners. I don't see finding such a bank or 'sometimes being difficult' as falling under the category of "really hard". |
You missed the part in the link where it states "many banks (or bank branch managers) are reluctant to do so". Er, wait... No, you didn't miss it, did you? No, you went out of you way to take the bold off of it. Now, why would you make the effort to do that unless it failed your claim?
Most people would say the fact that "many' banks are reluctant to grant credit would indeed label the endeavour to be 'very hard'. Foreigners, who coincidentally have jobs which overtake banking hours, would also say that having to 'keep trying' banks until they succeed makes the task very difficult.
FWIW, are you aware that even when one does find a bank that will grant them a credit card, that they must prove a minimum salary, which is sometimes above the average E2 salary? They must also have at least 6 months left on their ARC.
Adding these two additional requirements, you would still assert getting a cc is not very difficult? |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Thu Sep 27, 2012 10:57 pm Post subject: |
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| crescent wrote: |
| TheUrbanMyth wrote: |
A far cry from "He is an F5 and has told me it's really hard to get credit here and to get high limits unless you have a very high income and physical assets"
Simply keep trying until you find a bank that will. There are banks that do issue CCs to foreigners. I don't see finding such a bank or 'sometimes being difficult' as falling under the category of "really hard". |
You missed the part in the link where it states "many banks (or bank branch managers) are reluctant to do so". Er, wait... No, you didn't miss it, did you? No, you went out of you way to take the bold off of it. Now, why would you make the effort to do that unless it failed your claim?
Most people would say the fact that "many' banks are reluctant to grant credit would indeed label the endeavour to be 'very hard'. Foreigners, who coincidentally have jobs which overtake banking hours, would also say that having to 'keep trying' banks until they succeed makes the task very difficult.
FWIW, are you aware that even when one does find a bank that will grant them a credit card, that they must prove a minimum salary, which is sometimes above the average E2 salary? They must also have at least 6 months left on their ARC.
Adding these two additional requirements, you would still assert getting a cc is not very difficult? |
Being reluctant is not the same thing as refusing them.
Besides which how hard is it to learn the phrase "Do you issue credit cards to foreigners?"
Then all you need is a phone.
And when you first come into country most people are allowed to go to the bank and set up an account. That's when you find a bank that gives credit cards to foreigners. Your ARC will have 12 months on it or so at that time. Have a person from the school come along with you if your Korean skills aren't up to snuff.
As for the minimum salary.
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| Technically, you may have to show a minimum monthly income to get a credit card with the minimum amount of credit. How much that minimum income should be may depend in what kind of credit you require (for use in or outside Korea), what kind of job you have, how long you have been in Korea, what the bank (or branch) policies are, as well as varying other non-identified factors. |
Also as noted in the link many Korean merchants also accept foreign credit cards and if all else fails you can get a Korean friend to co-sign for you. While this last may not be an option for newbies, a F5 visa-holder (which sparked my initial post) should be able to. |
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crescent
Joined: 15 Jan 2003
Location: yes.
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| Posted: Thu Sep 27, 2012 11:42 pm Post subject: |
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reluctant: not willing to do something
http://www.macmillandictionary.com/dictionary/british/reluctant
reluctant: Unwilling; disinclined
http://www.thefreedictionary.com/reluctant
reluctant: unwilling; disinclined
http://dictionary.reference.com/browse/reluctant
While it's not hard for foreigners to formulate the request, you seem to be conveniently overlooking the fact that it's hard for non English speakers to understand and/or actually want to deal with requests in English. Oh, oh... there's that word, 'hard' again.
Wouldn't it be nice if bank call-centers would do the searching for you?
You are also seemingly under the impression that most schools are equipped with people to go out on these bank errands with you upon on your arrival.
And, regarding the minimum salary requirement: After some fact-checking on the matter (simple phone calls, as you say) you will quickly find that most , if not all banks, have such requirements.
If you were referring to just F5, you could have saved us both time by saying so in your first reply to me, instead of unbolding parts of quotes. |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Fri Sep 28, 2012 3:11 am Post subject: |
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I have had a KEB credit card since 2007, never missed a payment. Subsequently they provided a mortgage for my house (in my name, no co-signer) which I paid off completely. But even with that credit history, they still require a deposit for my credit card.
My Korean wife, with no income (looking after the baby) has a credit card limit higher than mine with no collateral. |
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EZE
Joined: 05 May 2012
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| Posted: Fri Sep 28, 2012 8:42 am Post subject: |
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| Who's Your Daddy? wrote: |
| The people forced into prostitution are probably borrowing money from loan sharks (referred to in Korean media as "unlicensed lenders"). Bankruptcy doesn't work for those guys. |
I'm not very knowledgeable about bankruptcy law in Korea, but the topic of prostitution and debt reminds me of an article I read a few years ago about a girl trafficked to the USA to pay off her debts.
Apparently, credit card companies can even seize the home of the parents of an adult who owes them money.
From the article:
She could keep her mother at bay, but not the Samsung credit card division. In South Korea, cardholders can be taken to court if they are 90 days late on a payment. It's not uncommon for credit card companies to enter homes and red-tag the possessions, even repossess the home itself.
With each passing day, she worried that Samsung would take her family's house.
http://www.sfgate.com/news/article/A-YOUTHFUL-MISTAKE-You-Mi-was-a-typical-college-2487822.php |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Fri Sep 28, 2012 5:05 pm Post subject: |
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| TheUrbanMyth wrote: |
Being reluctant is not the same thing as refusing them. |
I was refused because the teller was reluctant.
It was in 2005 or so, but the same issue you guys are discussing.
Bank rules said one thing, teller said another. |
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fermentation
Joined: 22 Jun 2009
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| Posted: Fri Sep 28, 2012 5:13 pm Post subject: |
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| Anyone else thing this isn't that big of a deal? Much rather have people off themselves than try to hurt others. |
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JustinC
Joined: 10 Mar 2012
Location: We Are The World!
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| Posted: Fri Sep 28, 2012 6:04 pm Post subject: |
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This place is awful! They make you have regular health checks, and make it difficult to get credit to buy carp you don't need!
Oh, the hunanity! |
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newb
Joined: 27 Aug 2012
Location: Korea
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| Posted: Sun Sep 30, 2012 4:23 pm Post subject: |
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| JustinC wrote: |
This place is awful! They make you have regular health checks, and make it difficult to get credit to buy carp you don't need!
Oh, the hunanity! |
Perhaps, only you would buy crap. 
Having a Korean credit card is so convenient and could save you lots of money. I regularly get rebates/discounts on purchases at supermarkets, gas stations, airfare, etc. etc.......... |
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