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librecommelair
Joined: 23 Aug 2011
Location: United States
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 Posted: Sat Nov 02, 2013 12:29 am Post subject: Credit Cards for Foreigners |
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| Hey y'all! I've been trying to get a credit card. The problem is that I keep having problems with the companies saying that I need to make like 3million won a month. Have y'all been able to get credit cards here? Which ones would you say are better for foreigners? |
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Jodami
Joined: 08 Feb 2013
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| Posted: Sat Nov 02, 2013 5:43 am Post subject: Re: Credit Cards for Foreigners |
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| librecommelair wrote: |
| Hey y'all! I've been trying to get a credit card. The problem is that I keep having problems with the companies saying that I need to make like 3million won a month. Have y'all been able to get credit cards here? Which ones would you say are better for foreigners? |
I had three credit cards.
Samsung
KEB
IBK
No deposit was needed for a high roller like me.  |
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librecommelair
Joined: 23 Aug 2011
Location: United States
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| Posted: Sat Nov 02, 2013 6:02 am Post subject: |
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| Did they tell you that you had time prove employment and pay or anything like that? |
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Jodami
Joined: 08 Feb 2013
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| Posted: Sat Nov 02, 2013 6:16 am Post subject: |
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| librecommelair wrote: |
| Did they tell you that you had time prove employment and pay or anything like that? |
Yeah, had to show them my contract.
I was making over 3 million (base) but that wasn't a factor. |
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librecommelair
Joined: 23 Aug 2011
Location: United States
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| Posted: Sat Nov 02, 2013 6:22 am Post subject: |
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| Well, I'll see what they tell me. Thanks for the help! |
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saram_
Joined: 13 May 2008
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| Posted: Sat Nov 02, 2013 3:00 pm Post subject: |
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I have a samsung card but I got that about 4/5 years ago..
I know that since then there was a rule banning foreign residents here obtaining a new one thanks to some people taking advantage of them and disappearing without paying..
They may have relaxed their rules since.
Visit those booths that you see at the large supermarkets.
Samsung card and a few other credit card companies are looking for new customers.
Failing that I would try SHinhan bank. If u live near enough central seoul you could visit the the shinhan global center at gwanghamun where everything is completely in English and they can put u on the right track. You might just need a debit card or something like that which is almost the same as a credit card anyway...
Try different banks and see what they say.. It's not easiest thing to get a CC but I'm sure if you try hard enough you can get one easily enough in the end. |
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hogwonguy1979
Joined: 22 Dec 2003
Location: the racoon den
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| Posted: Sat Nov 02, 2013 3:14 pm Post subject: |
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Well I'm a Professor so credit card companies come looking for me instead of the reverse.
I get at least 2 reps a semester knocking on my office door offering my cc's with 10 million won limits, airline miles, hookers, you name it. Oh and if I miss a payment they say "don't worry, you're a Professor we know you'll pay it"
You become a University Professor and life becomes so good
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Sat Nov 02, 2013 7:31 pm Post subject: Re: Credit Cards for Foreigners |
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| librecommelair wrote: |
| Hey y'all! I've been trying to get a credit card. The problem is that I keep having problems with the companies saying that I need to make like 3million won a month. Have y'all been able to get credit cards here? Which ones would you say are better for foreigners? |
my first cc here was a shinhan asiana card that i had to have my work vouch for me to get (i couldn't just get it by myself as a foreigner) but it was a relatively painless process.
then i got a hyundai red card that required i be of a certain status at my company so i think it'd be beyond the reach of most foreigners. after that i got a t3 card from hyundai but they just gave it to me without any questions because i was eligible for the red card.
so in short from my personal experience with hyundai card and shinhan, you have to have your work vouch for you or have a certain status. it doesn't work like western cc companies where they just care about your credit and nothing else. i've heard of others getting cc's here making less than 3mil but you still have to have your school/workplace vouch for you if you don't make the lowest limit (3 mil in your case it seems).
if all else fails you can get the foreigner cards from keb and shinhan (might be others) but they are generally fairly crappy in terms of benefits. the s'more shinhan debit card pretty much out performs their foreigner cc card. |
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yfb
Joined: 29 Jan 2009
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| Posted: Mon Nov 04, 2013 8:56 pm Post subject: |
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| saram_ wrote: |
I have a samsung card but I got that about 4/5 years ago..
I know that since then there was a rule banning foreign residents here obtaining a new one thanks to some people taking advantage of them and disappearing without paying..
They may have relaxed their rules since.
Visit those booths that you see at the large supermarkets.
Samsung card and a few other credit card companies are looking for new customers.
Failing that I would try SHinhan bank. If u live near enough central seoul you could visit the the shinhan global center at gwanghamun where everything is completely in English and they can put u on the right track. You might just need a debit card or something like that which is almost the same as a credit card anyway...
Try different banks and see what they say.. It's not easiest thing to get a CC but I'm sure if you try hard enough you can get one easily enough in the end. |
Samsung has definitely NOT relaxed their rules, foreigners on an E-2 visa CANNOT get a credit card, full stop. I tried at three different places, if their system sees an E-2, they will deny it. Thank all the irresponsible idiots who decided to run up huge credit card bills and fly back without repaying anything. If you apply anyways, be sure to have more than 6 months remaining on your visa.
The issue with debit cards is that Korea is still stuck in a weird bizarro banking land where the debit cards are good for in-purchase purchases but unusable online or overseas. Credit cards let you, the foreigner, use YOUR money anywhere as YOU see fit.
Having said that, I've applied for a Lotte card. We'll see how it goes. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Mon Nov 04, 2013 8:59 pm Post subject: |
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| Are there any cards without an annual fee? |
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Gnawbert
Joined: 23 Oct 2007
Location: The Internet
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| Posted: Mon Nov 04, 2013 9:30 pm Post subject: |
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| yfb wrote: |
Samsung has definitely NOT relaxed their rules, foreigners on an E-2 visa CANNOT get a credit card, full stop. I tried at three different places, if their system sees an E-2, they will deny it. Thank all the irresponsible idiots who decided to run up huge credit card bills and fly back without repaying anything. If you apply anyways, be sure to have more than 6 months remaining on your visa.
The issue with debit cards is that Korea is still stuck in a weird bizarro banking land where the debit cards are good for in-purchase purchases but unusable online or overseas. Credit cards let you, the foreigner, use YOUR money anywhere as YOU see fit.
Having said that, I've applied for a Lotte card. We'll see how it goes. |
I have a Samsung card and an E2 visa. I got it about a month ago. Maybe it's different at universities and hagwons? |
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Who's Your Daddy?
Joined: 30 May 2010
Location: Victoria, Canada.
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| Posted: Mon Nov 04, 2013 10:26 pm Post subject: |
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| jvalmer wrote: |
| Are there any cards without an annual fee? |
I have a KEB Platinum card. They don't market it to foreigners but it has the same benefits as the Expat card (English statements, priority pass airline lounge card). By using it monthly, I easily build up enough "YES" points that can be converted to pay the annual fee. So although there is a fee I've never paid one. And the Priority Pass is great, free airline lounges all over the world.
My advice is to look at the Korean cards they don't market to foreigners. I think you can get a better deal with them. I think KEB will give English statements for all their cards, there was a checkbox for "Statement Language" on the application. |
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Mon Nov 04, 2013 10:54 pm Post subject: |
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| yfb wrote: |
The issue with debit cards is that Korea is still stuck in a weird bizarro banking land where the debit cards are good for in-purchase purchases but unusable online or overseas. Credit cards let you, the foreigner, use YOUR money anywhere as YOU see fit.
Having said that, I've applied for a Lotte card. We'll see how it goes. |
this is not true and this myth needs to be debunked. the reason why people here are not able to use their debit cards overseas/online is because they are not smart enough to get a visa or mastercard branded debit card which ALL banks here have free of charge. this is no different than banks in the states either. if you get a star card or a simple atm debit card whether it be here or there you will not be able to use it online or overseas.
| Who's Your Daddy? wrote: |
I have a KEB Platinum card. They don't market it to foreigners but it has the same benefits as the Expat card (English statements, priority pass airline lounge card). By using it monthly, I easily build up enough "YES" points that can be converted to pay the annual fee. So although there is a fee I've never paid one. And the Priority Pass is great, free airline lounges all over the world.
My advice is to look at the Korean cards they don't market to foreigners. I think you can get a better deal with them. I think KEB will give English statements for all their cards, there was a checkbox for "Statement Language" on the application. |
absolutely this. if you can skip the trash designed for foreigners who don't know any better and get a korean card you can get a lot more in benefits. the annual fees here are normally also worth it unlike american cards. to give you an idea, for example, on my red card i have to pay 200,000 annually but i get:
- 200,000 in vouchers that can be used at duty free/department stores/etc.
- a prestige priority pass to use at airport lounges worth 399usd
- a dedicated english language-only hotline for my card with no calling queue if i ever need to call them (i surprisingly do need to call them from time to time so this perk is huge for me)
- free airport valet parking
- hyundai m point accumulation
- the option to get my card made out of liquid metal which is one of the hardest amorphous glass "metals" known to man (just something the material science nerd in me thinks is great)
- the ability to eat and hang out at the hyundai purple club in seoul (admittedly not one of it's biggest selling points)
- travelers insurance
and a lot of other benefits that i did not list here. well worth 200k a year if you ask me. |
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