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itiswhatitis
Joined: 08 Aug 2011
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 Posted: Tue Aug 12, 2014 9:00 pm Post subject: Getting a credit card..... |
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| Some time ago I went to a Shinhan branch and tried to get a credit card (I'm a foreigner on an E-2 visa). They told me that I had to make at least 3.0 million won a month and for at least six months straight (I make 2.3 plus housing of 400 for a total of 2.7 and after deductions I clear about 2.5). I thought about it after and it seems like there has to be a way to get a credit card. I've had my Shinhan account for years....or maybe someone can suggest a different Korean bank that is not so strict. I'm looking for a low limit...like only 1 million won. ALSO: Will I get a different card for the credit card or is it attached to my bank card? Thanks in advance. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Aug 12, 2014 11:09 pm Post subject: Re: Getting a credit card..... |
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| itiswhatitis wrote: |
| Some time ago I went to a Shinhan branch and tried to get a credit card (I'm a foreigner on an E-2 visa). They told me that I had to make at least 3.0 million won a month and for at least six months straight (I make 2.3 plus housing of 400 for a total of 2.7 and after deductions I clear about 2.5). I thought about it after and it seems like there has to be a way to get a credit card. I've had my Shinhan account for years....or maybe someone can suggest a different Korean bank that is not so strict. I'm looking for a low limit...like only 1 million won. ALSO: Will I get a different card for the credit card or is it attached to my bank card? Thanks in advance. |
The EASIEST way is to go into any bank and open a time deposit.
Use that as collateral and you should have your card in a week or so.
Put about 1.2 million won into it. Your card limit will be 90% of your collateral (about 1 million won). When you cancel the card you get your time deposit back.
The card is no different than any other Korean C/C.
Do be aware:
- that C/Cs in Korea are NOT like back home. Unless you make prior arrangements they will take the FULL balance every month (like an AMEX card).
- making purchases on-line will require a bunch of additional (active-X) security nonsense and often does not work with anything other than explorer.
IF you work at a hagwon that is just about your only option.
If you work at a public school or public company then cards like "Tesco-HomePlus are also an option).
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Aug 18, 2014 4:17 pm Post subject: |
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So greatful to bypass this nonsense. Lol. My RBC and TD Visas suit me just fine.  |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Mon Aug 18, 2014 4:44 pm Post subject: |
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| Weigookin74 wrote: |
| So greatful to bypass this nonsense. Lol. My RBC and TD Visas suit me just fine. |
I got my credit cards back in university when they they gave it out like candy. Had like 7 credit cards, each with a $500 limit, at the wise old age of 18.
I was under the impression they still handed out credit cards to 1st year university students. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Mon Aug 18, 2014 5:26 pm Post subject: |
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| jvalmer wrote: |
| Weigookin74 wrote: |
| So greatful to bypass this nonsense. Lol. My RBC and TD Visas suit me just fine. |
I got my credit cards back in university when they they gave it out like candy. Had like 7 credit cards, each with a $500 limit, at the wise old age of 18.
I was under the impression they still handed out credit cards to 1st year university students. |
Good question. They did with me. Needed them back then as books and tuition took most of the student loan money leaving very little to live off of. Got ran up pretty bad in college. Charged off actually. Fortunately, I kept the payments up on one of them and then used it to fix my credit once I got over here.
Even though I was in Korea, they didn't seem to care and kept giving me online offers and upping the credit limits. Not so much now. Before, I'd log in to check my banking and they'd pre approve me and do it all online. Now, for new offers, I have to call their 1 800 number or go into a bank branch. Though I'm grandfathered in for the cards and credit lines I have. Ah, the good old days. Lol. |
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Stan Rogers
Joined: 20 Aug 2010
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| Posted: Mon Aug 18, 2014 7:59 pm Post subject: Re: Getting a credit card..... |
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| ttompatz wrote: |
| itiswhatitis wrote: |
| Some time ago I went to a Shinhan branch and tried to get a credit card (I'm a foreigner on an E-2 visa). They told me that I had to make at least 3.0 million won a month and for at least six months straight (I make 2.3 plus housing of 400 for a total of 2.7 and after deductions I clear about 2.5). I thought about it after and it seems like there has to be a way to get a credit card. I've had my Shinhan account for years....or maybe someone can suggest a different Korean bank that is not so strict. I'm looking for a low limit...like only 1 million won. ALSO: Will I get a different card for the credit card or is it attached to my bank card? Thanks in advance. |
The EASIEST way is to go into any bank and open a time deposit.
Use that as collateral and you should have your card in a week or so.
Put about 1.2 million won into it. Your card limit will be 90% of your collateral (about 1 million won). When you cancel the card you get your time deposit back.
The card is no different than any other Korean C/C.
Do be aware:
- that C/Cs in Korea are NOT like back home. Unless you make prior arrangements they will take the FULL balance every month (like an AMEX card).
- making purchases on-line will require a bunch of additional (active-X) security nonsense and often does not work with anything other than explorer.
IF you work at a hagwon that is just about your only option.
If you work at a public school or public company then cards like "Tesco-HomePlus are also an option).
. |
I don't blame the Korean banks for not wanting to extend credit to fly by night, here today, gone tomorrow migrant workers from another country.
The banks have no recourse when a foreigner racks up bills and flys the coop. It's a business not a charity. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Mon Aug 18, 2014 8:55 pm Post subject: Re: Getting a credit card..... |
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| Stan Rogers wrote: |
I don't blame the Korean banks for not wanting to extend credit to fly by night, here today, gone tomorrow migrant workers from another country.
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Indeed. If I were running a Korean bank I'd never lend 1 won to foreigners. No reason to engage in that headache, let them pay cash. |
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DaeguNL
Joined: 08 Sep 2009
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| Posted: Tue Aug 19, 2014 1:41 am Post subject: Re: Getting a credit card..... |
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| KimchiNinja wrote: |
| Stan Rogers wrote: |
I don't blame the Korean banks for not wanting to extend credit to fly by night, here today, gone tomorrow migrant workers from another country.
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Indeed. If I were running a Korean bank I'd never lend 1 won to foreigners. No reason to engage in that headache, let them pay cash. |
Change Korean to American, and it would seem incredibly racist. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Tue Aug 19, 2014 2:44 am Post subject: Re: Getting a credit card..... |
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| DaeguNL wrote: |
| KimchiNinja wrote: |
| Stan Rogers wrote: |
I don't blame the Korean banks for not wanting to extend credit to fly by night, here today, gone tomorrow migrant workers from another country.
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Indeed. If I were running a Korean bank I'd never lend 1 won to foreigners. No reason to engage in that headache, let them pay cash. |
Change Korean to American, and it would seem incredibly racist. |
Who cares, I wrote Korean. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Tue Aug 19, 2014 3:43 am Post subject: Re: Getting a credit card..... |
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| KimchiNinja wrote: |
| Stan Rogers wrote: |
I don't blame the Korean banks for not wanting to extend credit to fly by night, here today, gone tomorrow migrant workers from another country.
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Indeed. If I were running a Korean bank I'd never lend 1 won to foreigners. No reason to engage in that headache, let them pay cash. |
If I were running a bank, no way a guy with a 1-year E2 visa would get a credit card. A check card should suffice. Only foreigners getting a cc would be ones with permanent residency, or a marriage visa. |
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tophatcat
Joined: 09 Aug 2006
Location: under the hat
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| Posted: Tue Aug 19, 2014 3:53 am Post subject: Re: Getting a credit card..... |
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| Stan Rogers wrote: |
| ttompatz wrote: |
| itiswhatitis wrote: |
| Some time ago I went to a Shinhan branch and tried to get a credit card (I'm a foreigner on an E-2 visa). They told me that I had to make at least 3.0 million won a month and for at least six months straight (I make 2.3 plus housing of 400 for a total of 2.7 and after deductions I clear about 2.5). I thought about it after and it seems like there has to be a way to get a credit card. I've had my Shinhan account for years....or maybe someone can suggest a different Korean bank that is not so strict. I'm looking for a low limit...like only 1 million won. ALSO: Will I get a different card for the credit card or is it attached to my bank card? Thanks in advance. |
The EASIEST way is to go into any bank and open a time deposit.
Use that as collateral and you should have your card in a week or so.
Put about 1.2 million won into it. Your card limit will be 90% of your collateral (about 1 million won). When you cancel the card you get your time deposit back.
The card is no different than any other Korean C/C.
Do be aware:
- that C/Cs in Korea are NOT like back home. Unless you make prior arrangements they will take the FULL balance every month (like an AMEX card).
- making purchases on-line will require a bunch of additional (active-X) security nonsense and often does not work with anything other than explorer.
IF you work at a hagwon that is just about your only option.
If you work at a public school or public company then cards like "Tesco-HomePlus are also an option).
. |
I don't blame the Korean banks for not wanting to extend credit to fly by night, here today, gone tomorrow migrant workers from another country.
The banks have no recourse when a foreigner racks up bills and flys the coop. It's a business not a charity. |
same here^
Simply take a look at the student loan/debt posts. It seems most of the posters think it's fine to skip out on those. A lot of bad old bankers scammed them. They were loaned $17,000 to help fund their education, now they don't want to repay their debts. Many of them wouldn't have the money to buy a bowl of rice if it weren't for those loans. Of course, those same people would be angry if their hakwon didn't pay them. |
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KimchiNinja
Joined: 01 May 2012
Location: Gangnam
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| Posted: Tue Aug 19, 2014 4:01 am Post subject: Re: Getting a credit card..... |
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| jvalmer wrote: |
| KimchiNinja wrote: |
| Stan Rogers wrote: |
I don't blame the Korean banks for not wanting to extend credit to fly by night, here today, gone tomorrow migrant workers from another country.
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Indeed. If I were running a Korean bank I'd never lend 1 won to foreigners. No reason to engage in that headache, let them pay cash. |
If I were running a bank, no way a guy with a 1-year E2 visa would get a credit card. A check card should suffice. Only foreigners getting a cc would be ones with permanent residency, or a marriage visa. |
Sure, maybe if permanent residency. Still I wanna see some collateral. |
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tob55
Joined: 29 Apr 2007
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| Posted: Tue Aug 19, 2014 2:11 pm Post subject: |
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Leeriness on the part of the banking industry these days has to do with the fact that an enormous number of individuals in the past have obtained creditcards from trusting institutions only to rack up loads of debt, then skip the country when they were done with Korea. Can't blame the banks on this one. After being here for more than 10 years and being refused by multiple banks as a foreigner I can tell you it doesn't feel good or right, but it is their option to give cards to whom they deem a worthy risk.
I remember back in 2005 getting my Samsung card, which at that time was openly available to foreigners with a $5,000/5,000,000 KRW credit limit. No annual fees, no deposit, etc. Good deal. I have had my card since that time and increased my credit limit with the company because of a good, clean payment record. Today foreigners cannot get that card anymore because of what I mentioned in the first paragraph. So is it the bank's fault foreigners are not good money/credit managers? Nope, people need to learn the first basic rule about surviving in a credit world, PAY YOUR BILLS!
People are bemoaning why this and why that, but it boils down to simply money/credit management skills needed to make sure each month you pay what is owed, and you never, never, never live beyond your ability to pay what is owed. This is the dirge on societies across the world who have been hypnotized into thinking that they can spend, spend, spend, and there are no consequences.
This is why it is hard for foreigners to get credit here in Korea anymore, IMHO. Cheers  |
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adamtalk
Joined: 20 Aug 2014
Location: Seoul
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| Posted: Fri Aug 22, 2014 10:03 pm Post subject: Re: Getting a credit card..... |
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| itiswhatitis wrote: |
| Some time ago I went to a Shinhan branch and tried to get a credit card (I'm a foreigner on an E-2 visa). They told me that I had to make at least 3.0 million won a month and for at least six months straight (I make 2.3 plus housing of 400 for a total of 2.7 and after deductions I clear about 2.5). I thought about it after and it seems like there has to be a way to get a credit card. I've had my Shinhan account for years....or maybe someone can suggest a different Korean bank that is not so strict. I'm looking for a low limit...like only 1 million won. ALSO: Will I get a different card for the credit card or is it attached to my bank card? Thanks in advance. |
I am on an E-2 visa and I bank with KEB. They required my account be open for 6 months before allowing me to get my current credit card. I have a limit 1,700,000 won. As ttompatz said above, they do take the full balance each month much like an AMEX card back home. There was no income requirement for my card. |
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sirius black
Joined: 04 Jun 2010
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| Posted: Thu Dec 04, 2014 6:56 pm Post subject: |
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Rather than start a new thread, I searched and found this one. This is my quandry and maybe it was answered with the time desposits answer, not sure.
I have been in Korea for 4 years. I only have a Korean credit card and bank account. I'm American and my American bank accounts are closed, and the one credit card I had prior to coming has been closed.
I am leaving Korea in a couple months to another country, not America. My worry is I will need a credit card to conduct personal business (travel, hotel, etc.) and its my understanding that once I leave my KB credit card which has a 2017 expiration date will not be able to be used after my 3/2015 ARC end date.
Is there a way around this? I can't get an american credit card without an American job, etc. as income. I can't conduct business online to reserve or buy airline flights, reserve hotels or rent cars at my destination.
I would gladly leave monies in my bank acocount to cover payments, use online banking, or even wire money for the use of the card.
I need a credit card, any credit card NOT a debit card with a visa logo, but a traditional credit card preferably Visa since it seems more widely accepted than Mastercard but at this point I'm not as concerned. Any suggestions? |
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