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jvalmer
Joined: 06 Jun 2003
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 Posted: Thu Dec 04, 2014 8:29 pm Post subject: |
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Just curious, anyone with a Korean credit card been a victim of credit card (cc) fraud?
According to my co-teachers, say some guy somewhere fraudulently charges 3-million-won to your credit card in say Hong Kong. The credit card company still expects you to pay up unless you can prove otherwise. My co-teachers claim that's the norm in Korea.
When I heard that, it has soured my desire to obtain a Korean credit card. Back home, you're not liable if your cc number is used fraudulently, and if the actual card use used it's a max liability of $50. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Dec 04, 2014 10:28 pm Post subject: |
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| sirius black wrote: |
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. Any suggestions? |
When I moved from Korea to the Philippines for a couple years back in 2008 my card was good until the expiry date.
As long as they have someplace in Korea to send the new card to you can keep it active for as long as you maintain it.
Depending on where you go to you can usually get a new card without problem provided you have a valid visa/permits and are willing to provide a collateral deposit.
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chrisinkorea2011
Joined: 16 Jan 2011
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| Posted: Sun Dec 07, 2014 10:41 pm Post subject: |
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| jvalmer wrote: |
Just curious, anyone with a Korean credit card been a victim of credit card (cc) fraud?
According to my co-teachers, say some guy somewhere fraudulently charges 3-million-won to your credit card in say Hong Kong. The credit card company still expects you to pay up unless you can prove otherwise. My co-teachers claim that's the norm in Korea.
When I heard that, it has soured my desire to obtain a Korean credit card. Back home, you're not liable if your cc number is used fraudulently, and if the actual card use used it's a max liability of $50. |
most people can sign up to where their credit card charges go to their phone incase of such things happening. I know my hyundai card does that for every single usage I do. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Mon Dec 08, 2014 12:18 am Post subject: |
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I get a SMS notification any time there is a charge is over 50k won or equivalent in local currency on both my Korean cards (Woori & Samsung) and my Thai card (Krungsri).
Under my service agreement I am only responsible for the first 50k on either card in case of loss, theft or fraudulent use.
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Mon Dec 08, 2014 12:46 am Post subject: |
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| jvalmer wrote: |
Just curious, anyone with a Korean credit card been a victim of credit card (cc) fraud?
According to my co-teachers, say some guy somewhere fraudulently charges 3-million-won to your credit card in say Hong Kong. The credit card company still expects you to pay up unless you can prove otherwise. My co-teachers claim that's the norm in Korea.
When I heard that, it has soured my desire to obtain a Korean credit card. Back home, you're not liable if your cc number is used fraudulently, and if the actual card use used it's a max liability of $50. |
someone in france charged a few thousand euro onto my hyundai card somehow and hyundai card called me asking if i had made that purchase almost immediately. i said no and that was that. i didn't get charged for it. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Dec 14, 2014 5:39 pm Post subject: |
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| sirius black wrote: |
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? |
Sorry, I'm not trying to insult you. But, I would like to point out to newbies and also to folks back home in between contracts, DO NOT CLOSE YOUR ACCOUNTS FROM BACK HOME. Set it up to online banking and send a bit of your Korean paycheck home each month. GET A CREDIT CARD BACK HOME IF YOU CAN and keep it.
Now as for your problem, your account stays open after you leave the country and your card might too. Leave a bit of money in the account and keep that bank certificate thing on a USB so you can use online banking in another country. Other option would be to get a D10 and then when in another country cash it out or make the purchase you need to make while abroad. Just make sure you can use the card while "travelling". Don't tell them you are leaving the country permanently. Also, if you are coming back to Korea someday, don't default on it. Leave the actually money in your account to pay for it. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Dec 14, 2014 5:42 pm Post subject: |
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| wishfullthinkng wrote: |
| jvalmer wrote: |
Just curious, anyone with a Korean credit card been a victim of credit card (cc) fraud?
According to my co-teachers, say some guy somewhere fraudulently charges 3-million-won to your credit card in say Hong Kong. The credit card company still expects you to pay up unless you can prove otherwise. My co-teachers claim that's the norm in Korea.
When I heard that, it has soured my desire to obtain a Korean credit card. Back home, you're not liable if your cc number is used fraudulently, and if the actual card use used it's a max liability of $50. |
someone in france charged a few thousand euro onto my hyundai card somehow and hyundai card called me asking if i had made that purchase almost immediately. i said no and that was that. i didn't get charged for it. |
Sure, show them your passport, if you didn't travel to France, Hong Kong, or whatever and the signature doesn't match yours, then it means it isn't you. Deamnd you money back and don't leave the bank until you get it. In this culture, whoever screams the loudest gets their own way. Have at it hoss.
But, seems troublesome if Korean cards have this much fraud. Seems rare back home. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Dec 14, 2014 5:44 pm Post subject: |
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| ttompatz wrote: |
| sirius black wrote: |
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. Any suggestions? |
When I moved from Korea to the Philippines for a couple years back in 2008 my card was good until the expiry date.
As long as they have someplace in Korea to send the new card to you can keep it active for as long as you maintain it.
Depending on where you go to you can usually get a new card without problem provided you have a valid visa/permits and are willing to provide a collateral deposit.
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Sounds like Canada. I get my new cards sent to my sister's in Canada. She fed exes them to me over here every 4 years.
I use to ehar around this time that it was virtually impossible for foreigners to get credit cards. So, I never bothered trying. But, I do hear it is much easier nowadays. Nonghyup and others will give out cards, unlike a few years ago. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Sun Dec 14, 2014 5:52 pm Post subject: Re: Getting a credit card..... |
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| tophatcat wrote: |
| 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).
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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. |
Bolded. Have no sympathy for those. Their fates are tied to korea because they defaulted and have nothing to go back to. In America, I don't think they can ever escape their loans? In Canada, you will get written off after 6 or 7 years if no contact is established. But you have no credit rating if you go home after that and may have a hard time getting established.
I owed more than triple this amount with loans and cards and I never defaulted. Of course, it was hard and still is on me. The fallen exchange rate and ring living costs for a few years definately dented my ability to pay. I really had to sacrifice a lot (time, entering into relationships, etc). But the reward will be, I have a great credit rating by the Canadian credit bureaus and a huge amount of credit available to me. Also, if the Korean market declines further and I end up in another country, I can now take my cards with me elsewhere. Korean cards not so much. I hope to finally turn the corner over the next year or so. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Sun Dec 14, 2014 7:23 pm Post subject: |
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| Weigookin74 wrote: |
| But, seems troublesome if Korean cards have this much fraud. Seems rare back home. |
It ain't rare, I've had replacement cards sent to me a few times, years before the expiry date. That indicates they're covering their butts. And half my friends have had issues with fraudulent charges.
In 2011, they estimated over $400 million in credit card fraud in Canada alone. |
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big_fella1
Joined: 08 Dec 2005
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| Posted: Sat Dec 20, 2014 10:45 pm Post subject: Re: Getting a credit card..... |
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| Stan Rogers wrote: |
The banks have no recourse when a foreigner racks up bills and flys the coop. |
Ignoring the racist crud I've read in this thread, I'd just like to point out that this is incorrect.
One of my Linkedin connections is a Korean debt collector who pursues Korean and non-Korean debtors that leave Korea and stop paying their debts. The tools he uses are registering the debt in the new country, applying for judgements and then using enforcement procedures to collect the debt. Sometimes the debt will just be sold to a debt purchaser and they will then collect the debt. If the debtor has gone to certain Middle Eastern countries, the threat of debtors prison is used to encourage repayment.
A former American coworker left China when his American bank started collection procedures in China, although he owed in excess of $50k.
There are different cutoffs as to where it is considered worthwhile to write off a debt versus collecting it, but I'm also sure it isn't worth running for a lousy $10k in credit card debt.
TOB55 do you have any information about this period where Korean companies made credit freely available to non-Koreans? I have 2 friends who have been here since 1977 and 1978 and this period wasn't while they were here. I suspect the story of people getting huge amounts of credit and running didn't really happen but is just an excuse based on fear or xenophobia to use the Greek. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Dec 21, 2014 5:50 am Post subject: |
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2004 I recieved a Samsung C/C with an initial 3 million won limit that was raised just about annually to 6 mil. There was NO deposit needed but you did need to work for a registered company (as compared to a proprietorship/partnership) or a government department.
My Woori card capped at 4.4 million won.
When I initially applied for it 1 placed a 1 million won deposit and my initial limit was 900k. They too continued to raise the limit until I finally canceled the card (didn't need it).
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Jodami
Joined: 08 Feb 2013
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| Posted: Sun Dec 21, 2014 9:40 am Post subject: |
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| What kind of loser racks up huge credit card in Korea, then exits. Actually, a far higher percentage of Koreans do it than waegooks. |
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