Korean Job Discussion Forums

Lemonade · Joined: 04 Jan 2006 Location: South Korea

Can I get a debit card in South Korea? It has to have a VISA or Master Card logo so I can pay bills and buy things online. I bank at Hana Bank, if that helps. I know getting a credit card is out of the question. But what about a prepaid debit card?

lostinseoul77777 · Joined: 05 Jan 2006 Location: Seoul, Gangnam

I'm in need of same advice too. I know in the States you can get a pre-paid Visa or MC where you make a deposit ($500) and use it until the money runs out. Does anyone know if one can get a debit card or a pre-paid card like this in Korea? I bank with KB bank and I'm pretty sure they don't offer anything of that sort. It's a pain not having anything to make online purchases etc.

peppermint · Posted: Fri Jan 06, 2006 10:57 pm Post subject:

KEB does- I've had one for nearly a year now, and those are usually called secured credit cards, at least in Canada

Lemonade · Joined: 04 Jan 2006 Location: South Korea

lostinseoul77777 · Joined: 05 Jan 2006 Location: Seoul, Gangnam

Hey Peppermint,

KEB has a secured credit card or a debit card? More detail would be much appreciated by everyone. Thanks!

peppermint · Posted: Sat Jan 07, 2006 12:29 am Post subject:

in Canada,a debit card is just your standard ATM card- you can use that for shopping instead of cash just about anywhere except online. That's not what you guys are talking about though, right?

To get the credit card, I had to put 1.3 mil into a bank account, and I got a credit limit of 1 mil. When I'm leaving Korea, I just close the account and get it all returned. There's a tiny one time fee for online shopping, but that's it. I didn't need a note from my empoyer, or any kind of credit check but it took a week or so for them to produce the card. Oh, and I get a statement mailed out in English (!) every month

Atkinson · Joined: 15 Oct 2004 Location: Land of the Golden Twist-tie

jaderedux · Joined: 10 Jan 2003 Location: Lurking outside Seoul

KEB Secured Credit card

1. You set up high interest rate account & regular account.

2. Deposit 1.5 million (new minimum)/set up regular account.

3. 5 days later you get credit card.

4. Register card

They now have an automated system by phone just for Foreign (read english speaking customers)

The high interest account "secures" your card. The regular account is there to pay the bill every month. You pay off the card every month with the money in the traditional account.

You can spread payments over 3 months on big ticket items. Then however there is interest charge.

The balance of the card is about 85 to 92% of what is in the high interest account. If you don't have the money in the regular account they pay it with the money in the other account. However if they have to do that it will put a hold on the card.

I think the maximum you can have in the high interest account is 10,000,000 minimum is 1,500,000. I have 2,000.000 which can cover an airline ticket.

I have used it here, China, Thailand and Japan.

One note cash advances on the card are limited to 300,000 and you have to call the service center to arrange for that service to be added to your card.

Any questions please feel free to p.m. me I have had this card for about 4 years.

Jade

blackjack · Joined: 04 Jan 2006 Location: anyang

forgive my ignorance but is a debit card not just a standard eftpos card, you put money in your account and then you use the card to make purchases with?

Hollywoodaction · Joined: 02 Jul 2004

mishlert · Joined: 13 Mar 2003 Location: On the 3rd rock from the sun

Jade, that seems like a lot of hoops.
I got a Samsung Card 3 years ago, and it's valid till 2008. My limit is 2.5Mil.
When I was called to verify information I asked the woman about foreigners getting credit cards in Korea, and she told me the following for getting a Samsung card:

1) An applicant must make 1.2 mil a month.
2) When applying bring alien reg. card, and bank book.
3) Hogwon teachers must show proof of salary from the school
4) University teachers need not worry about proof as the bank book is sufficent; the company sees a uni job as more stable.
5) In both cases the schools will be called, so have the number when applying.

In Korea when you use your charge card you can spread out the payments up to 12 months, depending on the store.

When you do get a credit card

Lemonade · Joined: 04 Jan 2006 Location: South Korea

The KEB credit card sounds very confusing and I'm not sure there is a KEB in my city.

The Samsung card sounds like a very good deal. Which is it, a VISA or a MC? Where do I sign up?

To answer the other questions about a debit card, here is some information:

Debit cards in America usually mean you have a visa or MC logo on them and it's not just a standard ATM card, which has no visa or mc logo. The debit card is used just like a credit card with a few exceptions. First, the card is either attached to your checking account where the money is automatically deducted every time you use the card or you have to purchase what is called a "Gift Card." People all over America are getting away from the former I mentioned because of too many problems to mention here. I prefer the Gift Cards because you just load one with up to $500.00 and once the money is spent the card is no good anymore. That way if someone gets the number later on, it's no good anyway and it's not attached to my account where they could use it to take all my money from my personal account.

I have some things that I have to buy online and a few bills such as my internet telephone that will only accept VISA or MC as a form of payment. I prefer a debit card like I mentioned because I don't like the idea of a secured credit card where I have to have a lot of money tied up just to keep it open.

plato's republic · Joined: 07 Dec 2004 Location: Ancient Greece

I also got a debit card from my bank, Standard Chartered, formerly known as KFB. It's just a standard card I can buy stuff with in Korea instead of carrying large amounts of cash around with me all the time. But a credit card would be useful for on-line purchases. At the moment I just use my Mastercard from my bank back home.

lostinseoul77777 · Joined: 05 Jan 2006 Location: Seoul, Gangnam

I do have a KEB debit card which I can use to make purchases, but I guess the thing I was looking for was a Visa or MC which I can use to make online purchases. Sounds like KEB is the best bet, but any other recommendations?

jaderedux · Joined: 10 Jan 2003 Location: Lurking outside Seoul

Not any trouble at all actually took all of about 20 minutes to set up. My bill is emailed to me every month and every purchase appears on my phone right after it happens to avoid fraud and theft.

It is a regular credit card. I have used it all over the world. It is an international card.

Some,not all korean,credit cards are only good in Korea. I found this out when I wanted to buy a gift card for someone in my family at Target, Inc. American based company same for Godiva they would not accept my korean "debit" card. But no problem with the credit card. I have used it for Victoria's Secret, Amazon, Lands End, Bodybuilding.com, Eddie Bauer with no problem.

Minor hassle for a major convenience. Woori offers one too with I think only a million secured but their customer service sucks.

Jade