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Korean Credit Cards

 
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mrt



Joined: 11 Dec 2005

PostPosted: Sat Mar 04, 2006 11:31 pm    Post subject: Korean Credit Cards Reply with quote

Does anybody have experience attempting to get a Korean Credit Card in Korea?

*I have heard it's very difficult for waygooks?
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SuperHero



Joined: 10 Dec 2003
Location: Superhero Hideout

PostPosted: Sat Mar 04, 2006 11:38 pm    Post subject: Reply with quote

use the search feature. there are several threads on this topic.
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Ya-ta Boy



Joined: 16 Jan 2003
Location: Established in 1994

PostPosted: Sat Mar 04, 2006 11:56 pm    Post subject: Reply with quote

It was doable, but a headache for me at Kook-Min, but it was easy at Nong-Hyup. That's my experience.
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jade



Joined: 01 May 2005
Location: seoul

PostPosted: Sun Mar 05, 2006 1:25 am    Post subject: Expat credit card Reply with quote

There is a credit card that has been developed only for Expats. KEB have this card and the entire service, statements, hot line are in English. Check out there website. This was easier to get than any credit card I have gotten in any country before.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Sun Mar 05, 2006 3:33 am    Post subject: Re: Korean Credit Cards Reply with quote

mrt wrote:
Does anybody have experience attempting to get a Korean Credit Card in Korea?

*I have heard it's very difficult for waygooks?


ok... It is NOT difficult to get a card... but the kind of card can be problematic.

It depends on where you work and your visa status.

IF you have an F2 (family class visa) then you can get one... just apply all over the place and bingo.. they get delivered.

IF you have an E2 visa and do not work at a real school then you can only get a secure type of card. All the banks offer them. You get 1 million won of credit limit for each 1.1 million won you place in a time deposit account. The earned interest rates on the time deposit run about 5%p.a.

When you cancel the card they give your deposit back + interest earned.

Woori and KEB are the easiest to deal with and they have English speaking help lines and websites.

There is a sticky thread/FAQ about this with full particulars and information.
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cruisemonkey



Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.

PostPosted: Sun Mar 05, 2006 4:30 am    Post subject: Reply with quote

I work for a school district, and got an international MasterCard from Nonghyup. You must make over 2 mil./mo. and provide: your pay records, Korean teaching appointment certificate, passport, ARC and fill out the application. I received it in about five days.
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mishlert



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

PostPosted: Sun Mar 05, 2006 4:48 pm    Post subject: Reply with quote

I got a Samsung Card without any hassles.
Call 2000 8237 for English speaking assistance.
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T-dot



Joined: 16 May 2004
Location: bundang

PostPosted: Mon Mar 06, 2006 6:51 pm    Post subject: Reply with quote

Does KB offer credit cards without the deposit? I mean a real credit card.

Im not really looking for a glorified debit card.
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ttompatz



Joined: 05 Sep 2005
Location: Kwangju, South Korea

PostPosted: Tue Mar 07, 2006 3:52 pm    Post subject: Reply with quote

T-dot wrote:
Does KB offer credit cards without the deposit? I mean a real credit card.

Im not really looking for a glorified debit card.


NOT if you work for a hakwan.
Yes if you work for a real school board or another type of employer.
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seattlespew



Joined: 01 Mar 2006

PostPosted: Tue Mar 07, 2006 4:18 pm    Post subject: Reply with quote

mrt -

You should know that there is no such thing as a credit card as you know it. ALL the 'credit' cards are glorified debit cards. There is no revolving credit here after the IMF crisis. So, when you get one, every time you use it the vendor swiping the card asks you (hopefully you will understand this in Korean) whether you want to pay it in 1 month, 3 months, 6, or 12. Usually for restaurant type expenses they don't ask and just ring it up for one month. Then, your credit card, which must be tied to a bank account, will automatically debit your expenses at the end of the month. If you buy things with the one month payback, those expenses at the end of the month are interest-free. Other expenses that you had requested as recurring in portions over a longer time frame have interest built in.

Most banks will give you a credit card if you ask. If you get one, be sure to ask for the smart chip so that you can swipe your card over the T-money sensors at the subway or on the buses; this is quite convenient and the only reason I have Korean credit cards anyway, because you can use American cards here.
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robb9



Joined: 13 Jul 2004

PostPosted: Tue Mar 07, 2006 7:05 pm    Post subject: Reply with quote

Seattlespew,

You are mistaken, the KEB credit card has revolving credit. I have one. You can either pay off the full amount or chose the percent that will be billed. I believe that 10% is the norm. So you can charge a million won on your card, but you are only responsible to pay 100,000 when your bill comes. You can pay off the full amount, or the min. payment. Hope this helps
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robb9



Joined: 13 Jul 2004

PostPosted: Tue Mar 07, 2006 7:05 pm    Post subject: Reply with quote

Seattlespew,

You are mistaken, the KEB credit card has revolving credit. I have one. You can either pay off the full amount or chose the percent that will be billed. I believe that 10% is the norm. So you can charge a million won on your card, but you are only responsible to pay 100,000 when your bill comes. You can pay off the full amount, or the min. payment. Hope this helps
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seattlespew



Joined: 01 Mar 2006

PostPosted: Tue Mar 07, 2006 8:38 pm    Post subject: Reply with quote

Ummm...

That is what I just explained. The difference is that the credit cannot revolve indefinitely, i.e. the term of repayment is one year or less, and the bill is automatically deducted from your bank account, which is why it seems closer to a 'glorified debit card.'

Korea had revolving credit cards just like those in the US before IMF, but things changed because of overextension of consumer credit.
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robb9



Joined: 13 Jul 2004

PostPosted: Tue Mar 07, 2006 11:53 pm    Post subject: Reply with quote

maybe i didnt explain well. This credit card is exactly like a credit card from back home. You have the revolving credit. You can pay the min. the balance or anything in between. If you pay the min or less the the whole amount then you pay interest just like the states. There is no time limit to it like one month or two months..I hope that clears things up
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