Korean Job Discussion Forums

[mrt]

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

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

[SuperHero]

use the search feature. there are several threads on this topic.

[Ya-ta Boy]

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

[jade]

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.

[ttompatz]

[cruisemonkey]

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.

[mishlert]

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

[T-dot]

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

Im not really looking for a glorified debit card.

[ttompatz]

[seattlespew]

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.

[robb9]

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

[robb9]

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

[seattlespew]

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.

[robb9]

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