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ed1980
Joined: 04 Feb 2003
Location: Goyang
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 Posted: Thu May 15, 2014 12:38 am Post subject: |
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| Cheers. I will keep looking. |
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jvalmer
Joined: 06 Jun 2003
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| Posted: Thu May 15, 2014 4:43 am Post subject: |
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| wishfullthinkng wrote: |
| jvalmer wrote: |
| wishfullthinkng wrote: |
| Weigookin74 wrote: |
| I know with Canadian cards if you're willing to pay an annula membership fee, you get a lower interest rate. Same here with Korean cards? |
no, there is no interest rates on korean credit cards. they don't work like canadian/american cards. you have to pay your balance in full at the end of each month's billing cycle or it's no credit card for you. |
Not true, many Koreans have a revolving balance on their cards. Works just like the cards back home. But it's hard for foreigners to get one that allows you to carry a balance. |
it does NOT work like america/canada. it's a special installment plan setup that you do when you make a purchase and you pre-define the amount of months you want to split the purchase over. most of the time you can do interest-free installment plans, especially on sites like gmarket.
trust me, i have 3 credit cards here that all have this feature and when i make a big purchase sometimes i use installment payments.
korean cards are inherently designed to discourage abusing them. |
They have them, granted not many have them. Maybe they don't issue them anymore and people have been grandfathered with it. When Korean really got on the credit card bandwagon, way back around 2000, most were revolving credit cards. They were giving them away everywhere.
http://english.yonhapnews.co.kr/business/2012/08/09/81/0503000000AEN20120809003700320F.HTML |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu May 15, 2014 5:11 am Post subject: |
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| wishfullthinkng wrote: |
| Weigookin74 wrote: |
| I know with Canadian cards if you're willing to pay an annula membership fee, you get a lower interest rate. Same here with Korean cards? |
no, there is no interest rates on korean credit cards. they don't work like canadian/american cards. you have to pay your balance in full at the end of each month's billing cycle or it's no credit card for you. |
It's why I kept my Canadian cards and had forgone the pleasure of having Korean cards. Ha ha. |
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wishfullthinkng
Joined: 05 Mar 2010
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| Posted: Thu May 15, 2014 6:13 pm Post subject: |
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| Weigookin74 wrote: |
| wishfullthinkng wrote: |
| Weigookin74 wrote: |
| I know with Canadian cards if you're willing to pay an annula membership fee, you get a lower interest rate. Same here with Korean cards? |
no, there is no interest rates on korean credit cards. they don't work like canadian/american cards. you have to pay your balance in full at the end of each month's billing cycle or it's no credit card for you. |
It's why I kept my Canadian cards and had forgone the pleasure of having Korean cards. Ha ha. |
korean cc's are WAY better than foreign cc's in my opinion. how they structure it really promotes responsible spending plus some of the perks are quite fantastic. i've noticed with american cc's to get the level of perks some korean cc's give you, you have to have a seriously good card which would require a seriously hefty bank account.
and jvalmer, that article you linked says that cash advances are the primary reason for revolving debt here. unlike foreign cc's, with korean cc's if you reach your limit your card cannot be used anymore, even at a penalty of a high interest rate. so how koreans create their revolving debt is by taking out large amounts of cash advances at atm's when they are low on money then find that they cannot pay it back when the billing cycle ends.
also, the article states the average revolving debt is around 1.7k USD which is peanuts compared to the 30k+ debts a lot of americans are easily able to rack up on their cc's. |
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chrisinkorea2011
Joined: 16 Jan 2011
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| Posted: Thu May 15, 2014 8:11 pm Post subject: |
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| ed1980 wrote: |
Just got turned away by shinhan because I earn less than 2.5 after tax. Is hyundai similar??
Cheers |
Ed, that is STRANGE. When I first got my hyundai card 2 years ago I was making on paper, 2.4 mil and I wasnt placed on any kind of probation or such because I was under 2.5 mil. To get my card, all I did was call a number and over the phone apply. It took about 5 minutes and my first available balance was like 3 million. I constantly use it on everything so had hyundai up the balance to like 6 million (but I never use it that much lol). Sometimes it could just be the person working too.
I know a friend who applied for a hyundai card and was turned down within 3 minutes of applying. The next day I helped him set one up and he was approved after he faxed his bank statement and proof of income from his school. |
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TDC troll
Joined: 03 Feb 2009
Location: TDC
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| Posted: Thu May 15, 2014 9:53 pm Post subject: |
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I applied for a ShinHan card about 6 months ago .
Their stipulation was that I had to show bank receipts of at least
2.5mil / month being deposited .
When I got my Samsung card about 7 years ago I just had to show a contract from school . (not hagwon ) .
Recently when I was checking out at Emart , there was a Samsung
rep. signing people up for cards.
I went over to her to ask a question about my card .
Before I even asked her she said no foreigners could apply .
I said that I already have a Samsung card , she was really surprised . |
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