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corkgirl
Joined: 30 Mar 2010
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 Posted: Sat Jul 24, 2010 10:42 pm Post subject: Credit Card |
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Hi all
I think this topic has been gone over and over again but....
I know it is possible to get a credit card in Korea if you are foreign ...
I tried to get one with Hana bank but they said I had to be in the country 6 months first (I am only here 4.5 months so far)
Also a lot of what I have read about cards that are available require a security of 1,000,000 won.
So does anybody know of a bank that does not have a time limit AND does not require the security? I would like a card with a fairly low limit - about 500,000w or so, for bits and pieces I need to order online while I'm here. I don't really want to have 1,000,000 available to me online.
Thanks |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Sat Jul 24, 2010 10:53 pm Post subject: |
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| If youre at a public school or uni, Samsung with you give you card without a security deposit and no hassles. 02-2000-8438. If youre at a hagwon, you have almost no options other than regular banks that normally require you to put a security deposit that is equal to or higher than your card limit - and thats even if they will allow that. |
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naturegirl321
Joined: 18 Jul 2006
Location: Home sweet home
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| Posted: Sat Jul 24, 2010 11:14 pm Post subject: |
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| The credit card lady came to our uni about 10 times in the first three weeks, begging us to get a credit card with her. |
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eljuero
Joined: 11 Aug 2009
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| Posted: Sun Jul 25, 2010 2:35 am Post subject: |
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| OculisOrbis wrote: |
| If youre at a public school or uni, Samsung with you give you card without a security deposit and no hassles. 02-2000-8438. If youre at a hagwon, you have almost no options other than regular banks that normally require you to put a security deposit that is equal to or higher than your card limit - and thats even if they will allow that. |
Excuse the stupid question but I'm new here - it's Samsung Bank then?
Damn, they're a bank also? Talk about obscene monopolies.
Assuming I stay in Korea I'd like to check out a card. I tried booking a flight this last week and had to use my US card. It would have just been easier to pay everything in Won from a card here but my KEB debit card wasn't acceptable for a Phillipino airline......anyway, could be useful. |
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OculisOrbis
Joined: 17 Jul 2006
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| Posted: Sun Jul 25, 2010 2:49 am Post subject: |
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Samsung Card Co. Ltd. samsungcard.co.kr
You can use this card for a philipino airline ( if you mean Cebu Pacific Air) but your address on file with the card company must match EXACTLY to the one that you type when booking the tickets online and youll need your digital banking certificate (the one you use for your regular internet banking) to make it through the online security checks. If they file your address in hangul, you'll need to type it in hangul matching exactly. It can be a pain getting to work the first couple times, but once you get it working, it's fine. I just copy and paste from the first e-ticket I bought every time. |
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eljuero
Joined: 11 Aug 2009
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| Posted: Sun Jul 25, 2010 4:04 am Post subject: |
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| OculisOrbis wrote: |
Samsung Card Co. Ltd. samsungcard.co.kr
You can use this card for a philipino airline ( if you mean Cebu Pacific Air) but your address on file with the card company must match EXACTLY to the one that you type when booking the tickets online and youll need your digital banking certificate (the one you use for your regular internet banking) to make it through the online security checks. If they file your address in hangul, you'll need to type it in hangul matching exactly. It can be a pain getting to work the first couple times, but once you get it working, it's fine. I just copy and paste from the first e-ticket I bought every time. |
Oh, thanks for the info -
Yes, the airline is Cebu. I'll book mark your post to look at later for reference. Again thanks for responding.
I have really good credit in the States but maybe it doesn't matter. I guess some of the credit cards are really just drawn on cash you've deposited? |
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kardisa
Joined: 26 Jun 2009
Location: Masan
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| Posted: Sun Jul 25, 2010 4:24 am Post subject: |
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| eljuero wrote: |
| I have really good credit in the States but maybe it doesn't matter. |
In my (admittedly limited) experience, your credit in the US means approximately f**k all overseas.  |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Jul 25, 2010 4:32 am Post subject: |
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| eljuero wrote: |
| I have really good credit in the States but maybe it doesn't matter. I guess some of the credit cards are really just drawn on cash you've deposited? |
Your credit history stateside has NO BEARING on here.
You could be an undischarged bankrupt at home and get a C/C here.
A "VISA" card that draws on your cash is not a credit card - it is a debit card and often can't be used on-line or abroad.
For foreigners there are effectively 2 kinds of credit cards you can get. Both can be used internationally or on-line.
1) Secured:
You make a time deposit in the bank. It is held as security for your card (collateral). Most banks require this to be about 110% of the credit limit on the card. Most cards have a minimum limit of 1 million won. These are offered by all banks but the easiest ones (in my experience) to deal with are KEB and WOORI.
2) Unsecured:
IF you work at a public school, public university or publicly traded company you can get one of these. There is no security deposit.
Some NOTES OF INTEREST:
Credit cards here are NOT like they are back in the States (Canada or the UK).
By and large they are much like the "travel cards" of old (think AMEX or Diners Club).
You get your bill and pay the balance off in full every month. There is no balance carried over month to month. There are some exceptions by they tend to be very expensive.
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eljuero
Joined: 11 Aug 2009
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| Posted: Sun Jul 25, 2010 5:25 am Post subject: |
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Thanks again - It sounds more like a Discover card in the States than a pure credit card. It may be worth setting it up at my KEB branch. Depending on how long I'm here it could come in handy at some point.
Banking in Korea -always an adventure for the newbie!
A bit unrelated but interesting. The Won is taking a upward climb again - I understand interest rates are rising or likely to rise in S. Korea for a myriad of reasons which (if general rules hold) should mean a stronger Won.....we'll see. |
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darkpoet
Joined: 15 Oct 2003
Location: Korea
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| Posted: Sun Jul 25, 2010 6:47 am Post subject: |
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| +1 for the Samsung Card. It was easy when I was a high school teacher. Not sure how it would as a hakwon teacher but at least Samsung likes having customers. The banks will dance, adding requirements until they can turn you down. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Jul 25, 2010 11:05 am Post subject: |
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| darkpoet wrote: |
| +1 for the Samsung Card. It was easy when I was a high school teacher. Not sure how it would as a hakwon teacher but at least Samsung likes having customers. The banks will dance, adding requirements until they can turn you down. |
Samsung will NOT give a card to a hakwon worker
(unless the hakwon is a publicly traded company and not just a franchise of one).
For hagwaon workers the ONLY option for a Korean credit card is a secured card from a bank.
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