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Simone Runyan
Joined: 23 Oct 2010
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 Posted: Mon Mar 21, 2011 11:54 pm Post subject: Pre-Paid Debit Cards in Daegu |
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| Hi. I have been in Daegu two months and would like to get a pre-paid debit card with a Visa/MC logo on it that I can recharge here, sort of like the "Green Dot" Visa debit cards at Walmart in the U.S. I know I can just have money transferred from my bank here in Daegu to my U.S. bank account and then use my U.S. debit card, but there are transfer fees I'd like to avoid (something like 20,000 won and up, I think). Plus a pre-paid debit card would just be really convenient. Anyone have any advice? Thanks. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Mar 22, 2011 1:20 am Post subject: Re: Pre-Paid Debit Cards in Daegu |
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| Simone Runyan wrote: |
| Hi. I have been in Daegu two months and would like to get a pre-paid debit card with a Visa/MC logo on it that I can recharge here, sort of like the "Green Dot" Visa debit cards at Walmart in the U.S. I know I can just have money transferred from my bank here in Daegu to my U.S. bank account and then use my U.S. debit card, but there are transfer fees I'd like to avoid (something like 20,000 won and up, I think). Plus a pre-paid debit card would just be really convenient. Anyone have any advice? Thanks. |
Every bank in the country will, AFTER you have an ARC, give you a credit card as long as you place 1.1 million won in a time deposit (CD to Americans) as collateral to secure the card.
The only real difference is that cards here collect the WHOLE BALANCE every month. They do not as a rule let you carry a balance month to month.
It is the same as any other regular credit card. You can take cash advances, use it locally, on-line or internationally. They also come with significant discounts at many different places (so look at a couple of the ones on offer).
If you want a larger credit limit then it is a simple matter of bumping up your collateral deposit. Takes about a week to receive it after you apply.
Income and employer don't matter.
The ONLY place (that I am aware of) that offers a card similar to what you suggested in your original post is the KNTO and it cannot be used on-line or abroad.
The other option would be a visa debit card against your bank account.
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Simone Runyan
Joined: 23 Oct 2010
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| Posted: Tue Mar 22, 2011 3:24 am Post subject: Re: Pre-Paid Debit Cards in Daegu |
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Let me see if I understand you, as this is a bit to take in. Yes, I have my ARC. I am not interested in a credit card, just a debit card with a logo on it. I want to be able to tithe to my church online mostly, and maybe make purchases online as needed. If I don't have any real options except to secure a CC with 1.1 million won, then maybe I will do that but I doubt it. I guess my main question here is why would a company call their card a "credit card" if they "collect the whole balance every month," and do not let you "carry a balance month to month"? That's what a credit card is all about. (For many people, anyway).
I have never heard of a Visa Debit Card being held against one's bank account, unless of course it's an ATM card with a Visa logo on it.
You'd think something as simple-simon as a reloadable debit card would be available anywhere.....
| ttompatz wrote: |
| Simone Runyan wrote: |
| Hi. I have been in Daegu two months and would like to get a pre-paid debit card with a Visa/MC logo on it that I can recharge here, sort of like the "Green Dot" Visa debit cards at Walmart in the U.S. I know I can just have money transferred from my bank here in Daegu to my U.S. bank account and then use my U.S. debit card, but there are transfer fees I'd like to avoid (something like 20,000 won and up, I think). Plus a pre-paid debit card would just be really convenient. Anyone have any advice? Thanks. |
Every bank in the country will, AFTER you have an ARC, give you a credit card as long as you place 1.1 million won in a time deposit (CD to Americans) as collateral to secure the card.
The only real difference is that cards here collect the WHOLE BALANCE every month. They do not as a rule let you carry a balance month to month.
It is the same as any other regular credit card. You can take cash advances, use it locally, on-line or internationally. They also come with significant discounts at many different places (so look at a couple of the ones on offer).
If you want a larger credit limit then it is a simple matter of bumping up your collateral deposit. Takes about a week to receive it after you apply.
Income and employer don't matter.
The ONLY place (that I am aware of) that offers a card similar to what you suggested in your original post is the KNTO and it cannot be used on-line or abroad.
The other option would be a visa debit card against your bank account.
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Ruthdes
Joined: 16 Oct 2008
Location: Seoul
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| Posted: Tue Mar 22, 2011 2:47 pm Post subject: Re: Pre-Paid Debit Cards in Daegu |
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| Simone Runyan wrote: |
| You'd think something as simple-simon as a reloadable debit card would be available anywhere..... |
This is Korea. You will use the "You'd think....." a lot while you're here. You can get a check card, that's a little like a visa debit. If you get a global one from one of the banks that issues them (KEB, from their ads in 10 mag, Shinhan, from general info on this board Woori), but they can't (in my experience with my KEB check card) be used to buy things online from o/s sites; only from Korean websites. So tithing to your church would be impossible (assuming it's one back home). Apparently, if you work for a public school or uni, you can get an unsecured credit card with balance you don't have to pay off monthly (my coworker got one recently, though I'm not sure how as we work for an adult hagwon).
So, depending where you work, you may be able to get an unsecured credit card, but otherwise you will have to put up with the secured one, or save up your tithes and wire them every 3 or 6 months. I've heard some people mention Samsung credit cards, but I've never looked into those more fully. I have a Global Check Card and secured credit card from KEB and they work quite well for me. |
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shostahoosier
Joined: 14 Apr 2009
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| Posted: Tue Mar 22, 2011 4:11 pm Post subject: Re: Pre-Paid Debit Cards in Daegu |
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| Simone Runyan wrote: |
Let me see if I understand you, as this is a bit to take in. Yes, I have my ARC. I am not interested in a credit card, just a debit card with a logo on it. I want to be able to tithe to my church online mostly, and maybe make purchases online as needed. If I don't have any real options except to secure a CC with 1.1 million won, then maybe I will do that but I doubt it. I guess my main question here is why would a company call their card a "credit card" if they "collect the whole balance every month," and do not let you "carry a balance month to month"? That's what a credit card is all about. (For many people, anyway).
I have never heard of a Visa Debit Card being held against one's bank account, unless of course it's an ATM card with a Visa logo on it.
You'd think something as simple-simon as a reloadable debit card would be available anywhere.....
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Well it is basically just a "charge card" which we do have back in the west (in the US, American Express is probably the most well known charge card issuer but I think BOA and Chase have a few charge card products too).
The good thing about Korean issued charge cards is that even though you must settle every month, you have the option of spreading out your payment over several months. Also it is MUCH easier to purchase things online or use abroad. |
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InDaGu
Joined: 28 Jun 2010
Location: Cebu City, Philippines
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| Posted: Tue Mar 22, 2011 4:48 pm Post subject: |
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| I looked into this about a month ago when I was about to do some traveling, and the Visa website said there wasn't any place in Korea to get one. |
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