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cosmic charlie
Joined: 03 Oct 2005
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 Posted: Tue Jul 18, 2006 6:35 am Post subject: Korean credit cards |
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I know this has been asked before so please be kind.  How can I get a Korean credit card? I would imagine that banks are wary of giving cards to us foreigners. Any advice is helpful thanks. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Tue Jul 18, 2006 7:25 am Post subject: Re: Korean credit cards |
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| cosmic charlie wrote: |
| I know this has been asked before so please be kind. How can I get a Korean credit card? I would imagine that banks are wary of giving cards to us foreigners. Any advice is helpful thanks. |
I got this from Wooribank:
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Dear Mr. Ttompatz;
Thank you for using Woori bank service.
As for your inquiry, we have a credit card available to foreign residents.
However, there is a requirement you should meet, a time deposit, which Woori bank is going to take it as a security, and the minimum amount for that should be no less than w1,000,000.
When you are ready for this, please visit your local branch office with your ID card used for your account establishment (it could be either your alien card or passport) and the bankbook. We will be glad to help you.
If you have further questions, please send a message or call Woori Bank Customer Service at 02-2008-5000,#7. Our collect number is 080-365-5000,#7. Representatives are available to assist you from 9:30 AM Monday through to 5:30 PM Friday.
Thank you for using Woori Bank. We appreciate the opportunity to serve you.
Best regards,
Tina
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The way it works is your limit is ~95% of your deposit.
1.1 million won time deposit = 1 million won limit.
2.2 million won time deposit = 2 million won limit.
3.3 million won time deposit = 3 million won limit.
etc.
Your money is placed in a term deposit with an interest (as of Jan 2006) rate of about 4.5-5% and then you get a VISA card that can be used globally, can also be used for bus/subway domesticallyand gives discounts at various locations like Everland/LotteWorld (50%), theaters (2000won), various restaurants. etc. The settlement balance is deducted from your account each month.
If the clerk in the bank doesn't speak English, get them to phone the number listed above and the Customer service center will assist you with translation and take care of any problems. Takes about 30-35 minutes for the whole process. You get your card via their delivery service in about a week.
You can get your deposit back early simply by turning in your card and closing the account. Position and employer don't matter.
For your average hakwon teacher, this type is probably all you will be able to get.
Many banks offer them. KEB, KB*, Woori to list a few.
There ARE other cards available for those who DO NOT work in a hakwon or who DO have a Korean spouse. |
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VanIslander
Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!
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| Posted: Tue Jul 18, 2006 7:31 am Post subject: Re: Korean credit cards |
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| ttompatz wrote: |
Takes about 30-35 minutes for the whole process. You get your card via their delivery service in about a week.
You can get your deposit back early simply by turning in your card and closing the account. Position and employer don't matter. |
Absolutely my experience at KB.
So easy I wonder why I didn't do it earlier.
Of course, I was motivated to do it this spring because I wanted to rent a car on my summer trip to Jeju. But when I went to Jeju the rental company wanted me to pay cash instead of credit card, no deposit even, so the credit card was merely used as an optional convenience at gas stations. |
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krats1976
Joined: 14 May 2003
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| Posted: Tue Jul 18, 2006 8:41 am Post subject: |
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| Have a Korean friend contact Samsung Card for you. There's no deposit. |
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JeJuJitsu
Joined: 11 Sep 2005
Location: McDonald's
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| Posted: Wed Jul 19, 2006 6:13 am Post subject: Re: Korean credit cards |
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| VanIslander wrote: |
| ttompatz wrote: |
Takes about 30-35 minutes for the whole process. You get your card via their delivery service in about a week.
You can get your deposit back early simply by turning in your card and closing the account. Position and employer don't matter. |
Absolutely my experience at KB.
So easy I wonder why I didn't do it earlier.
Of course, I was motivated to do it this spring because I wanted to rent a car on my summer trip to Jeju. But when I went to Jeju the rental company wanted me to pay cash instead of credit card, no deposit even, so the credit card was merely used as an optional convenience at gas stations. |
KB. Secured or unsecured card? |
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I'm Seoul Lost
Joined: 19 Jun 2006
Location: In the mountains of Gyeonggi
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| Posted: Wed Jul 19, 2006 3:23 pm Post subject: |
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| At KB yesterday, when I tried to get a card, the only thing they would give me is something that said "KB check card" on it. No internationally accepted Visa or Mastercard. The clerk seemed very clueless, however. I guess I'll go to Itaewon today, since they should (hopefully) be more familiar with what can be done for foreigners. |
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T-dot
Joined: 16 May 2004
Location: bundang
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| Posted: Wed Jul 19, 2006 4:06 pm Post subject: |
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| I'm Seoul Lost wrote: |
| At KB yesterday, when I tried to get a card, the only thing they would give me is something that said "KB check card" on it. No internationally accepted Visa or Mastercard. The clerk seemed very clueless, however. I guess I'll go to Itaewon today, since they should (hopefully) be more familiar with what can be done for foreigners. |
You can get a secured card through KB. Got 1 last week. Your limit is 90% of your deposit. eg. 2 200 000 deposit=2 000 000 limit.
Samsung card wont give you 1, unless you work at a university or something along those lines. |
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mishlert
Joined: 13 Mar 2003
Location: On the 3rd rock from the sun
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| Posted: Wed Jul 19, 2006 4:42 pm Post subject: |
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I've got a Samsung card which I got with no deposit; my limit exceeds my salary.
After I applied I got a call, in English, to verify the info. After all that I asked about foreigners getting a card and was told that as long as they make 2 million a month, or more they qualify. |
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T-dot
Joined: 16 May 2004
Location: bundang
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| Posted: Wed Jul 19, 2006 5:03 pm Post subject: |
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| mishlert wrote: |
I've got a Samsung card which I got with no deposit; my limit exceeds my salary.
After I applied I got a call, in English, to verify the info. After all that I asked about foreigners getting a card and was told that as long as they make 2 million a month, or more they qualify. |
Talked to 5 different people at Samsung, through an intepreter. We received 5 different answers.
Are you on an E-2? |
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mishlert
Joined: 13 Mar 2003
Location: On the 3rd rock from the sun
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| Posted: Wed Jul 19, 2006 5:14 pm Post subject: |
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| I'm on an E-1, but I have co-workers on E-2s and those that applied for a Samsung card got one. |
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cruisemonkey
Joined: 04 Jul 2005
Location: Hopefully, the same place as my luggage.
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| Posted: Wed Jul 19, 2006 5:45 pm Post subject: |
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I got an 'unsecured', International MasterCard from Nonghyup Bank.
I work for a public school district. To apply, I had to have been working for a minimum of three months; and give the bank copies of: the district's 'Certification of Appointment', and payroll records. |
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Kenny Kimchee
Joined: 12 May 2003
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| Posted: Wed Jul 19, 2006 6:51 pm Post subject: |
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RE: Wooribank card
That's a very reasonable interest rate they give you on the deposit. When you use the card on the bus/subway are the fares charged to the card, or do you buy a separate credit from the subway kiosk? |
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I'm Seoul Lost
Joined: 19 Jun 2006
Location: In the mountains of Gyeonggi
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| Posted: Wed Jul 19, 2006 7:15 pm Post subject: |
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| T-dot wrote: |
| I'm Seoul Lost wrote: |
| At KB yesterday, when I tried to get a card, the only thing they would give me is something that said "KB check card" on it. No internationally accepted Visa or Mastercard. The clerk seemed very clueless, however. I guess I'll go to Itaewon today, since they should (hopefully) be more familiar with what can be done for foreigners. |
You can get a secured card through KB. Got 1 last week. Your limit is 90% of your deposit. eg. 2 200 000 deposit=2 000 000 limit.
Samsung card wont give you 1, unless you work at a university or something along those lines. |
I went to the Itaewon KB, and they were much more knowledgable and capable than the people at my local branch. I applied without any problem today, and they said I should get it in about a week. |
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Kenny Kimchee
Joined: 12 May 2003
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| Posted: Wed Jul 19, 2006 7:30 pm Post subject: |
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| I'm Seoul Lost wrote: |
| T-dot wrote: |
| I'm Seoul Lost wrote: |
| At KB yesterday, when I tried to get a card, the only thing they would give me is something that said "KB check card" on it. No internationally accepted Visa or Mastercard. The clerk seemed very clueless, however. I guess I'll go to Itaewon today, since they should (hopefully) be more familiar with what can be done for foreigners. |
You can get a secured card through KB. Got 1 last week. Your limit is 90% of your deposit. eg. 2 200 000 deposit=2 000 000 limit.
Samsung card wont give you 1, unless you work at a university or something along those lines. |
I went to the Itaewon KB, and they were much more knowledgable and capable than the people at my local branch. I applied without any problem today, and they said I should get it in about a week. |
Does that have the same features as the Wooribank card (i.e. interest on your deposit, ability to use as a a transit card, discounts, etc.)? |
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Rteacher
Joined: 23 May 2005
Location: Western MA, USA
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| Posted: Wed Jul 19, 2006 7:53 pm Post subject: |
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| I've got a BC Mastercard which is controlled by Kookmin Bank. There was no deposit (actually I got the card originally from a smaller bank that Kookmin acquired...) but it functions more like a charge card than a credit card in that the full amount of purchases is automatically taken from my savings account each month. Whenever there isn't enough in my savings to cover the payment the card is frozen until it's paid up - regardless of how much "available credit" there is ... |
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