Korean Job Discussion Forums

[PBEnglish]

Hello everyone.

I'm a relatively new (3+months) teacher in Suwon and I've been reading through these threads trying to find a newer post about a foreigner obtaining a credit card.
From what I've been able to gather so far, foreigners need to

*earn more than 2.0 million won a month (I do)
*have an established bank account in Korea (I do)
*have a letter from their school stating their earnings (I don't have a specific letter, but I do have my signed contract, where my salary is mentioned)

Now here's where things get hazy for me. Some posts I've read state that credit card companies will not issue a card for teachers working in a private school, can anyone tell me if this is true? (I work in a private acadamy)
Also, does anyone have an uptodate idea of where to go to actually apply for a credit card? There was a phone number posted on another thread for Samsung and their credit card, but that number is no longer active, and when I go to the Samsung Credit Card page, it gives me plenty of information, but nowhere to actually apply for the thing.
Any and all help would be greatly appreciated!!!

Thanks all

[ttompatz]

[PBEnglish]

If you work in a hakwon you cannot get an unsecured credit card.

Lots of banks will give you a secured credit card.
Secured means that you put a security deposit in a term account.
You get a card with a limit of 90-95% of the amount of your security deposit.

Be aware that Korean cards are like AMEX cards of old. They require you to usually pay off the balance every month. Failure to do so will result in the cancelation of your card.

Please allow me to quote from one of my previous posts:
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.

Your money is placed in a term deposit with an interest (as of Jan 2006) rate of about 4.5-5.5% 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.

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 in the mail 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.
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Thank you for the info! It was hard sorting through what was true. Much appreciated.

Paul

[JeJuJitsu]

Trouble on the Secured card front at KB:

--they printed my name in Hangul (Even though my KB Account is in English) on my secured credit card. They claim it will work fine...in Korea.

My response was that the primary reason for getting a credit card is for travel.

They are working on it now.

Anyone else ever order anything online from back home using a Korean card, with your name written in Hangul? Did it actually work for say, an online purchase?

[Pyongshin Sangja]

People really check the name on the card? Where? It IS a Korean card, they would probably understand.

[JeJuJitsu]

[Pyongshin Sangja]

Fine. Have it your way, language imperialist.

[JeJuJitsu]

[Pyongshin Sangja]

Race-baiter.

[JeJuJitsu]

[Pyongshin Sangja]

Cracker.

[JeJuJitsu]

[SeoulnPepe]

My question about credit cards is this: does Korea use the FICO rating system? Is there such a thing as a Credit Rating for individuals in this country?

If a person applies for a Korean bank issued credit card, and it's tied to the FICO system, then anything that is unpaid (i.e. someone decides to run and leave behind some unpaid bills), well, those can be claimed, regardless of where the delinquent card holder runs to.

Do collectors exist in this nation?

Just curious...

************************
Final thoughts:

If the banks were so worried about us foreigners, all they need to do is run a credit background check/investigation on us through the FICO system (Equifax, Trans Union, Experian etc.). If we have a bad record back home, a card is declined. If we have a good record, you get a card (perhaps paired with your own credit limit back home).

Any problems that arise, they simply contact a collection agency that deals with the FICO system, and they track down those bad people who leave unpaid bills in Korea.

[JeJuJitsu]