Thinking about getting a credit card in Korea or already have one? Here is some information you might find useful: Credit cards operate differently in Korea and generally do not operate on a minimum payment system as they do in other places around the world. In Korea, if you do not pay your bill on time, it can negatively affect your credit limit as well as your credit rating much more immediately than you would think. In countries where one is only required to pay a minimum monthly payment, quite often this perceived convenience is accompanied with high interest on the balance. In Korea however, credit card policies tend to encourage people to live more within their means. In other words, you should not see your credit card as another source of income! This often means tighter eligibility criteria to get a card in the first place and / or lower credit limits for new customers or late payers. In Korea, your credit card is linked to your account and the balance due is automatically deducted each month. It is therefore important to be aware of your automatic payment date and have a sufficient balance in your account. If you have been paying your bills on time for a while, why not request a credit limit increase? Or, if you have spent a little too much this month, you can call us and ask to split the payments over an agreed amount of months; our staff will advise in this case if any interest will be applied. Even if a shop does not offer a split payment option, you can always call us a few days after to enquire on a payment plan however this should be done in advance of your actual billing day. For all inquiries, please call the Shinhan Card English Call Center on 1544-7333 (weekdays, 9am - 6pm).
Posted on: Fri, 23 May 2014 02:22:06 +0000
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