SEOUL, Oct. 16 (Korea Bizwire) – From now on, users of check cards (or debit cards) will be able to get their refunds right away within one business day, instead of three to six days presently.
According to credit card industry sources on October 15, the five credit card companies including Shinhan, KB, Samsung, Lotte, and Hana-SK and three card-issuing banks including NH Nonghyup, Korea Exchange Bank, and Nonghyup Bank will, effective on the 15th, provide refunds on the day check card cancellation slips are presented.
Other credit card companies such as Hyundai Card, Woori Card, and BC Card, as well as local banks affiliated with BC Card will also join the offer from the 28th.
Up until now, most refund requests made on the day were processed on the same day while it usually took three business days (up to six days when the cancellation slip was presented on Friday afternoon or during weekends) if the request was made on the following day.
A credit card industry official said, “In a situation where the number of check card users is rapidly on the rise thanks to the government’s encouragement through tax incentives, the recent decision to facilitate refunds is welcome news for both card issuers and consumers.”
By Sean Chung (email@example.com)