SEOUL, Jan. 31 (Korea Bizwire) — Card use in South Korea exceeded 1,000 trillion won (US$811.4 billion) for the first time ever in 2022 as eased coronavirus curbs bolstered consumption, data showed Tuesday. According to the data provided by the Credit Finance Association, credit and debit card use amounted to 1,097.7 trillion won last year, [...]
SEOUL, Dec. 21 (Korea Bizwire) — Overseas credit card use in November, typically part of the travel off-season, jumped significantly this year, largely due to the quick recovery of interest in foreign travel, data showed Wednesday. Overseas credit card spending at seven card companies reached 1.63 trillion won (US$1.26 billion) in last month, which was [...]
SEOUL, Nov. 3 (Korea Bizwire) — Alarm bells are ringing for South Korea’s credit card industry, which has many vulnerable debtors, including those with low income and low credit scores, as the repayment capability of debtors is showing signs of deteriorating due to the recent hike in the benchmark interest rate. The nation’s seven major [...]
SEOUL, Nov. 2 (Korea Bizwire) — A South Korean credit card company has released a new card targeting consumers who actually want to pay on an installment plan at places like restaurants but hesitate to do so in fear of losing face in front of their acquaintances. LOCA NANUGI Card, released by Lotte Card Co., [...]
SEOUL, Oct. 25 (Korea Bizwire) — South Korean credit card companies are releasing a string of new cards targeting pet owners. The Samsung iD PET Card, released this month by Samsung Card Co., offers a 30 percent discount of up to 50,000 won (US$34.81) per month when cardholders use veterinary clinics or pet-related shopping malls. [...]
SEOUL, July 29 (Korea Bizwire) — Credit card spending in South Korea jumped in the second quarter, buoyed by eased antivirus measures, data showed Friday. Spending made with credit, debit and prepaid cards came to 280.7 trillion won (US$216.2 billion) in the April-June period, up 14.8 percent from a year earlier, according to the data [...]
SEOUL, May 27 (Korea Bizwire) — Major card firm Hyundai Card Corp. said Friday its credit card users’ payments soared in April amid eased anti-virus restrictions. Hyundai Card said users spent a total of 8.69 trillion won (US$6.92 billion) for travel, flight, hotel and other reopening-related expenses last month, up 15 percent from a year [...]
SEOUL, March 28 (Korea Bizwire) — Card firms in South Korea saw their combined earnings in 2021 jump thanks to a hike in commission revenue boosted by rebounding consumption from a pandemic-caused slowdown, industry data showed Monday. The combined net income of eight major card firms came to 2.71 trillion won (US$2.21 billion) last year, [...]
SEOUL, Dec. 8 (Korea Bizwire) — Amid dampened consumer sentiment caused by the COVID-19 pandemic, ‘recession-type’ credit cards that offer generous rewards in return for a low annual fee and minimal usage record are enjoying rising popularity. According to the credit card comparison website CardGorilla, half of the 10 most popular credit cards among those [...]
SEOUL, July 7 (Korea Bizwire) — South Korea’s major credit card companies have been releasing a series of private label credit cards (PLCCs) in their bid to secure members of the MZ generation as loyal customers. Shinhan Card Co. has released five different types of PLCCs thus far under partnerships with Swedish furniture giant IKEA, [...]