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Card Firms Report 33.9 pct Hike in 2021 Earnings on Higher Commission Revenue

Card Firms Report 33.9 pct Hike in 2021 Earnings on Higher Commission Revenue

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, [...]

‘Recession-Type’ Credit Cards Enjoy Rising Popularity amid Prolonged COVID-19 Pandemic

‘Recession-Type’ Credit Cards Enjoy Rising Popularity amid Prolonged COVID-19 Pandemic

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 [...]

Banks, Credit Card Issuers Fight Back Against Tech Giants Onslaught

Banks, Credit Card Issuers Fight Back Against Tech Giants Onslaught

SEOUL, June 7 (Korea Bizwire) — In response to the challenge posed by tech giants making inroads in the banking industry, traditional financial services companies such as banks and credit card issuers are going on the counterattack. Credit card companies are preparing to launch an ‘open pay’ service that enables customers to register and use [...]

Card Issuers Appeal to Starbucks Fans with Exclusive Benefits

Card Issuers Appeal to Starbucks Fans with Exclusive Benefits

SEOUL, Jan. 25 (Korea Bizwire) — Credit card companies are competing over Starbucks Coffee Korea Co., the local unit of the U.S. coffee giant, releasing new cards with exclusive benefits including free, limited editions of smartphone cases and higher discounts. Hyundai Card Co. recently released its new Starbucks Hyundai Card, which offers Starbucks reward points [...]

Card Spending Up 6.3 pct On-year During Nationwide Shopping Festival in Nov.

Card Spending Up 6.3 pct On-year During Nationwide Shopping Festival in Nov.

SEOUL, Nov. 20 (Korea Bizwire) — Card spending made during a massive nationwide annual shopping festival earlier this month rose 6.3 percent from a year earlier, the trade ministry said Friday, amid the new coronavirus outbreak. Card spending amounted to 37.4 trillion won (US$33.5 billion) in the Nov. 1-15 period, when the country held the [...]

Overseas Card Spending Dips by Most in Over 2 Decades in Q2 amid Pandemic

Overseas Card Spending Dips by Most in Over 2 Decades in Q2 amid Pandemic

SEOUL, Aug. 27 (Korea Bizwire) — South Koreans’ overseas card spending dropped by the most in more than two decades in the second quarter on a sharp decline in the number of outbound travelers amid the COVID-19 pandemic, central bank data showed Thursday. The amount of money spent overseas by Koreans with cards, including credit [...]