SEOUL, Jun. 21 (Korea Bizwire) – The ongoing economic struggles faced by many South Korean households due to high interest rates and inflation have led to a surge in credit card debt, surpassing 40 trillion won last month. Additionally, the use of “balance transfer” loans, which allow borrowers to consolidate debt from one credit card to [...]
SEOUL, May 21 (Korea Bizwire) – As the South Korean public continues to grapple with high interest rates and soaring consumer prices, credit card loan balances reached an all-time high last month, reflecting the mounting financial strain on ordinary citizens. According to data released on May 20 by the Credit Finance Association, the combined credit card [...]
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, [...]