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, [...]
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 [...]
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 [...]
SEOUL, Dec. 2 (Korea Bizwire) — Payments made with cards in South Korea grew more than 5 percent in October amid the new coronavirus outbreak, industry data showed Wednesday. Spending made with credit, debit and prepaid cards came to 77.3 trillion won (US$69.7 billion) in October, up 5.4 percent from a year earlier, according to [...]
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 [...]
SEOUL, Nov. 12 (Korea Bizwire) — Online credit card spending in South Korea spiked more than 35 percent in September as consumers avoided going out due to the spread of the novel coronavirus, data showed Thursday. Online and telemarketing credit card purchases came to 10.29 trillion won (US$9.2 billion) in September, up 35.1 percent from [...]
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 [...]