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Holiday, Hot Weather Cause Credit-card Spending to Rise in Q2

Holiday, Hot Weather Cause Credit-card Spending to Rise in Q2

SEOUL, Aug. 4 (Korea Bizwire) – Credit-card spending by individuals rose 11.2 percent on-year in the second quarter, as a long holiday and hot weather boosted demand for air conditioners and other consumer goods, industry data showed Friday. According to the data by the Credit Finance Association, credit-card spending by individuals stood at 150 trillion [...]

S. Korea to Cut Credit-card Processing Fees for Small Merchants

S. Korea to Cut Credit-card Processing Fees for Small Merchants

SEOUL, Jul. 25 (Korea Bizwire) — South Korea will cut credit card processing fees for small merchants starting later this month, in the latest move to push forward pro-consumer regulations against commission fees charged by financial service providers, the financial regulator said Tuesday. The move is in line with a campaign pledge by President Moon [...]

Cards Used More Than Cash at CVS

Cards Used More Than Cash at CVS

SEOUL, April 24 (Korea Bizwire) – Cash payments fell to less than half of all payments at a major convenience store chain in 2016 as a growing number of people used credit, debit and other cards, the chain said Sunday. It is the first time that card payments have exceeded 50 percent of the total at any convenience store chain, CU said. Card payments at CU outlets rose to [...]

Refunds Soar for Children’s Video Game Payments Using Parents’ Credit Cards

Refunds Soar for Children’s Video Game Payments Using Parents’ Credit Cards

SEOUL, Feb. 22 (Korea Bizwire) – The number of underage children using their parents’ credit cards or cell phones (direct carrier billing) to pay for their gaming ventures is on the rise, and as a result, refund requests from parents receiving monthly billing surprises are also growing.  According to the Korea Consumer Agency, there were [...]

Social Commerce Company Launches Comparison Website for Financial Products

Social Commerce Company Launches Comparison Website for Financial Products

SEOUL, Feb. 8 (Korea Bizwire) – Ticket Monster, South Korea’s leading social commerce company, announced Tuesday the  launch of a comparative website dubbed T-Mon Finance Mall (translated), which allows customers to compare some 5,800 on and offline financial products from 220 companies.  The products available include credit cards, insurance, loans, bank accounts, installment savings, and [...]

“Black Cards” Coveted by Korea’s Most Affluent

“Black Cards” Coveted by Korea’s Most Affluent

SEOUL, Jan. 23 (Korea Bizwire) – Most can only dream of being issued an American Express Centurion Card, better known as the Amex “Black Card.” Korean credit card companies also offer similar cards for high net worth individuals, with expensive annual fees and high minimum spending requirements offset by a host of exclusive benefits.  In [...]

Korean Banks Introduce Credit Card that Accrues “Eco-Points”

Korean Banks Introduce Credit Card that Accrues “Eco-Points”

SEOUL, Nov. 24 (Korea Bizwire) – The Ministry of Environment and the Korea Environmental Industry & Technology Institute have joined hands with five major financial institutions for the launch of the “Green Card v2”, scheduled for Friday.  Green Card v2 is a follow-up of the original Green Card, but with extended benefits. The Green Card [...]