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 [...]
SEOUL, Dec. 21 (Korea Bizwire) – South Koreans’ use of credit cards jumped last year from a year earlier, central bank data said Wednesday, in the latest sign that a growing number of people favor credit cards over cash for transactions. A survey of 2,500 adults by the Bank of Korea showed that credit cards [...]
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 [...]
SEOUL, Nov. 16 (Korea Bizwire) – South Korean credit card companies posted a small increase in their net profits in the first nine months of 2016, undeterred by commission cuts, data showed Wednesday. They lowered the fee rates early this year for merchants with the annual sales of between 200 million won (US$170,000) and 300 [...]
SEOUL, Oct. 17 (Korea Bizwire) – Use of prepaid cards in South Korea almost halved in the second quarter of this year from three months earlier, government data showed Monday, as card firms are passive about the costly business. The country’s prepaid card spending stood at 869.3 billion won (US$765 million) in the April-June period, [...]
SEOUL, Oct. 4 (Korea Bizwire) – South Korea said Tuesday it will introduce a new system to enable reporting multiple credit cards lost or stolen with just a single phone call. So far, card holders have been required to report separately to each card issuer. South Korean adults have an average of 3.4 credit cards, [...]
SEOUL, Sept. 6 (Korea Bizwire) – South Korea plans to roll out commercial services for personal authentication for online and mobile payments utilizing the short-range wireless technology used in credit cards, officials said Tuesday. According to the Office of Government Policy Coordination, the government is set to approve the new service, which grants users personal [...]
SEOUL, July 15 (Korea Bizwire) – A local court on Friday ordered three credit card companies hit by massive data leaks to pay fines for failing to fulfill their duties to protect customer information. In 2014, an employee at a local credit rating agency was found to have stolen card holders’ information, including bank account [...]
SEOUL, July 6 (Korea Bizwire) – A group of South Korean credit card companies said Wednesday they will consider taking legal action against Visa Inc. following the global payment network company’s recent decision to raise the card fees it receives from Korean card issuers starting next year. In May, Visa notified Korean card firms that [...]
SEOUL, July 5 (Korea Bizwire) – Visa Inc., a global payment network company, said Tuesday it will raise the fees for overseas credit card purchases using its networks it receives from South Korean credit card companies starting next year. In May, Visa notified Korean card firms of its planned fee hikes from October 2016. In [...]