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  • rkawk25
  • Explorer

    • 8

    • May 22, 2019, 03:40:31 am
    • Seoul, South Korea
I'm planning on getting a credit card at Hana Bank.. probably the 1Q card. I tried looking at the Hana Card website but I don't see anything about installment interest fees.. Like for example, I'd like to pay installments in a total of 12 months.. how am I supposed to calculate the interest fees? Or there's no way to tell?

Thanks!


  • oglop
  • The Legend

    • 4264

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: Does anyone know how credit card installments work here in Korea?
« Reply #1 on: May 18, 2020, 03:51:55 pm »
most (all?) things offer 0% interest for 12 months here. you can choose how many months you wanna divide your payments over


  • rkawk25
  • Explorer

    • 8

    • May 22, 2019, 03:40:31 am
    • Seoul, South Korea
Re: Does anyone know how credit card installments work here in Korea?
« Reply #2 on: May 18, 2020, 03:56:27 pm »
most (all?) things offer 0% interest for 12 months here. you can choose how many months you wanna divide your payments over

I was planning on doing 12 months but from what I've heard, Shinhan and KB offers 0% interest if you do 5 months but the other banks don't but if that's the case, then that would be great

Thanks!


Re: Does anyone know how credit card installments work here in Korea?
« Reply #3 on: May 18, 2020, 05:52:16 pm »
I have the Hit 1 1Q card with Hana but I don't really use it as I have their Cuckoo card which is JCB card, so I had to get another card as JCB is pointless in Europe as no one takes it. 

Maybe I'm a little out of sync with this but a couple of years back, most cards would only offer interest-free up to 3 months.  I can't see any point in letting someone have interest-free over a year.  The bank wouldn't make any money out of you. 

The Hana card site is kind of rubbish as the Korean one gives you way more card options.  So, to find out what you need to know for exact details about the benefits and other bits and pieces give them a call on 1544 3500, but it's only from 9am - 6pm.

Basedcowboy is the one who usually knows most about credit cards and benefits. 



  • oglop
  • The Legend

    • 4264

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: Does anyone know how credit card installments work here in Korea?
« Reply #4 on: May 18, 2020, 06:01:46 pm »
I have the Hit 1 1Q card with Hana but I don't really use it as I have their Cuckoo card which is JCB card, so I had to get another card as JCB is pointless in Europe as no one takes it. 

Maybe I'm a little out of sync with this but a couple of years back, most cards would only offer interest-free up to 3 months.  I can't see any point in letting someone have interest-free over a year.  The bank wouldn't make any money out of you. 

The Hana card site is kind of rubbish as the Korean one gives you way more card options.  So, to find out what you need to know for exact details about the benefits and other bits and pieces give them a call on 1544 3500, but it's only from 9am - 6pm.

Basedcowboy is the one who usually knows most about credit cards and benefits. 


Really? I always thought it was a year


  • rkawk25
  • Explorer

    • 8

    • May 22, 2019, 03:40:31 am
    • Seoul, South Korea
Re: Does anyone know how credit card installments work here in Korea?
« Reply #5 on: May 19, 2020, 08:53:38 am »
I have the Hit 1 1Q card with Hana but I don't really use it as I have their Cuckoo card which is JCB card, so I had to get another card as JCB is pointless in Europe as no one takes it. 

Maybe I'm a little out of sync with this but a couple of years back, most cards would only offer interest-free up to 3 months.  I can't see any point in letting someone have interest-free over a year.  The bank wouldn't make any money out of you. 

The Hana card site is kind of rubbish as the Korean one gives you way more card options.  So, to find out what you need to know for exact details about the benefits and other bits and pieces give them a call on 1544 3500, but it's only from 9am - 6pm.

Basedcowboy is the one who usually knows most about credit cards and benefits.

I guess I'll try giving them a call later during the day! Thanks again guys!


  • hangook77
  • The Legend

    • 2001

    • September 14, 2017, 09:10:12 am
    • Near Busan
Re: Does anyone know how credit card installments work here in Korea?
« Reply #6 on: May 19, 2020, 09:37:17 am »
I have the Hit 1 1Q card with Hana but I don't really use it as I have their Cuckoo card which is JCB card, so I had to get another card as JCB is pointless in Europe as no one takes it. 

Maybe I'm a little out of sync with this but a couple of years back, most cards would only offer interest-free up to 3 months.  I can't see any point in letting someone have interest-free over a year.  The bank wouldn't make any money out of you. 

What is JCB?  Visa or Mastercard?  Korean cards use to have restriction overseas or at least for foreigners.  Not so sure nowadays.

The Hana card site is kind of rubbish as the Korean one gives you way more card options.  So, to find out what you need to know for exact details about the benefits and other bits and pieces give them a call on 1544 3500, but it's only from 9am - 6pm.

Basedcowboy is the one who usually knows most about credit cards and benefits. 




  • leaponover
  • Expert Waygook

    • 707

    • March 05, 2012, 12:08:16 pm
    • Iksan, S. Korea
Re: Does anyone know how credit card installments work here in Korea?
« Reply #7 on: May 19, 2020, 01:21:35 pm »
I have the Hanacard.  The way installments work are way different from Western style credit cards.  Basically, everything installment wise happens at the point of purchase.  So you only get 0% interest for a certain amount of months depending on the offers the store has.  I can tell you that Hana hardly ever has any.  They are not one of the popular ones.  If you set up your card in Naverpay you will have a default choice of 3 months with no interest on all purchases that allow Naver pay.

Now, if you make an overseas purchase (or any purchase for that matter) you can go into your account (I have only done it on the Korean side, not the English side) and turn those into installment payments.  It will calculate the interest right there and show you how much you will pay monthly and the new total with interest calculated.   There are no options for zero interest.  Again, those are done at the point of purchase.

Hope that helps.  Had mine for awhile so you can bounce any questions off of me.

TLDR:  Installment options are chosen at the point of purchase and the interest options are done from the individual store depending on the deals they have with the card you own.


  • SPQR
  • Super Waygook

    • 475

    • March 08, 2018, 07:04:54 pm
    • Canada
Re: Does anyone know how credit card installments work here in Korea?
« Reply #8 on: May 19, 2020, 01:31:25 pm »
What are the requirements for a foreigner to get a card these days?


Re: Does anyone know how credit card installments work here in Korea?
« Reply #9 on: May 19, 2020, 01:32:17 pm »
Yep, you can also go onto the Hanacard website and do it manually for Korean purchases over 50 000 won.  But once you've chosen and clicked the amount of instalments, then it's stuck.  Like Leaponover said, it'll tell you how much it'll be in total.  So if you want to pay something off over 6 months, it'll give you a breakdown and if you want to you can pay things off earlier transaction by transaction.

Also, for example, my 'payment date' is 27th.  And my charging cycle is 15th--->14th.  And I get paid on the 17th, so I pay off my card early after the 15th because my charging cycle is finished so it's gives me the total for that period to pay, and I save about 20 000 won in interest by paying it 10 days early (This one is much easier on the English website).  If I didn't do this then it'd take it automatically on the 27th.


  • Davey
  • Moderator - LVL 3

    • 1824

    • February 01, 2010, 01:36:20 pm
Re: Does anyone know how credit card installments work here in Korea?
« Reply #10 on: May 19, 2020, 01:35:31 pm »
I'm planning on getting a credit card at Hana Bank.. probably the 1Q card. I tried looking at the Hana Card website but I don't see anything about installment interest fees.. Like for example, I'd like to pay installments in a total of 12 months.. how am I supposed to calculate the interest fees? Or there's no way to tell?

Thanks!

from what I recall the interest rate for most cards was 20 to 23 percent APR but that was back in 2012.

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  • oglop
  • The Legend

    • 4264

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: Does anyone know how credit card installments work here in Korea?
« Reply #11 on: May 19, 2020, 02:05:37 pm »
What are the requirements for a foreigner to get a card these days?
Always changing, but for a basic hana one it's probably fairly easy still. They have an English helpline you could ask on. I just use mine for the subway, mostly

You can get better ones (eg Samsung) but the requirements are much stricter I've heard so I never bothered


Re: Does anyone know how credit card installments work here in Korea?
« Reply #12 on: May 25, 2020, 01:46:41 pm »
You'll see signs about reduced interest or interest free at the store, after that you can break up your installment at the time of purchase or you can call and ask them to break up your payment into installments. The cards I have an what they are good for - conditions such as how much you spend the previous month will determine which benefits you unlock:

1. KEB Global VIVA platinum MasterCard - MasterCard charges a 1% fee on international purchases. This card has no KEB fee on international purchases but instead give you a 1% reduction, essentially negating the master card fee, so the price is the price. (Card Price 5,000 won a year, I think)

2. KEB N*Platinum for Men Platinum Visa - I don't use this card much any longer, but did before. I don't think you can get it either, but it gives discounts on leisurely  stuff like golf, screen golf, movies, and discounts at convenience stores. (10,000 won a year) I will probably be cancelling this card, or rather, not renewing.

3. KEB Club SK Platinum American Express - I like this one. If your SK phone and all are link to this card, depending on spending habits, there is an automatic reduction in your bill by 15,000won. The next most useful benifit for me is it saves 150won per liter on fuel at SK brand fueling stations. The deduction is made right when you pay and is listen on the receipt. I usually fill up twiceish a month, make sure I am empty when I do, and usually get about 6,000won chipped right off. (Card Price 15,000 a a year for the American Express version, and 10,000 for other versions)

4. Samsung 4 Version 3 - 0.5% Discount at restaurants, discounts at pharmacies and hospitals, discount in online shopping malls (3 times a month, I think) - (This card may be free, or 10,000 max, no fee for a secondary card for another person in the family)

1 and 3 are my go-tos for the most part.