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  • SPQR
  • Hero of Waygookistan

    • 1419

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Best Korean bank for a credit card
« on: September 28, 2022, 08:37:39 am »

Anyone have any experiences with credit cards in Korea. I used to have
a secured Korean credit card through Shinhan. Then I got married and
it quickly disappeared. Surprise, surprise.

What is the best bank these days and how to get it?
Blocked: JonVoightCar


  • Kyndo
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Re: Best Korean bank for a credit card
« Reply #1 on: September 28, 2022, 11:11:18 am »
The Hyundae costco card has been working pretty well for us. Fairly easy to get regardless of being a foreigner or not, and one gets an additional 3% off of everything bought there! <3

You can sign up for it at the customer server desks at both of the Costco branches in Daegu, and probably elsewhere as well.


  • SPQR
  • Hero of Waygookistan

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    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Best Korean bank for a credit card
« Reply #2 on: September 28, 2022, 12:35:03 pm »
The Hyundae costco card has been working pretty well for us. Fairly easy to get regardless of being a foreigner or not, and one gets an additional 3% off of everything bought there! <3

You can sign up for it at the customer server desks at both of the Costco branches in Daegu, and probably elsewhere as well.

That's it? You just ask for one and presto?
Blocked: JonVoightCar


  • Augustiner
  • Expert Waygook

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    • December 06, 2021, 01:18:06 pm
    • Anyang
Re: Best Korean bank for a credit card
« Reply #3 on: September 28, 2022, 12:54:47 pm »
The Hyundae costco card has been working pretty well for us. Fairly easy to get regardless of being a foreigner or not, and one gets an additional 3% off of everything bought there! <3

You can sign up for it at the customer server desks at both of the Costco branches in Daegu, and probably elsewhere as well.

Oh yeah?  No problem as a foreigner?  A lady tried to sign me up at EMart for the Hyundai Card, but I didn't have my ID.  She seemed to think it was no problem, but I was skeptical.  I have a Lotte Card that I am more than fine with, except for the fact I'd like to use a card at Costco. 


  • ToilingAjumma
  • Super Waygook

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    • September 06, 2022, 09:12:01 pm
    • LargeKoreanCitizenCountry
Re: Best Korean bank for a credit card
« Reply #4 on: September 28, 2022, 01:31:12 pm »
I didn't have my ID.  She seemed to think it was no problem, but I was skeptical. 

"Yes, Cardy McCardface. No middle name. Gyeonggi-do, Suwon-si, 123 Pine St. Phone number? 5556-9420. Limit? Hmmmmmmm, 25 000 000? Yes, thank you."

And then you go buy every menu item at Kimbob ChungKook and live like a Wang.


  • Augustiner
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    • December 06, 2021, 01:18:06 pm
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Re: Best Korean bank for a credit card
« Reply #5 on: September 28, 2022, 01:39:57 pm »
"Yes, Cardy McCardface. No middle name. Gyeonggi-do, Suwon-si, 123 Pine St. Phone number? 5556-9420. Limit? Hmmmmmmm, 25 000 000? Yes, thank you."

And then you go buy every menu item at Kimbob ChungKook and live like a Wang.

I once lived at 456 Pine Ave. W for what it's worth.  Close enough. 

I'm not sure how she was going to go about getting me approved.  Perhaps she just needed to get some applications.  She was aggressive. 


  • SPQR
  • Hero of Waygookistan

    • 1419

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Best Korean bank for a credit card
« Reply #6 on: September 28, 2022, 01:59:37 pm »
The Hyundae costco card has been working pretty well for us. Fairly easy to get regardless of being a foreigner or not, and one gets an additional 3% off of everything bought there! <3

You can sign up for it at the customer server desks at both of the Costco branches in Daegu, and probably elsewhere as well.

Also, is this a credit card I can use for international purchases?

Please give details, like needed documents etc.

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  • Kyndo
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Re: Best Korean bank for a credit card
« Reply #7 on: September 28, 2022, 03:01:50 pm »
Also, is this a credit card I can use for international purchases?
Please give details, like needed documents etc.
I used it without any problems in North America during my vacation, so it does seem to work internationally.
There's a credit limit of only 3 million won, but that can be extended if you specifically ask for it (I haven't bothered).
You can pay it off at any time online with an English language app. I generally pay off the balance every week or so, whenever I think of it.

As for the process, it's straight forward, but there are some requirements that a fresh off the plane teacher may have difficulties with.

I did this 2 years ago, so I can't remember the exact numbers, but they wanted to see statements of income as well as proof of a certain amount of collateral. In my case the latter was pretty easy as I own our apartment and just showed them a copy of the deed.
I believe that they also wanted to know how long I've been in Korea.
The people handling the sign ups were super friendly, and went out of their way to help us, despite having minimal English, and us having only basic Korean.

I'll see if I can dig up some exact numbers for those requirements, and will post them here along with the exact docs when I find the info.
« Last Edit: September 28, 2022, 03:03:45 pm by Kyndo »


  • SPQR
  • Hero of Waygookistan

    • 1419

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Best Korean bank for a credit card
« Reply #8 on: September 28, 2022, 03:30:13 pm »
I used it without any problems in North America during my vacation, so it does seem to work internationally.
There's a credit limit of only 3 million won, but that can be extended if you specifically ask for it (I haven't bothered).
You can pay it off at any time online with an English language app. I generally pay off the balance every week or so, whenever I think of it.

As for the process, it's straight forward, but there are some requirements that a fresh off the plane teacher may have difficulties with.

I did this 2 years ago, so I can't remember the exact numbers, but they wanted to see statements of income as well as proof of a certain amount of collateral. In my case the latter was pretty easy as I own our apartment and just showed them a copy of the deed.
I believe that they also wanted to know how long I've been in Korea.
The people handling the sign ups were super friendly, and went out of their way to help us, despite having minimal English, and us having only basic Korean.

I'll see if I can dig up some exact numbers for those requirements, and will post them here along with the exact docs when I find the info.

So, I should bring my mortgage papers, my ARC and a statement of earnings?

Thx, man.
Blocked: JonVoightCar


  • gogators!
  • Waygook Lord

    • 6323

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: Best Korean bank for a credit card
« Reply #9 on: September 28, 2022, 10:42:53 pm »

You can pay it off at any time online with an English language app. I generally pay off the balance every week or so, whenever I think of it.

Why not just set up auto-pay and let your money sit in the bank for an entire month?


  • Kyndo
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Re: Best Korean bank for a credit card
« Reply #10 on: September 29, 2022, 07:37:08 am »
Why not just set up auto-pay and let your money sit in the bank for an entire month?
Because I like to keep that line of credit as open as possible so that if I need to make a really big purchase at short notice, I don't have to worry about how much I have left on the account (part of my get-out-of-Dodge-quickly / emergency plan).
Also, when I automate payments, I tend to forget that I'm making them, which screws up my budgeting. I'm more careful with money when I'm more frequently reminded of how I'm spending it.
I guess it's a matter of personal preferences and habits rather than any solid reason that would necessarily apply to other people.

So, I should bring my mortgage papers, my ARC and a statement of earnings?
Thx, man.
I was thinking about this on my drive home, and something that occured to me was that they wanted to know how long I had been paying car insurance. I think it was to establish a record of timely payments or something. I think it was also used as proof that I had been in the country for more than 5 years.

I don't think either of these requirements were deal breakers on their part, but they did say that it would help with the process. Maybe bring along car insurance statements as well!
« Last Edit: September 29, 2022, 07:39:24 am by Kyndo »


  • Mr C
  • The Legend

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Re: Best Korean bank for a credit card
« Reply #11 on: September 29, 2022, 07:48:03 am »

Also, when I automate payments, I tend to forget that I'm making them, which screws up my budgeting. I'm more careful with money when I'm more frequently reminded of how I'm spending it.
I guess it's a matter of personal preferences and habits rather than any solid reason that would necessarily apply to other people.


I have a few of my bills automated (including the credit card).  And I get warnings, at least two of them, days in advance of the payment date sent to me via SMS. 

I'm pretty sure this is automatic, i didn't ask for it, they just do it.


  • Augustiner
  • Expert Waygook

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Re: Best Korean bank for a credit card
« Reply #12 on: September 29, 2022, 12:34:58 pm »
Yeah, I also always getnotice of upcoming cc payments, and then another telling me it was done.  Same goes for the phone payments and T-money. 


Re: Best Korean bank for a credit card
« Reply #13 on: September 29, 2022, 01:37:43 pm »
I read somewhere that the Hyundai (also Costco card) will soon be in cahoots with Apple Pay, in Korea.

Here:

https://en.yna.co.kr/view/AEN20220907005500320


« Last Edit: September 30, 2022, 08:05:58 am by otherendoscopy »


  • Lazio
  • Hero of Waygookistan

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    • January 27, 2018, 03:56:10 pm
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Re: Best Korean bank for a credit card
« Reply #14 on: September 29, 2022, 06:35:44 pm »
I believe the cards by Samsung, Hyundai and Lotte, offer better perks compared to bank-issued cards. I could be wrong though.
The Costco Hyundai card is good. If you regularly shop at Costco, it's a necessity.
I also purchased flight tickets with it and used it abroad without problems.
At Emart Traders, one could also get a Samsung card without much trouble.
« Last Edit: September 29, 2022, 06:38:23 pm by Lazio »


  • gogators!
  • Waygook Lord

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    • March 16, 2016, 04:35:48 pm
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Re: Best Korean bank for a credit card
« Reply #15 on: September 29, 2022, 11:06:17 pm »
Because I like to keep that line of credit as open as possible so that if I need to make a really big purchase at short notice, I don't have to worry about how much I have left on the account (part of my get-out-of-Dodge-quickly / emergency plan).
Also, when I automate payments, I tend to forget that I'm making them, which screws up my budgeting. I'm more careful with money when I'm more frequently reminded of how I'm spending it.
I guess it's a matter of personal preferences and habits rather than any solid reason that would necessarily apply to other people.

I get alerts for all my auto-pay so I never forget. It's a very useful feature.


Re: Best Korean bank for a credit card
« Reply #16 on: October 01, 2022, 04:57:12 pm »
My Lotte card was obtained as part of a phone purchase 4 years ago.  I get about 14,000 taken off of my monthly phone bill if I charge at least 300,000 per month to it.  At the time, I believe they offered 17,000 off if you charged 500,000 each month.  They have kept it going ever since.   (Disclaimer: I might be off by 2,000 won per month on that, in one direction or another).


  • SPQR
  • Hero of Waygookistan

    • 1419

    • March 08, 2018, 07:04:54 pm
    • Sierra Leone
Re: Best Korean bank for a credit card
« Reply #17 on: October 03, 2022, 08:06:33 am »
So, I went to Costco yesterday. The Hyundai card woman
was very nice. It is amazing what commissions do. All I needed
was:

-ARC
-business card
-bank account

Hyundai does all the checks with the above things
and then issues the card.



Blocked: JonVoightCar


  • Kyndo
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Re: Best Korean bank for a credit card
« Reply #18 on: October 04, 2022, 07:26:41 am »
Grats!
I wish I had your card dealers!
I had to go back once or twice with additional info.
Glad you were able to get what you needed.


  • hangook77
  • Waygook Lord

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    • September 14, 2017, 09:10:12 am
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Re: Best Korean bank for a credit card
« Reply #19 on: October 04, 2022, 11:55:12 am »
So, I went to Costco yesterday. The Hyundai card woman
was very nice. It is amazing what commissions do. All I needed
was:

-ARC
-business card
-bank account

Hyundai does all the checks with the above things
and then issues the card.





Business card?
745sticky, Augustiner, Bakeacake, D.L.Orean, Lazio, Mithras, Renma, Rye are still blocked and I can't see them.