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  • Stpenu
  • Newgookin

    • 1

    • April 05, 2011, 11:09:29 am
    • America
Can you get a credit card with an E2 visa?
« on: April 05, 2011, 11:11:12 am »
Can you get a credit card with an E2 visa?


  • bmsteacher
  • Veteran

    • 216

    • May 25, 2010, 07:16:33 am
    • Kyeonggi-do, ROK
Re: Can you get a credit card with an E2 visa?
« Reply #1 on: April 05, 2011, 11:15:07 am »
Yes, at KEB bank.  That's the only one I know.  Others will know more. 


Re: Can you get a credit card with an E2 visa?
« Reply #2 on: April 05, 2011, 11:16:18 am »
yes, and if you work for a public school or university it shouldn't be too much of a problem. Hagwon teachers might have difficulty.


  • taeyang
  • Moderator - LVL 4

    • 5507

    • September 08, 2010, 08:35:10 am
    • daejeon
Re: Can you get a credit card with an E2 visa?
« Reply #3 on: April 05, 2011, 11:18:09 am »
YES.

just get a certificate of employment (mention to your coteacher that you want a credit card), from the main office and take it to a big bank.

i have a mastercard with nong hyup.
use google to search the site

site:waygook.org XXXX

replace 'XXXX' with your search term


Re: Can you get a credit card with an E2 visa?
« Reply #4 on: April 05, 2011, 11:33:08 am »
I have a Samsung card.  It was no problem getting one at all.


  • Rutten
  • Veteran

    • 118

    • March 17, 2010, 01:29:44 pm
    • South Korea
Re: Can you get a credit card with an E2 visa?
« Reply #5 on: April 05, 2011, 11:40:30 am »
don't korean credit cards work differently than what we're used to? i've heard that if you don't pay off everything you've spent after the first month then they rinse you. i.e. from 1st march - 1st april, spent $1000, don't pay it off on the 2nd of april? = you get rinsed.

is this true?


  • Cuthbuerto
  • Adventurer

    • 32

    • October 04, 2010, 02:37:52 pm
    • South Korea
Re: Can you get a credit card with an E2 visa?
« Reply #6 on: April 05, 2011, 11:51:49 am »
Well we don't really choose how much we pay each month.  Instead, the person you're buying from will ask you how many months you'll need to pay it off.  If you can pay it off the following month, then I'd imagine you won't get charged any interest.  Any longer and I guess there would be some extra charges.

I've got a Samsung Shinsegae card, and I've taken several months to pay for some things I've purchased and I've never noticed any unusual payments coming out of my bank account each month.  I actually like the card because I can get discounts at tons of places and use it at Costco


Re: Can you get a credit card with an E2 visa?
« Reply #7 on: April 05, 2011, 11:57:07 am »
Well we don't really choose how much we pay each month.  Instead, the person you're buying from will ask you how many months you'll need to pay it off.  If you can pay it off the following month, then I'd imagine you won't get charged any interest.  Any longer and I guess there would be some extra charges.

I've got a Samsung Shinsegae card, and I've taken several months to pay for some things I've purchased and I've never noticed any unusual payments coming out of my bank account each month.  I actually like the card because I can get discounts at tons of places and use it at Costco
Yeah I've made some big purchases with my Samsung card and the interest rates (for taking a few months to pay off) really don't seem to be nearly as high as back home. 


  • Rutten
  • Veteran

    • 118

    • March 17, 2010, 01:29:44 pm
    • South Korea
Re: Can you get a credit card with an E2 visa?
« Reply #8 on: April 05, 2011, 11:59:09 am »
Well we don't really choose how much we pay each month.  Instead, the person you're buying from will ask you how many months you'll need to pay it off.  If you can pay it off the following month, then I'd imagine you won't get charged any interest.  Any longer and I guess there would be some extra charges.

I've got a Samsung Shinsegae card, and I've taken several months to pay for some things I've purchased and I've never noticed any unusual payments coming out of my bank account each month.  I actually like the card because I can get discounts at tons of places and use it at Costco

so you're saying if i buy a mirror from Emart with my credit card then the cashier will be like 'when would you like to pay for it?'.


  • Cuthbuerto
  • Adventurer

    • 32

    • October 04, 2010, 02:37:52 pm
    • South Korea
Re: Can you get a credit card with an E2 visa?
« Reply #9 on: April 05, 2011, 12:49:19 pm »
Well we don't really choose how much we pay each month.  Instead, the person you're buying from will ask you how many months you'll need to pay it off.  If you can pay it off the following month, then I'd imagine you won't get charged any interest.  Any longer and I guess there would be some extra charges.

I've got a Samsung Shinsegae card, and I've taken several months to pay for some things I've purchased and I've never noticed any unusual payments coming out of my bank account each month.  I actually like the card because I can get discounts at tons of places and use it at Costco

so you're saying if i buy a mirror from Emart with my credit card then the cashier will be like 'when would you like to pay for it?'.

Well my Korean listening abilities are kinda crap, but my speaking is alright, so I just hand them the card and tell them right away.  So for 3 months, I'd say 'sam gae weol.' Sam is 3, weol means month, and gae is a counting article; so, you're saying 3 months as opposed to the Korean version of March (sam weol)


  • Davey
  • Moderator - LVL 3

    • 1820

    • February 01, 2010, 01:36:20 pm
Re: Can you get a credit card with an E2 visa?
« Reply #10 on: April 05, 2011, 01:03:11 pm »
definitely possible as a public school teacher.

yes, korean cards do work somewhat differently: they're non-revolving, so you'd have to pay off the entire balance each month.  some stores allow you to amortize the payment over 3,6,9, or even 12 months as long as it's over a certain amount (usually 50,000W). the longer the amortization, the higher the interest rate.

you usually get to pick when the card withdraws money from your account.


« Last Edit: April 05, 2011, 01:07:44 pm by daveyc18 »
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html


  • conorsean
  • Super Waygook

    • 267

    • March 10, 2011, 07:50:43 am
    • Who are you? The cops?
Re: Can you get a credit card with an E2 visa?
« Reply #11 on: April 05, 2011, 01:12:36 pm »
Yes, but don't. For the love of God, don't.
It is no measure of health to be well-adjusted to a profoundly sick society.


  • Davey
  • Moderator - LVL 3

    • 1820

    • February 01, 2010, 01:36:20 pm
Re: Can you get a credit card with an E2 visa?
« Reply #12 on: April 05, 2011, 01:19:16 pm »
Yes, but don't. For the love of God, don't.

why? certain credit cards can be very beneficial as a lot of places give huge discounts to certain cards.

------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html


  • Vincent
  • Veteran

    • 119

    • March 02, 2011, 12:02:22 pm
    • korea
Re: Can you get a credit card with an E2 visa?
« Reply #13 on: April 05, 2011, 01:21:39 pm »
38% interest for a start would be reason enough not to  - no credit history = huge rates - use it like we use it back home and you're in a world of crap fairly soon


Re: Can you get a credit card with an E2 visa?
« Reply #14 on: April 05, 2011, 01:22:34 pm »
i use KEB.  because i havent been at this job for more than a year, i would have had to put down a 1.2 million won deposit that would only be returned when i cancelled the card.  this deposit would not go towards any normal balance, it would just unusable for the time i had the card.  at that point i'd already been with KEB for four years.

if i had been with the same school for more than a year, then i couldve gotten a card without the deposit.

i decided it wasn't worth the bother.


  • Davey
  • Moderator - LVL 3

    • 1820

    • February 01, 2010, 01:36:20 pm
Re: Can you get a credit card with an E2 visa?
« Reply #15 on: April 05, 2011, 01:32:40 pm »
38% interest for a start would be reason enough not to  - no credit history = huge rates - use it like we use it back home and you're in a world of crap fairly soon

i had no credit history here. as long as you pay off the entire balance each month, zero interest.  38%? maybe if you're amortizing the payment over 12 months.
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html


  • Davey
  • Moderator - LVL 3

    • 1820

    • February 01, 2010, 01:36:20 pm
Re: Can you get a credit card with an E2 visa?
« Reply #16 on: April 05, 2011, 01:35:06 pm »
i use KEB.  because i havent been at this job for more than a year, i would have had to put down a 1.2 million won deposit that would only be returned when i cancelled the card.  this deposit would not go towards any normal balance, it would just unusable for the time i had the card.  at that point i'd already been with KEB for four years.

if i had been with the same school for more than a year, then i couldve gotten a card without the deposit.

i decided it wasn't worth the bother.

samsung cards tend to be foreigner friendly.

certain credit cards can give you big discounts at certain places, but so can your mobile card. go to your mobile carrier and request for a points card.
« Last Edit: April 05, 2011, 01:39:08 pm by daveyc18 »
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html


  • Vincent
  • Veteran

    • 119

    • March 02, 2011, 12:02:22 pm
    • korea
Re: Can you get a credit card with an E2 visa?
« Reply #17 on: April 05, 2011, 02:05:27 pm »
38% interest for a start would be reason enough not to  - no credit history = huge rates - use it like we use it back home and you're in a world of crap fairly soon

i had no credit history here. as long as you pay off the entire balance each month, zero interest.  38%? maybe if you're amortizing the payment over 12 months.

yep it's an annual interest rate I was offered by samsung credit cards - I also had to pay 300-500k depending on which card I wanted  - not a deposit though  - just to get the damn card  - non-returnable

Back home I used credit cards to pay for a large purchase over a more manageable timeframe e.g. flights or something  - hence the 38% was and still is ridiculous.

If you can afford to pay off your credit card each month in full you don't really need one though do you>?


  • Davey
  • Moderator - LVL 3

    • 1820

    • February 01, 2010, 01:36:20 pm
Re: Can you get a credit card with an E2 visa?
« Reply #18 on: April 05, 2011, 02:22:05 pm »
38% interest for a start would be reason enough not to  - no credit history = huge rates - use it like we use it back home and you're in a world of crap fairly soon

i had no credit history here. as long as you pay off the entire balance each month, zero interest.  38%? maybe if you're amortizing the payment over 12 months.

yep it's an annual interest rate I was offered by samsung credit cards - I also had to pay 300-500k depending on which card I wanted  - not a deposit though  - just to get the damn card  - non-returnable

Back home I used credit cards to pay for a large purchase over a more manageable timeframe e.g. flights or something  - hence the 38% was and still is ridiculous.

If you can afford to pay off your credit card each month in full you don't really need one though do you>?

yes, but some cards can give you big discounts at a lot of popular places. also, the lower the amortization period, the lower the rate.

do you work at a public school? if so, i'm surprised they were so stringent. my first samsung card i had to pay nothing and the rate is low as long as i keep the amortization period relatively short (e.g., 3 months). even if it's a year, the rate is around 20%, which is about standard back in my home country.

« Last Edit: April 05, 2011, 02:25:33 pm by daveyc18 »
------------------------------------------
Search this site using Google by typing, "site:waygook.org [search term]," especially during peak hours. Alternatively, use the site's search function.

EPIK: VISA, RENEWING, PENSION, ETC:

http://waygook.org/index.php/topic,2614.0.html


  • mdarino
  • Waygookin

    • 11

    • September 11, 2009, 11:05:09 am
    • Seoul
Re: Can you get a credit card with an E2 visa?
« Reply #19 on: April 05, 2011, 03:12:22 pm »
Yes and No. It depends on what kind of credit card you want. Let's just say that there three general types of card you could get from KEB.

A "Global" Debit Card- This works almost like a debit card from back home. It's a Visa and free. You can withdraw money from any ATM in the world and use it to shop online, but only from Korean websites (G-Market etc...)

A Secured Credit Card. Chances are this is what every bank manager wants to sell you. You have to make a deposit of around 2.0 mil into a special account. 90% of your deposit is your credit limit. It is kind of a bad deal, but you get a credit card that you can use in the rest of the world.

An Unsecured Credit Card- These are the riskiest for banks so they tend not to give them out. KEB will give you one if you are a public school teacher who has been in Korea for more than a year. You have to apply in person and you should bring your contract if you don't bank with them. You get to pick your card type. I selected the E-Pass because I live in Seoul and not having to refill my T-Money is a godsend. There is no annual fee for mine and they delivered it to my school (you have to sign for it)

Credit Cards work differently in Korea than the US. There are two ways to use it, one is free and the other cost an arm and a leg. The free way works like an American Express. You have a limit and once a month your bill is settled from your bank account automatically. I went with the 25th for obvious reasons. You have no interest charges as long as you pay on time.
The expensive way is to turn it into a revolving account. This is similar to US credit cards where you only have to pay a percent each month. This is where the high interest rates hit you, around 22%-25%.
Having a real credit card here has certainly made my life a little easier when it comes to travel or buying things overseas.