기사한줄요약
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Koreans do most of their business by credit card. Credit cards are especially useful when ordering items online. Therefore, it is natural for foreign residents living in Korea to think that they need a credit card. So, let's take a look at the conditions for foreign residents to get credit cards in Korea.
Basic conditions
In order to get a credit card in Korea, you must have a personal credit score of at least a certain level and a job that pays a certain amount of annual income or more. If you don't have a job, you must own property, such as real estate. This is the same for both Koreans and foreigners.
However, it is more difficult for credit card companies to issue foreign cards because they are concerned that foreigners may leave the country without paying after using a credit card.
Detailed issuance conditions
Many credit card companies are making it easier to issue credit cards to foreigners with F-4 (overseas Koreans) and F-5 (permanent residency) status. "Easy" means that it is easier than other foreigners with residence status, but does not mean that it is easier than that of Koreans. Hyundai Card announced that F-5 foreigners will be subject to the same examination criteria as Koreans.
Woori Card said on its website that it is possible to issue a credit card only if they prove income of 30 million won or more per year or 2 million won or more for 3 months.
If a foreigner's residency status is F-4 or F-5, it can be issued under the same conditions as Korean nationals.In addition, it is said that the issuance is possible if the average balance in the bank account is more than 6 million won for 6 months.
Each credit card company has different standards for issuing foreign credit cards, and credit card companies do not clearly disclose these standards.
If it is difficult to issue a credit card, consider using a debit card. A debit card can only be used if there is a balance in the bankbook, but the usage is almost the same as that of a credit card.
Convenience of issuing credit cards for foreigners
Shinhan Bank, in collaboration with Shinhan Card, has been implementing non-face-to-face credit card applications for foreign customers residing in Korea from 2020. Non-face-to-face credit card applications can be applied for at Shinhan Bank's Shinhan SOL Global, a financial app dedicated to foreign customers.
In Shinhan SOL Global, which supports 12 languages including Chinese, Vietnamese, and Indonesian, they can easily apply for a new credit card issuance with just their alien registration card and an official certificate (other bank certificates are also possible). There is no need to visit a bank branch to apply for a credit card and make a phone call with a credit card company employee to verify identity.
Hyundai Card introduced an English card application process last year that allows foreigners to easily apply for a credit card.
Through this service, foreign customers can easily process all procedures from checking product information to applying for a card in the Hyundai Card app in English. Existing foreigner-only counselors can also be used.
Reporter Lee Jieun
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