Bank Check Cards    

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Check cards are issued by banks to their account holders. Not only can you withdraw cash from the ATM and pay for purchases with your bank 'check' card (debit card), you can also earn reward points and discounts. Banks generally offer a number of check card options. They also regularly offer new check cards and revise the points/discounts on cards. 

Benefits of check cards:
1. Check card users can get a higher tax refund than those paying by credit cards. For instance, a person who earns an annual salary of KRW 40 million can get a refund of about KRW 1 million when he or she spends KRW 10 million. But if he or she uses check cards to spend the same amount of money, this person would get a refund of about KRW 1.25 million. In other words, check cards give five more % points in terms of income tax refund than credit cards do. (credit card/check refund may be fazed out soon).

2. As indicated above, users can enjoy a variety of additional services provided by check card issuing banks. These additional services are mostly focused on giving discounts to consumers when they make transactions in a variety of places such as restaurants, theaters, shopping malls and gas stations. Some check cards even offer discounted tuition for some private education institutes and flight tickets.

3. Check cards are much easier to get than credit cards - especially for foreign residents. Banks require less complicated procedures and apply less regulation when issuing the cards. Anyone over 18 years old with a banking account is eligible to obtain check cards.

Differentiated Benefits
Banks have developed check card products targetting specific groups with reward and discount offers based on the perceived/established interests of each one. Consequently, there are check cards with specific discounts for women, business men, students, mothers, expats, frequent travellers, etc. Following are some examples of check cards benefits. (Ask your bank for information on its products).

Citibank's A+ Check Card allows users to earn discounts on their daily life purchases - up to 10% discount in restaurants, supermarkets, drugstores, etc. as well as 60 won per litter at S-Oil gas stations and 1% discount from various merchants.

KEB's Rainbow Check Card allows users to earn reward points when making regular purchases - 0.3% of the amount of ordinary purchases; 1% on mobile-phone charges paid through an auto bill-pay service; and 5% on bus and subway rides—making this the only check card in Korea to offer a transit fare discount. The Rainbow Check Card also provides an array of discounts—at restaurants and fun parks, at the movies, and on mobile phone bills. The perks include 10% discounts at family restaurants like Outback Steakhouse and TGI Friday’s; up to 50% off day passes to amusement parks like Lotte World and
Caribbean Bay, and up to 4,000 won off movie tickets. There are other benefits, too, like 40% off fees
for online transfers to other banks.

KEB’s WingO Check Card is popular among Korean and international studentssince it gives education related benefits as well as film discounts. 

Shinhan’s S-MORE users can get 0.3% mileage points from transactions made the previous month, then the mileage points earned is deposited back into the user's personal account every month. Annually the mileage points people earn can reach about 4.0 percent interest on average. The more transactions made by this card, the more money will be returned to the user’s account.
 

K4E Editor: We do our best to provide accurate and current information.Should you notice that any of the above is innacurate or out-of-date, please let us know at info@korea4expats.com

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