Bank Check Cards
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.
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.
(Ask your bank for information on its products).
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Last Updated on 2014-03-19
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