Korean Credit Cards

By greenteapanda

August 29, 2007

Category: Shopping

2 Comments »

Although I have applied for a bank account, I have not received my ATM card or any other documentation from the bank.

Although I do not have a permanent address yet, my information has already been spread to other organizations. I got an email spam today for a credit card application. They only wanted my pay stub to process it. Incidentally, I need to get past the one-month point to have one of those.

Makes me wonder if they even are aware I am a foreigner, since foreigners normally have to go through a lot of trouble to get a Korean credit card.

The email itself was nonsense when I translated it at http://translate.google.com/, so I asked some Korean staffs about it. They were adamant about not getting the credit card. They did not have any specific reason why, other than the marketers were smart and know how to snare people.

Perhaps I should take their advice, since I have seen some nice-looking ads on the Seoul metro for a quick loan service. The loan itself has an APR close to 60%. I am curious what kind of APR I would get if I did apply for the card. The email had no fine print for me to look at.

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2 Responses to “Korean Credit Cards”

  1. Why even get a credit card when cash has no interest penalty? I can see the use of a credit card only for internet purchases (I guess). My credit is so bad that I cannot even get one if I tried! Credit cards are poison! They are predators when they target American teenagers who want to act like "adults"…their sharp talons extend, take a dive, and snatch a large percentage of unsuspecting teens, and have a pornographic time screwing them over for years…I wonder how much of it is actually legal.

  2.  In the USA, you can thank North Dakota for that. Before, states had lending laws that capped interest rates. However, North Dakota had no such law, so a lot of credit companies put some sort of a business front there to charge people from that state. The government doesn\’t do much to impede business, as long as they get their kickbacks…

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