If you're not Korean (or perhaps a high-flying expat executive), you are required to have a "security deposit" if you want to get a credit card from them -- even if you have an excellent credit history and a well-paying local job.
Hana pays 4% interest per annum on that security deposit; meanwhile, it charges 27% per annum interest on any credit charges you don't pay off within the month.
Thus, if you have a W1 million security deposit on your card, you'll get W40,000 per year in interest on it. At the same time, if you have W1 million in credit-card charges that you can't or don't pay off, you'll pay W270,000 a year for the same amount. That's an impressive W230,000 difference depending on whether you're a non-Korean or a Korean bank.
See how that works? Nice "work" if you can get it.
Not entirely true, but different branches have different policies and there are different plans for credit at Hana Bank.
I have an unsecured credit card with them and until this weekend it had been a while since I have had to take issue with Hana.
Also I pay 23% but also get 5% of what I spend per annum cash back which encourages me to max it out every month and then just pay it off in full.
This weekend with their system closure the internal AP for my credit card hasn't gone through (i.e. Hana to Hana) so it's been a quiet one. (Lot's of spring cleaning)
What erks me more is their refusal to give me an international ATM card, but they are happy to increase my credit limit so effectively when I'm overseas they're happy for me to spend their money (potentially at a high cost as you point out) but God forbid I should be able to access my OWN money.
Fuckers.
I will be going to KEB on Monday and setting up an account and getting one of their credit cards and closing my accounts with Hana after the fuck up this weekend.
There's a Hana ATM in the building where my office is located. I was getting a cash advance on my CC when one of the office girls saw me at the machine.
Her eyes went wide and she kinda shouted "MONEY!" and went a little wild trying to get her ATM card out in record time. As she stood behind me, I turned to her and said "Hana bank anieyo... shin-yong ka-deu"
Her head bowed down in complete dejection and she shuffled away... I felt like I had just shot her dog.
4 comments:
Lucky that my family uses only Nonghyup.
Here's how Hana treats its non-Korean customers:
If you're not Korean (or perhaps a high-flying expat executive), you are required to have a "security deposit" if you want to get a credit card from them -- even if you have an excellent credit history and a well-paying local job.
Hana pays 4% interest per annum on that security deposit; meanwhile, it charges 27% per annum interest on any credit charges you don't pay off within the month.
Thus, if you have a W1 million security deposit on your card, you'll get W40,000 per year in interest on it. At the same time, if you have W1 million in credit-card charges that you can't or don't pay off, you'll pay W270,000 a year for the same amount. That's an impressive W230,000 difference depending on whether you're a non-Korean or a Korean bank.
See how that works? Nice "work" if you can get it.
Scott,
Not entirely true, but different branches have different policies and there are different plans for credit at Hana Bank.
I have an unsecured credit card with them and until this weekend it had been a while since I have had to take issue with Hana.
Also I pay 23% but also get 5% of what I spend per annum cash back which encourages me to max it out every month and then just pay it off in full.
This weekend with their system closure the internal AP for my credit card hasn't gone through (i.e. Hana to Hana) so it's been a quiet one. (Lot's of spring cleaning)
What erks me more is their refusal to give me an international ATM card, but they are happy to increase my credit limit so effectively when I'm overseas they're happy for me to spend their money (potentially at a high cost as you point out) but God forbid I should be able to access my OWN money.
Fuckers.
I will be going to KEB on Monday and setting up an account and getting one of their credit cards and closing my accounts with Hana after the fuck up this weekend.
There's a Hana ATM in the building where my office is located. I was getting a cash advance on my CC when one of the office girls saw me at the machine.
Her eyes went wide and she kinda shouted "MONEY!" and went a little wild trying to get her ATM card out in record time. As she stood behind me, I turned to her and said "Hana bank anieyo... shin-yong ka-deu"
Her head bowed down in complete dejection and she shuffled away... I felt like I had just shot her dog.
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