3 Credit Card Companies Suspended

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The Financial Services Commission(FSC) decided to suspend some operations of KB Kookmin, NH Nonghyup, and Lotte Card for three months on February 16, 2014.

Three credit card issuers will be suspended from issuing new debit and credit card, extending credit card loans, selling financial products using telecommunications, and sales of insurance policies from February 17 to May 16.

However, existing credit card users will still be able to reissue or cancel their cards during the suspension period. Credit card users who had access to instant cash service, credit card loan, and revolving services will also be able to use those services. Credit card firms will issue cards to those who signed up for credit card issuance before February 17. Existing customers are not expected to experience any inconvenience resulting from the decision to suspend operations of the three credit card firms.

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The financial regulators will dispatch officers to the credit card companies to check whether they are faithfully complying with the sanctions. The FSC will review punitive measures for executives of the companies involved in the accident following the completion of Financial Supervisory Service’s investigation. The FSC will also seek to extend suspensions to six months for future cases.

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