Things you should know about the latest sanctions against the three credit card companies

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1. There won’t be any inconveniences that the existing credit card users will experience due to the latest sanctions against the three credit card companies. Customers of the three card companies will be able to use their credit cards for payment just as they used to do. Moreover, the existing customers can reissue credit cards and use instant cash service, credit card loans, and revolving service as well.

2. The users of credit card instant cash service will be allowed to increase their credit limit for the service up to the level they initially signed up for.

3. Three credit card companies will be barred from issuing both new credit and debit cards. However, Kookmin and Nonghyup bank account holders can sign up for the issuance of other affiliated company’s debit card. Kookmin Bank clients can issue Shinhan, Samsung, and Hyundai debit card. Nonghyup bank users can issue Shinhan, Samsung, and Hana Sk debit card. Account holders of the two banks can request for issuance of debit cards on the website of the respective card companies.

4. Debit card users can increase their daily debit card payment limits upon request.

5. The three credit card companies will be banned from issuing new prepaid gift cards as well.

6. The existing credit card users can save and use credit card points issued from the three companies even after the suspension.

7. Purchasing travel products with one of the three companies’ credit card will be banned. (KB Card: 1899-26900 / NH Card: 1644-4199 / Lotte Card: 1588-8100)

8. For further inquiries, contact the Financial Supervisory Service at 3145-8837 to 8839 or the call center of the respective credit card companies.

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