Korean card firms roll out special offers for foreigners

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South Korean credit card companies are moving quickly to attract a growing number of foreign residents in the country with specialized cards and services. The move comes as the number of foreign residents in Korea is expected to surpass 3 million by 2030.

NH Nonghyup Card Co. recently launched its debit card NH GlobalWITH to improve financial convenience for foreign nationals.

The card, available to foreign residents aged 12 or older with a foreign registration card, includes a post-paid transportation function and various discounts tailored to the spending patterns of foreign customers.

In May, Shinhan Card Co. partnered with overseas remittance fintech E9pay to roll out the E9pay Shinhan Card, a credit card designed specifically for foreigners.

The card provides information in 16 languages and allows 24-hour pickup at convenience stores run by GS Retail Co.

The company has also eased eligibility rules for foreigners. Applicants previously needed to own property above a certain value or hold fixed deposits of at least 50 million won ($35,034).

Now, card issuance requires only proof of ownership, and the deposit threshold has been lowered to 10 million won with a one-month minimum period.

“As Korea’s foreign population grows, it’s essential to build a financial environment where foreigners can conveniently use cards and banking services,” a Shinhan Card official said.

According to the Migration Research and Training Centre, the number of foreign residents in Korea is expected to exceed 3 million by 2030.

The total amount of credit card spending by foreigners jumped 64.94 percent to 5.63 trillion won in 2023 from 3.4 trillion won in 2019.