Shinhan Card launches debit cards for foreign residents

‘SOL Global Debit Card’

Shinhan Card announced the launch of two new debit cards specifically designed for foreign residents in South Korea: the ‘SOL Global Debit Card’ and ‘SOL Global U Debit Card,’ on Friday.

The cards are tailored to the spending patterns of foreign customers living in the country. They offer 10 percent cashback, or up to 10,000 won ($7.57), per month on postpaid public transportation such as city buses and subways, as well as automatic payments for mobile phone bills depending on the previous month’s spending.

The SOL Global Debit Card, aimed at customers in their 30s and older, offers cashback of up to 1,000 won per transaction (limited to once per day and three times per month) at large supermarkets, restaurants, hospitals, and pharmacies.

The SOL Global U Debit Card, designed for customers in their teens and 20s, provides cashback of up to 1,000 won per transaction in categories such as coffee shops, convenience stores, food delivery apps, and shopping.

To qualify for the cashback benefits, customers must spend at least 300,000 won during the previous month.

Shinhan Card also signed a strategic partnership with fintech company LORDSYSTEM to develop financial services tailored to foreign tourists visiting Korea. The two companies plan to launch a new platform in early 2025 that will provide services such as card issuance and international remittance, alongside features such as mobile identity verification and tax refund services for short-term foreign visitors.