2.83 Million Youths to Use Buses and Subways with Check Cards Starting Next Week

Resolving the Inconvenience of Recharging Transportation Cards Every Time

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[Asia Economy Reporter Kim Hyo-jin] The Financial Services Commission and the Financial Supervisory Service announced on the 23rd that, following the amendment of the Enforcement Decree of the Specialized Credit Finance Business Act, 2.83 million youths aged 12 to under 18, including middle and high school students, will be able to use buses and subways nationwide with check cards that have a postpaid transportation function starting from the 27th.

Terminals have been improved to apply discounted fares when using buses and subways. Applications can be made by visiting branches of banks or card companies nationwide. Applicants must bring the required documents and visit together with their legal guardians. Some card companies also allow applications via their main phone lines.

The financial authorities set the postpaid usage limit at 50,000 KRW per month, considering youths' public transportation usage levels and the possibility of non-payment. However, for some card companies, through a separate application, if the 50,000 KRW already used before the payment date is settled to the withdrawal account, an additional 50,000 KRW can be used until the existing payment date.

Since the maximum usable amount is limited to 50,000 KRW, even if payments are overdue, the concentration of delinquency information is limited, so there are no disadvantages other than delinquency interest. However, card usage will be suspended until payment is made, and repayment may be requested from the legal guardian who agreed to act as a proxy payer.

Issuance is available from Shinhan, KB Kookmin, Woori, NH Nonghyup Card, and IBK Industrial Bank. SC First Bank, Kyongnam Bank, and Busan Bank will start the service next month, and Hyundai, Lotte Card, Jeonbuk Bank, and Gwangju Bank will issue cards from June. Samsung, Hana Card, and Daegu Bank will also provide the service in July.

This content was produced with the assistance of AI translation services.