[Gi Ha-yeong's Life Card] In a Low-Interest Era, You Can Save 5% Annually Using This Card

Shinhan, Hyundai Card, etc.
Partner with Banks to Launch High-Interest Products

[Asia Economy Reporter Ki Ha-young]Is there anyone these days without at least one credit card? In modern society, anyone can have a card if they want. Credit cards have brought unparalleled convenience to daily life. Now, wherever you go, you can easily see people paying with credit cards or smartphones. As demand has increased, cards with various benefits are being released almost daily. Accordingly, Asia Economy delivers diverse stories related to cards, which are inseparable from our consumer life, through the weekly 'Cards in Daily Life' corner, including introductions to new cards, behind-the-scenes industry stories, and guides for card beginners.

The Bank of Korea has lowered the base interest rate to an all-time low of 0.5%, causing commercial banks' deposit and savings interest rates to drop as well. It has become difficult to earn 100,000 KRW in interest even by depositing 10 million KRW in a bank for one year. However, if you carefully examine the cards and banks you usually use, you can find high-interest products offering over 5%.

Shinhan Card and SBI Savings Bank are representative examples. Shinhan Card, together with SBI Savings Bank, has launched a free installment savings account offering up to 6.0% high interest. The savings subscription period is one year, with a monthly deposit limit of up to 200,000 KRW, and it is available to the first 20,000 applicants. The promotion period lasts until the 18th of this month.

This product allows you to receive a basic interest rate of 2.1% if you maintain the free installment savings until maturity via SBI Savings Bank's Cider Bank app. Additionally, if you meet the Shinhan Card usage conditions, a preferential interest rate of 3.9% is added, resulting in a total interest rate of 6.0%. The preferential interest applies if you spend more than 100,000 KRW by September 30 and is available to customers who newly issue a credit card through online channels such as the Shinhan Card website or mobile app, or those who have no credit card usage record in the past 12 months.

Shinhan Card has also launched a fixed deposit offering up to 3.3% annual interest in collaboration with 11st and Shinhan Bank. The deposit period is three months, with a savings limit ranging from a minimum of 500,000 KRW to a maximum of 3 million KRW. This product can be subscribed to via the Shinhan Bank Shinhan SOL app and Shinhan Bank mobile web. If the fixed deposit is maintained until maturity, a basic interest rate of 0.8% per annum is applied, and customers who subscribe to Shinhan Bank's open banking service can receive 1.1% per annum, which includes a preferential interest rate of 0.3%. Furthermore, if the 11st Shinhan Card (credit) usage conditions are met, an additional preferential interest reward of 2.2% per annum is provided. The card usage reward applies when first-time 11st Shinhan Card (credit) customers spend more than 110,000 KRW with the card during the subscription period.

Hyundai Card has also introduced 'Woori Magic Savings by Hyundai Card' in partnership with Woori Bank, offering up to 5.7% annual interest. The subscription period is one year, with a monthly deposit limit of up to 500,000 KRW.

The interest rate consists of a basic rate of 1.7% per annum, a preferential rate of up to 0.5% per annum, and a special preferential rate of up to 3.5% per annum, totaling a maximum of 5.7% per annum. Customers who are first-time clients of Woori Bank or meet the salary (or pension) receipt condition through a Woori Bank account receive an additional 0.5% per annum. The special preferential rate is provided based on Hyundai Card usage performance, with up to 3.5% per annum granted when Hyundai Card usage and automatic transfer conditions are met.

Samsung Card has partnered with MG Saemaeul Geumgo to launch the 'MG Gadeuk Fixed Deposit' product, offering up to 4.5% annual interest. The basic interest rate ranges from 1% to 2% per annum, but preferential interest rates of up to 2.5% per annum are added depending on Samsung Card usage. The subscription period is 12 months, with a monthly deposit amount of up to 300,000 KRW.

While the conditions for preferential interest rates, such as being a first-time customer, subscribing via mobile web or app, and card usage amounts, may seem demanding, in this low-interest era with a base rate of 0.5%, isn't it worth putting in this much effort to find high-interest products offering over 5%?

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