Credit Card Companies "Apply for Financial Support for Typhoon 'Maysak' Damage" (Comprehensive)

Card Companies Provide Financial Support Including Payment Deferrals and Installment Plans for Affected Members

[Image source=Yonhap News]

[Asia Economy Reporter Ki Ha-young] Credit card companies have launched special financial support measures, such as deferring credit card payment charges, for customers affected by Typhoon 'Maysak'.

According to the card industry on the 3rd, Shinhan Card will defer credit card payment charges for customers affected by Maysak for up to six months. If it is difficult to pay at once, customers can pay in installments over six months. If the affected customer is currently overdue, debt collection will be suspended for up to six months after application, and customers can repay in installments.

Customers using the support program can use their cards within their remaining credit limit during the deferred billing period, and interest, late fees, and other charges will be waived.

Affected customers can receive support by submitting proof documents such as a damage confirmation certificate issued by the local government office to each card company.

Kookmin Card will also defer credit card payment charges for up to six months. For lump-sum payments and short-term card loans (cash services), installment payments can be made for up to 18 months.

Long-term card loans (card loans) will have repayment deferred through changes in installment repayment periods or grace periods. Additionally, for usage after the damage occurrence date (the 2nd), Δinstallments Δshort-term card loans Δlong-term card loans will receive a 30% discount on fees. Late fees on payments overdue after the damage date will be waived until November.

Samsung Card also supports affected customers by allowing interest-free installment payments for up to six months on domestic payments of 10,000 KRW or more among scheduled payment amounts.

Until the end of September, interest-free installments of up to six months will be supported for card payments across all industries. If affected customers use cash services or card loans by the end of September, loan interest rates will be reduced by up to 30%. Extension of long-term card loan maturities is also possible. To receive financial support, a damage confirmation certificate issued by the administrative office of the affected area must be submitted.

Hyundai Card also defers credit card payment charges for customers affected by the typhoon for up to six months. Interest and late fees incurred during the deferred billing period are fully waived. Interest rate benefits are also provided. Hyundai Card will offer up to a 30% interest rate discount for loan products applied for by customers affected by the typhoon until November. Furthermore, maturity extensions for existing loans will be allowed to help affected customers overcome financial difficulties.

Woori Card also allows members affected by the typhoon to defer card payment charges for up to six months. For customers whose payments became overdue after the typhoon damage, upon application, late interest will be waived for up to three months when unpaid amounts are repaid, and late payment records will be deleted.

This financial support can be applied for until the end of next month, and it is available to Woori Card customers who submit a damage confirmation certificate issued by a government office.

In the case of BC Card, affected members and merchants can apply for deferral of payment charges for lump-sum payments, installments, and cash services scheduled for billing in September or October for up to six months. This deferral applies to BC Card member companies including Woori Card, IBK Industrial Bank, SC First Bank, Hana Card (BC), DGB Daegu Bank, BNK Busan Bank, and BNK Gyeongnam Bank. After obtaining a ‘damage confirmation certificate’ from the relevant local administrative office, applications can be made through the BC Card call center by the 23rd of next month. Additionally, if damage occurs from the currently approaching typhoon ‘Haishen’, payment deferrals will also be supported for affected members and merchants.

A card industry official stated, “We have prepared financial support measures to help customers affected by the typhoon,” adding, “We will do our best to provide financial support so that they can quickly return to their daily lives.”

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