Card Industry Launches Emergency Support for Wildfire Victims in Gangwon and Gyeongbuk

[Image source=Yonhap News]

[Asia Economy Reporter Yu Je-hoon] The credit card industry is launching emergency financial support to help residents affected by wildfires in Gangwon-do and Gyeongsangbuk-do regions.

According to the industry on the 7th, Hyundai Card will provide billing deferrals, delinquency fee reductions, and preferential interest rates to members affected by the recent fires. Credit card payment bills can be deferred for up to six months, and all fees such as interest and late charges incurred during the deferral period will be fully waived.

Preferential interest rate support will also be provided. Hyundai Card will offer up to a 30% discount on interest rates for affected customers who apply for new loan products. Additionally, existing loans can have their maturity extended to help affected customers overcome financial difficulties.

The support targets customers who have confirmed actual disaster damage from the wildfire, and they must submit a damage confirmation certificate issued by the local administrative office of the affected area. The application period is within three months from the date of the damage occurrence.

Lotte Card also offers up to six months of billing deferral on credit card payments to customers who submit a damage confirmation certificate. Furthermore, if wildfire-affected customers are delinquent, debt collection will be suspended for six months from the date of damage confirmation, and installment repayment and delinquency fee reductions will be supported.

In addition, if long-term card loans (card loans) or short-term card loans (cash services) are used from the date of the wildfire damage occurrence until the end of April, interest will be discounted by up to 30%.

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