Card Payment: Lump Sum or Installments? ... 'Starting from 300,000 Won' Most Common Concern

30~500,000 KRW is No.1
"Credit Card Companies Reduce Interest-Free Installment Benefits"

How much money do people consider when thinking about installment payments with a credit card?

According to a survey conducted by the domestic credit card platform Card Gorilla on "From what amount do people start considering installment payments with a card?", the largest group (27.0%) responded that they start considering card installment payments from "300,000 won or more."

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The survey was conducted over about two weeks from March 20 to the 2nd of last month, with 2,690 participants.

The results showed that "300,000 to 500,000 won" ranked first with 27.0%, followed by "Do not use installment payments" at 22.0%. Next, third place was "1,000,000 won or more" (15.6%), fourth was "100,000 to 300,000 won" (15.5%), and fifth was "500,000 to 1,000,000 won" (12.3%). The "50,000 to 100,000 won" category had the only single-digit response rate at 7.6%.

In the past, most large merchants offered 2-3 months of interest-free installment benefits, but since the second half of last year, as the bond market tightened and card companies faced increased funding costs due to rising credit bond interest rates, interest-free installment benefits have been reduced.

A Card Gorilla representative said, "Interest-free installment promotions can vary depending on the situation of card companies and merchants," adding, "Having a credit card that offers interest-free installments as a sub (second) card could also be a good strategy."

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