Paid Service Inquiry and Easy Cancellation Now Available on Card Company Apps

From now on, card company applications (apps) will allow users to view all paid supplementary product subscription details and easily cancel unwanted products. Additionally, users will be able to check paid supplementary product usage details and fees through mobile statements.

According to the Financial Supervisory Service (FSS) on the 5th, card companies plan to provide integrated subscription details of paid supplementary products within their apps by the end of this year, offering a one-stop service to easily cancel unnecessary products. Previously, some card companies only allowed users to check subscribed paid services through their websites, making it difficult to get an overview of subscription status or easily cancel unwanted products.

Moreover, paid supplementary product usage details and fees will be separately displayed on mobile billing statements. While some card companies provided separate fee details on paper and electronic statements, they did not display these separately on mobile statements, causing inconvenience to consumers.

Earlier, the FSS has been promoting institutional improvements to protect card consumers using paid supplementary products by enhancing information provision and improving sales practices. They guided card companies to separately indicate paid supplementary product usage details and fees on paper statements and to establish and operate integrated guidance and easy cancellation systems on their websites.

An FSS official stated, "Although the financial service usage environment is rapidly shifting to mobile, some card companies still rely on traditional methods such as paper and websites for paid supplementary product guidance," adding, "The FSS will continue to strive to enhance consumer convenience and protect their rights in line with changes in the digital financial environment."

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