Woori Bank Credit Cards

I have had a considerable amount of experience with credit and banking in Korea (most of it inconvenient or downright unbearable) Now, A recent article in Korea Beat about the inconvenience that foreigners experience living in Korea reminded me of a recent experience I had with Woori Bank.

A man came into my office and explained to me about a credit card that was somehow associated with the Private Pension company and Woori bank. I listened attentively to the deal and decided that it was a pretty good deal. Having been assured by the gentleman that he was an official of the bank and he was sure that there would be no problem for a foreign professor to get a card, I decided to fill out the application.

I waited the standard 10 to 14 days to receive my card in time to make more Christmas debt but it never came. I called the man and he said that there were a "lot of applications" and could I please wait a little longer. Two more weeks passed and still nothing. I called the man again and he suggested me to call the banks customer service center. After getting my wife to help me wade through the phone messaging system (Anyone else notice that there is often NO way to push a number to speak to an actual person?) we spoke to a woman who said that my application had been denied because I have an E-2 Visa and only E-1, F (and a few other) visa holders could get them. We tried to explain that the copy of my ID that the gentleman who came to my office made was incomplete. I actually have an F-2 visa and have for 2 years, but that fact was written on the back of the card and now is almost illegible because it was written on the back of the plastic card with a 'permanent' marker. She basically said that it didn't matter because the application was received with THAT copy and I could not get the card. I was uncerimoniously denied and not only given NO notice of the fact, but denied for illegitmate reasons.

The man came to MY office and I applied for the card but got denied because immigration doesn't have the good sense to make permanent amendments to the alien card. The bank doesn't have the good sense to call me. They could't tell me that I was denied OR why I was denied or to even ask me why my registration card says that my E-2 visa expired 3 years ago but I still, obviously, hold a position at a local college.

On a good note for foreigners in Korea, both KEB and Lotte card have English speaking staff that are very helpful and they will accept applications from foreigners with good jobs (not an unreasonable request). I have also spoken to someone in English at Samsung card (which is very useful if you shop at Costco as it is the only card they accept) but it was a bit of a labor to get through. KEB will also extend private unsecured loans for foreigners with good bank relationships and the usual proof of solvency (you usually need to speak to the branch manager as you will undoubtedly be denied by the peons at the counter). The problem with credit for foreigners in Korea, also mentioned in the Korea beat article, is due to the lack of a proper ID number (that is a KOREAN ID number). Korean credit reporting company keeps no records of foreigners in Korea. So, even if you have a 10 year history of credit card usage and loans, there is no way for the bank to check your references. If they did, it would be a lot easier for foreigners to get loans at global minded institutions like KEB.

Hall of Shame: I have been outright DENIED even applying for a credit card from LG (TWICE) and BC card (multiple times). I had a Kookmin card but stopped using it because it was too much of a pain in the tush to get it renewed when it expired. When I applied again, I was denied. I also had to get my loan for my house in my wife's name because of the same kind of problems mentioned in the Korea Beat article. The rule of thumb when trying to get credit in Korea is to be persistent and have a willing translator by your side when you make the calls to the customer service numbers. I have made calls, written nasty letters, posted to bulletin boards and basically harrassed bank minions into going beyond their programmed "I'm sorry but that's impossible" and changing it to the more correct "I'm sorry, I really didn't know what the hell I was talking about" because they never had this experience before and it was easier to say 'no' and hope you go away and leave them to their uncomplicated existence.