Wednesday, February 13, 2008

[The Chosun Ilbo, January 29 2008] Credit-Card Firms Providing Fewer Fringe Benefits

Credit-card companies in Korea have begun tightening their belts by doing away with some fringe benefits.

Shinhan Bank cut in half the 10 percent discount given to certain card-holders who shop at discount stores such as E-Mart and Homeplus.

Shinhan, one of the country's biggest lenders, has also lowered credit limits for customers who do not charge a lot.

Other card companies like Samsung Card, BC Card, and KB Card have either trimmed down or altogether ended discounts and point-system benefits for some of their cards.

Banking experts say rising managing costs and market uncertainties are to blame.

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