2023-11-04 08:14:58
Check card ‘preferred’ due to convenience of issuance
2nd place is cash, 3rd place is a card in the name of parents.
The use of ‘family credit cards’ is still low.
Results of a survey conducted by Card Gorilla on the topic ‘How do you give pocket money to minor children?’ / Photo provided by Card Gorilla
It was found that one in two parents use a ‘check card’ rather than giving cash directly when giving pocket money to their minor children. However, the usage rate of the ‘family credit card in the child’s name’, which was designated as an innovative financial service two years ago, was found to be still low.
On the 4th, Korea’s largest credit card platform, Card Gorilla, announced the results of a survey on the topic, ‘How do we give pocket money to minor children?’ This survey was conducted on visitors to the Card Gorilla website for regarding two weeks from September 15th to 26th, and a total of 1,034 people participated.
As a result of the survey, more than half of the respondents (53.3%, 551 votes) answered that they give allowances to their minor children through ‘check cards.’ Second place was ‘cash’ (20.8%, 215 votes), and third place was ‘parent’s card’ (11.1%, 115 votes). ‘Family credit card in the child’s name’, designated as an innovative financial service in 2021, received only 7.8% (81 votes), and ‘prepaid card’ only 7.0% (72 votes).
In principle, credit cards can only be issued to adults, but from 2021, minors over the age of 12 will also be able to own credit cards in their name. This is because the ‘Family Card Service for Minor Children’ has been designated as an innovative financial service to improve the currently illegal credit card transfer and lending practices and to increase the convenience of financial transactions for minors. Cards currently using this service include ‘Shinhan Card My TeenS’ and ‘Samsung ID Pocket Card’.
In the case of credit cards for minors, parents can set a card limit of up to 500,000 won per month, and payments in industries harmful to minors are restricted. Last April, changes were made to the Financial Services Commission’s designation of innovative financial services, abolishing the limit on one-time payment amount and expanding the range of industries that can be used. As Woori Card and Hyundai Card also received designation as an innovative financial service in June, the credit card market for minors is expected to expand in the future.
Card Gorilla CEO Ko Seung-hoon said, “Check cards, which are easy to issue, are still dominant as a means of paying pocket money for minors, but as credit card issuance services for minors expand, the number of credit card users will also increase.”
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