2023-11-05 16:10:01
Check card ‘preferred’ due to convenience of issuance
Designated as innovative finance for credit card service for minors
Credit cards are issued to minors over 12 years of age.
Abolition of limit on one-time payment amount, expansion of available industries
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A survey showed that parents prefer to give allowances to their children through check cards rather than cash directly.
Card Gorilla, Korea’s largest credit card platform, announced on the 4th 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, more than half (53.3%, 551 votes) answered that they give allowances to their minor children through ‘check cards.’
Second place went to ‘cash’ (20.8%, 215 votes), and third place went to ‘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 through the innovative financial service ‘Family Card Service for Minor Children’, which was designated to improve the currently illegal credit card transfer and lending practices and increase the convenience of financial transactions for minors. Currently, ‘Shinhan Card My TeenS’ and ‘Samsung iD POCKET Card’ are representative examples.
In the case of credit cards for minors, parents can set the card limit 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.
In June, Woori Card and Hyundai Card were also designated as innovative financial services, and the credit card market for minors is expected to expand.
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 is expected to increase.”
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