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Credit card companies’ interest-free installment benefits have not returned for nearly a year Last year, it was possible to receive interest-free installments for up to 12 months at major affiliated stores such as department stores, but now it is difficult to find interest-free installments for up to six months. As the business outlook is not bright next year, it is expected that it will take time for the interest-free installment period to be extended
According to Money Today coverage on the 8th, there are currently eight full-time credit card companies, Shinhan, BC, Woori, and Hana, which support interest-free installments for up to six months The remaining five credit card companies offer interest-free and partial interest-free installments for up to three months Partial interest-free installment is a method of supporting interest-free installment only for certain months set by credit card companies
Credit card companies, which have interest-free installments left for up to six months, are also operating benefits in a virtually reduced form. Not all affiliated stores offer benefits, but only some industries support interest-free installments for up to six months Department stores and outlets where large-scale payments occur frequently are missing Shinhan Card offers interest-free installments for up to five months at academies and general hospitals, and interest-free installments for up to six months at universities. In other industries, interest-free installments are possible for up to three months
BC Card also supports interest-free installments for up to three months and offers benefits for up to five months at home appliances, travel and hospitals The only industry that can pay interest-free installments for up to six months is online merchant e-commerce. Woori Card also supports interest-free installments for up to five months online and general hospitals for air travel, homes, and hospitals, and operates interest-free installments for up to three months in other industries
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(1)8 full-time card company interest-free installment benefits
(2)It’s November 2023
(3)Interest-free installment details
(4)- Up to 3 months interest-free and 1012 months partial interest-free
(5)- Interest-free college tuition and hospitals for up to 5-6 months in some industries
(6)- Up to 3 months interest-free
(7)- Up to 3 months interest-free and 61012 months partial interest-free
(8)- Up to 3 months interest-free e-commerce, non-life insurance, general hospitals, travel agencies and airlines in some industries
(9)- Up to 5 to 6 months interest-free home appliances, travel, hospitals, e-commerce in some industries
(10)- Interest-free aviation, home appliances, hospitals, e-commerce for up to 5-6 months in some industries
(11)Data Each credit card company
The interest-free installment period of credit card companies has yet to recover since it was drastically reduced from late last year to early this year In November last year alone, seven credit card companies, excluding Samsung Card, supported interest-free installments for up to six to 12 months
-Omitted. –
Interest-free installment benefits are expected to remain in the current state for the time being as the business is expected to slow down next year due to prolonged high-interest rates. It is a cost for credit card companies because supporting interest-free installments will transfer the installment fee that customers have to pay to the credit card company As a result, it is difficult to expand interest-free installments at a time when cost efficiency is needed due to poor business conditions like this year A credit card company official said, “As the entire industry is moving toward focusing on internal management rather than external growth, it is difficult to expect a revival of interest-free installments for up to 6 and 12 months as in the past.”
One line summary All interest-free 12-month installments that were considered to be enjoyed if they were more than KRW 0,000 in the past are extinct