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47 1. BUiLdiNg YOUR CREdiT RATiNg For those who plan to be here for the long run, if you have no credit or are trying to improve your credit score, using a credit card re- sponsibly will help, as credit card companies record and report your payment activity to credit authorities. Debit cards, by contrast, are not considered in this process, so getting a credit card would be a step toward proving your ability to manage your finances. Tip If you are told you do not qualify for a regular credit card, you may be able to apply for what is known as a secured credit card, which involves putting down a deposit of money that acts as secu- rity for the credit card provider to then issue you with a card and an agreed limit. Although not a popular method for those who don’t have a lot of spare cash, don’t write this option off immediately; you do get the money back when you close the account (with added interest), and your use of this card also helps boost your credit profile. 2. disCOUNTs A comparison with your bank back home will quickly reveal how much more competitive and — as a consequence — rewarding the Korean market actually is. While Korean cards in general (both debit and credit) do offer a lot of rewards, the range of benefits that come with credit cards can prove to be quite useful. Discounts at restaurants, amusement parks, department stores and even on transportation are as standard with many cards. Some even allow you to accrue Air Miles, which come in very handy indeed! 3. sAfETY Generally, paying with a credit card makes it easier to avoid finan- cial loss if somebody manages to get hold of your card details. If your debit card is fraudulently used, the money is deducted from your account almost immediately, which can prove to be disastrous for anyone on a strict financial budget. Having your cash stolen may cause problems for both you and your creditors, and late pay- ments can also damage your credit score. Although investigation is possible, it can take a while for any fraudulent transactions to be reversed and for you to be able to retrieve your funds. For those who prefer to use credit cards, however, should your card details fall into the wrong hands, at least your hard-earned money remains in your account. This option enables you to oth- erwise function as normal with comparatively less inconvenience, and just as is done with debit cards, cases of credit card fraud are investigated and a resolution can be found. (Each case varies from bank to bank and is treated on its own merits, so please contact your card provider for more information) AppLYiNg Application requirements depend on the individual circumstances of the applicant. For the most part, if you’ve worked in Korea for more than three months at a large corporation, it is easier for the card company to issue a card. Crucial to the process however, is submitting proof of your income (three recent pay slips and your contract of employment to your main bank, coupled with additional bank statements if you are applying to another bank). If you are not sure, simply call your bank’s foreign customer helpline or visit a branch to find out more.