Credit card or charge card?

September 12, 2009

Credit cards in Korea indeed are charge cards with an optional revolving credit. Credit card companies and banks usually set a month and a half as the billing period which is indepent of the cardholder’s credit. They charge their cardholders depending on his/her credit with varying interest rates for overdue payments, revolving payments and installments. Korean credit card holders who spend too much i.e. more than what they earn prefer not to use their revolving credit but rather will they use cash advances from different cards of more than one credit card company or bank.

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