How common are credit cards in Seoul? What types?

Do most stores in Seoul accept credit card payments?

If so, what types? VISA, Mastercard, American Express?

Best Answer

Well, you don't know how good South Korea is in this domain. It is the country that is widely considered to be the highest credit card penetration in the world.

South Koreans have on average five credit cards, compared to two in the U.S., and the country has the highest credit card penetration globally. Consumers in South Korea also use credit more often. There are 129.7 credit card transactions per year in South Korea, compared to 77.9 credit card transactions annually in the U.S.

If I remember it correctly, the government tried hard to improve credit card penetration, including making shops that has over certain amount of sales obligated to accept cards, giving tax deduction for citizens using cards, etc...

In my experience, even all the drug stores, local cafes and cheap local foods accept my Amex, in Gangnam, Myeongdong, Dongdaemun, and Hongdae.

The only case you cannot use your credit card is on the public transportation; Well, you still don't have to carry cash as it accepts T-Money, but you must use cash to recharge your T-Money card.

However, it is not uncommon to be unable to recharge your public transportation card using credit card; all of Suica (Japan), SPTC (China/Shanghai), Octopus (Hong Kong) don't, either.

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Are credit cards common in Korea?

Visa, Mastercard and American Express credit cards are accepted throughout much of South Korea.

What credit cards do Koreans use?

Since South Koreans are avid credit card users, it's become easier for visitors to use credit cards in most stores and restaurants. Visa and MasterCard are the most widely accepted types, with some high-end hotels and restaurants accepting American Express.

What cards are used in Korea?

Visa, MasterCard and Amex are the most widely accepted credit card types for cross-border ecommerce transactions. In addition to Visa and MasterCard, there are several other card brands operating in Korea \u2013 BC Card, Lotte Card, and T-Money.

Do debit cards exist in South Korea?

Using debit cardsA Visa debit card can be used for over the counter purchases and ATM withdrawals where Visa is accepted, which is everywhere you can pay with your card in South Korea.

Koreans top list in terms of credit card usage in 2012

Sources: Stack Exchange - This article follows the attribution requirements of Stack Exchange and is licensed under CC BY-SA 3.0.

Images: Mikhail Nilov, energepic.com, Pixabay, Pixabay