Debit cards, usually directly translated as check cards (phonetically written as 체크카드), will be the easiest to obtain. They are directly tied with your bank account and can only be used if your account has enough funds. If you try to withdraw more than is in your account, the transaction will be declined. There is no financial penalty for when this happens. Usually a vague message appears on the register and you may get an error text message on your smartphone telling you about the insufficient funds.
When getting a new card issued, banks normally mail the card and require you sign for it. As packages get delivered during working hours, you should consider getting it sent to your work as it will be easier to sign for it.
Korean citizens can more easily get a debit card with deferred payment transportation card built in. This kind of debit card can be used as a debit card and also for public transportation. Mass transit charges are totaled at the end of the week or month and are then deducted from the bank account. This service has existed off and on for international residents depending on the year, the bank, and what services that banks offers with normal or speciality versions of their debit cards. As this is a case by case situation which changes even within the same bank, you will need to talk directly with your bank to see if your debit card can have transportation card functionality.
While very common for Koreans to have, credit cards (신용카드, 信用카드, sinyong kadeu) are extremely difficult for international residents to get. What some residents are able to get a credit card, it is more like a debit card that has some of the benefits of credit cards as transactions are not taken on credit, they are taken from a deposited balance. In one case, the credit card limit will be 90% of that deposit. In order to have the deposit returned, you must cancel your credit card.
As the Institute for Basic Science is a government funded research institute, you have a better chance at obtaining a credit card as your position effectively vouches for you. In addition to identification, you may need to present documentation showing employment, tax invoice, pay slips, bank transactions, or other documents.
An annual membership fee is frequently charged for the issuance of a credit card. The fee is charged each year beginning with the month of issuance and is divided into a basic annual membership fee and affiliated service fees (with the exception of family and corporate cards). The basic annual membership fee is charged once per year regardless of the number of cards you might possess. Affiliated service fees are charged for each separate card you possess. Annual membership fees can be waived if certain criteria are met. Different cards, even offered by the same company, can have different criteria for each card, so it is important you ask and confirm the details.
In order to do online or mobile banking, you need some extra verification in order to protect your account. Please read the related page on security cards and also one-time password (OTP) for more information.
Like all banking items, if your card is lost or stolen you need to report it to the bank or company so it can be deactivated and a new card issued. Each card company or bank has their own call center, English not always available, where you can report your loss or theft of the card and deactivate it. If you face language problems to report via phone, you can visit the bank with the identification you used to open your account, aka your Residence Card or passport, to have the missing card deactivated. If you are able to locate your missing card, you might be able to reactivate it. If you cannot get the card back, they will issue a new one.
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