Cash Withdrawal Limits on Credit Cards Extended

The maximum amount of cash drawn on credit cards wiil be raised from 700 thousand won up to 5 million won as the government will abolish limits sometime in mid-March.
According to the new policy set by the Financial Supervisory Commission, two credit card issuers, Samsung Card Corporation and Shinhan Bank, will extend the limit of cash withdrawal services from 700 thousand won to 2 million won.
Daewoo Corp.'s Diners Card plans to enlarge its cash services to 5 million won.
A source from the Financial Supervisory Commission said that as the revision of the law on controling credit card company's cash withdrawal services has passed through the Assembly, its enforcement of the new regulations is going to be in effect sometime this month.
Accordingly, credit card users will be able to make cash withdrawals on their credit cards at considerably greater amounts than now.