Card issuers put interest-free payment plans back in action

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Card issuers put interest-free payment plans back in action

Credit card companies resumed offering interest-free installment-based credit card payments at stores yesterday, at least temporarily,?in response to growing discontent from customers annoyed at having their payments rejected from Jan. 1.

Meanwhile, KB Kookmin Card said it will issue a new credit card offering interest-free installment payments, while other card issuers including Shinhan Card and Hana SK Card will offer the service for customers for the next six months to those who spend beyond a certain threshold on their cards.

The moves come after the Financial Supervisory Service ordered them to make the payment schemes accessible again as they seek a middle ground with retailers, who have refused to cover the interest payments themselves.

Yonhap

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