‘Recession-type’ credit cards enjoy increasing popularity amid protracted COVID-19 pandemic

(image: Korea Bizwire)

(image: Korea Bizwire)

SEOUL, December 8 (Korea Bizwire)Amid consumer apathy caused by the COVID-19 pandemic, ‘recession-type’ credit cards that offer generous rewards in exchange for low annual fees and a minimum usage record are enjoying a boom. growing popularity.

According to credit card comparison site CardGorilla, half of the top 10 most popular credit cards issued this month were “unconditional cards.”

Unconditional cards are those that reward customers with points or cash based on their spending from the previous month, with no specific conditions on where and how much they spent.

The most widely issued credit card last month was the Hyundai Card Zero Edition 2 from Hyundai Card Co., which offers a 0.7% discount with no specific conditions at its affiliate stores in Korea and abroad.

The annual fee for unconditional cards is low, at around 10,000 won ($ 8.50 USD).

Analysts noted that consumers are showing a stronger preference for unconditional “point-accumulating or discount-type” credit cards as the pandemic continues and there are fewer places to spend money. money.

Ashley Song ([email protected])


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