17 Dec '11, 5am

Korea's credit card firms rush to trim benefits for customers - AsiaOne

Korea's credit card firms rush to trim benefits for customers - AsiaOne

The Korea Herald/Asia News Network Saturday, Dec 17, 2011 SEOUL - South Korea's credit card firms in mid-October reluctantly announced they would lower the transaction fees they collect from restaurants and other shops due to growing public criticism. Now, credit card companies are fighting back by eliminating benefits for customers, a move that was widely expected but stings nonetheless. Credit card companies as well as card units of banks are taking steps to trim extra services for their customers in a bid to minimize the expected revenue decrease resulting from the commission cut. At the height of the credit card bubble, companies promoted free entry to major entertainment parks, sharply discounted movie tickets and other benefits that helped sign on many customers. Now, such benefits are rapidly being phased out, and even the remaining ones are reserved only for those ...

Full article: http://www.asiaone.com/News/Latest%2BNews/Asia/Story/A1St...

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