연회비 없는 신용카드According to the credit finance industry on the 17th, Hana Card is holding a 100% annual fee cashback event for customers who have been issued a Travelogue credit card from the 9th of this month to July 8th.
In order to receive 100% cashback on the annual fee, you must apply for Travellog credit card issuance through the Hana Card website (PC, mobile), Hana Money, or One Q Pay app, not through a card recruiter. This is a way to circumvent the ‘10% rule’ of annual fees stipulated in the Specialized Credit Financial Business Act. The Specialized Credit Finance Business Act prohibits the giving of gifts or discounts exceeding 10% of the annual fee when recruiting credit card members. However, the law has been revised to provide economic benefits of up to 100% of the annual fee if you become a credit card member yourself using a web page.
The Travellog Credit Card is the latest credit card released on the 4th that adds credit card functions to the Travellog check card. The Travellog Check Card is enjoying popularity, with the number of subscribers exceeding 900,000 in just 10 months after its launch, as its benefits, such as free overseas merchant usage fees and free overseas ATM withdrawal fees, are well-received. In addition to the benefits of a check card, the Travellog credit card provides a 3% Hana Money savings benefit when using airlines/duty-free shops/travel. If you are a customer who enjoys traveling, this is a great way to take advantage of the benefits. In addition, it is evaluated as attractive enough from the customer’s perspective because you can receive cashback on the annual membership fee of 20,000 won.
In addition to the annual fee event commemorating the launch of the Travelogue credit card, Hana Card also waives the annual fee when new credit cards such as Wonder Card, My Love Card, Everyone’s Health, CLUB SK, and My Trip 1Q Global VIVA are issued through the website or 1Q Pay app. The ‘Exciting 100% Annual Fee Benefit’ is being offered for the month of May. Starting in March of this year, an event is being held to provide a cashback of 20,000 won in annual membership fees when a new ‘Owin credit card’ is issued.
Credit card annual fee waivers were actively used in marketing in the past. However, in order to suppress excessive competition among credit card companies, financial authorities made it mandatory to charge an annual fee for the first year. Reflecting this, the standard terms and conditions for credit card individual membership also stipulate that “the annual fee for the first year is not exempted.” Of course, even in the case of the first year’s annual fee, the first year’s annual fee can be waived if other laws stipulate that the annual fee is not charged and if the annual fee exemption conditions are met at the time of renewal issuance.
Hana Card’s Travelogue credit card annual fee 100% cashback is a method of charging an annual fee of 20,000 won and then returning it, so it does not mean that the first year’s annual fee is not charged. However, it is pointed out that it conflicts with the purpose of limiting the provision of excessive economic benefits contained in the 2018 ‘Measure to strengthen the competitiveness of the credit card industry and improve high-cost marketing’. If 100% of the annual fee is refunded, regardless of whether it is through an event or conditions are met, the principle of charging an annual fee for the first year is nullified.
An official from the credit card industry said, “Although we provide benefits such as affiliate discounts, we are refraining from annual fee marketing as much as possible as it may conflict with the principle of ‘charging the first year’s annual fee’ proposed by financial authorities in the past.” He added, “The annual fee cashback benefit is “This could intensify excessive competition to secure market share,” he pointed out.
