[Ki Ha-young's Life Card] If You Lack Money to Pay Monthly Rent... Use Card Payment

Shinhan Card 'MyWolse' and Woori Card 'WooriWolse' Services
Monthly Rent Payment by Card Available with 2 Million KRW Limit and 1% Fee Rate

Is there anyone these days without at least one credit card? In modern society, anyone can have a card if they want. Credit cards have brought unparalleled convenience to daily life. Now, wherever you go, you can easily see people paying with credit cards or smartphones. As demand has increased, cards with various benefits are being released almost daily. In response, Asia Economy delivers diverse stories related to cards, which are inseparable from our consumer life, through the weekly 'Cards in Daily Life' corner, including introductions of new cards, behind-the-scenes industry stories, and guides for card beginners.

Card companies are introducing innovative financial services that allow monthly rent payments via credit cards. Even if there is no balance in the account, tenants can pay rent with a card and settle the payment on the card’s billing date. This service offers advantages such as cash flow for tenants and stable rent management for landlords, making it worth considering if you lack immediate funds to pay rent.

Shinhan Card’s 'My Wolse'... Available for Both Tenants and Landlords

Shinhan Card launched the 'My Wolse' service last year, the first in the industry to introduce credit card payments for real estate lease transactions between individuals. Selected as an innovative financial service by the Financial Services Commission in November 2019, this service allows tenants to pay monthly rent with a credit card (check and corporate cards not allowed) up to a limit of 2 million KRW per month, even if the landlord is not registered as a business.

This service works by having either the tenant or landlord apply for rent payment by card for residential or commercial properties. On the designated date, the registered card is charged, and the rent is deposited into the landlord’s registered account. The rent payment fee is 1%. Either the tenant or landlord can choose to bear the fee.

Tenants or landlords wishing to use the service can apply on the Shinhan Card website or the Shinhan Play application (app) by attaching the lease contract. After application, the other party must consent, and Shinhan Card reviews the application before the service subscription is completed. Since June, the service has also been available on the real estate app 'Zigbang' to enhance customer convenience.

By using this service, tenants can pay rent by card even if they lack cash or account balance, securing cash liquidity. Since it uses credit limits rather than loans, it does not affect the tenant’s credit rating. Landlords also benefit from regular rent deposits, reducing worries about delays or non-payments and allowing stable rent income.

Woori Card’s 'Woori Wolse'... Tenants Can Apply Only via App

Recently, Woori Card launched the innovative financial service 'Woori Wolse.' Similar to Shinhan Card’s service, it allows rent payments by card for personal residences such as apartments as well as commercial properties. Even in cases where the tenant cannot pay rent themselves, such as students, Woori Card members can use the service through a guarantor.

Rent payments can be made by credit card (check and corporate cards not allowed) up to 2 million KRW per month. Unlike Shinhan Card’s service, which allows both tenants and landlords to apply, Woori Card requires tenants to apply directly through the Woori One Card app, with landlord consent and Woori Card’s review before use. Accordingly, the 1% fee is borne by the tenant. Currently, applications are only accepted via the app, not the website. Woori Card has also established a phone consent process for elderly landlords who are not familiar with digital technology.

To celebrate the service launch, a cashback event is being held until the end of the year. Thirty tenants using Woori Wolse will be selected by lottery to receive full rent cashback (10 people) or 50% cashback (20 people). Additionally, a 3% rent cashback event is being conducted for the first 100 tenants and landlords who apply.