[Practical Finance] How to Use My Card During Gwanggunje and Black Friday Amid High Inflation

Financial consumers struggling with high prices are paying attention to credit card benefits related to major overseas shopping events taking place this month. The card industry is also attracting their attention with various discount and reward events.

According to the financial sector on the 7th, the card industry has prepared various events and discount/reward benefits ahead of major shopping events such as China's Guanggun Festival (November 11) and the US Black Friday (November 24) this month. Typically, the card industry holds related events every year to attract and discover new customers.

Shinhan Card offers a 10% reward (up to $50, Visa card) for purchases over $30 at the overseas direct purchase mall 'Qoo10' in celebration of Black Friday until the 30th. Additionally, from November 11 to 17 around the Guanggun Festival and from November 23 to 29 around Black Friday, a $10 discount is provided when spending $200 on AliExpress.

KB Kookmin Card plans to hold an event during the Guanggun Festival period from November 11 to 28 and the Black Friday period from November 24 to 30, offering an immediate $11 discount when paying over $100 with an event card on AliExpress. Hana Card also provides an additional 20% cashback (up to 30,000 KRW) when using a Visa personal card on AliExpress during the Guanggun Festival period (November 9 to 13), Black Friday (November 23 to 27), and year-end sale period (December 27 to 31).

Additionally, Samsung Card offers a 2% reward benefit on overseas usage, including overseas direct purchases, through the 'Samsung iD NOMAD Card,' while Woori Card provides discounts of 10% (up to $300) and 15% (on some products) when purchasing at fashion malls Farfetch and LNCC respectively until the end of the year.

However, the scale of benefits prepared by the card industry is considered not as large as before. This is due to the ongoing high-interest rate environment, which has tightened the funding conditions for card companies. An industry insider said, "The significant rise in funding costs has reduced the capacity to conduct large-scale marketing as before," adding, "Recently, the KRW-JPY exchange rate has fallen to the 860 KRW level, leading to an increase in cases of direct purchases from Japan."