[Practical Finance] Best Value Cards to Help Consumers with Increased Spending in Spring

Popular Cards with No Currency Exchange or Withdrawal Fees for Overseas Travel
Movies, Transportation, and Shopping Discount Cards Useful for School Opening Season
Fuel Cards Essential for Outing Enthusiasts

As high interest rates persist and funding costs increase, credit card companies are undergoing structural adjustments, leading to a decrease in 'premium cards.' In times like these, it is essential to understand your spending habits and redesign your card accordingly. There are still many cards offering substantial discounts in areas where consumers spend heavily, such as travel, leisure, and cultural activities. With spring underway and consumers spending more, here are some smart card tips for savvy spending.

Essential Travel Item: Free Currency Exchange Cards

Recently, travel cards that offer free currency exchange and withdrawal fees have gained attention when traveling abroad. A representative example is Hana Card’s Travelog, launched in July 2022. Travelog provides benefits such as free currency exchange and no fees for overseas ATM withdrawals. In the past, travelers had to visit bank branches to get physical currency, but Travelog eliminates this hassle. Currently, it supports 26 currencies worldwide, with plans to expand to 41 currencies in April. Travelog surpassed 4 million subscribers at the end of last month, gaining popularity.

Shinhan Card’s 'SOL Travel Check Card,' introduced in February, offers similar benefits. It provides 100% preferential exchange rates on 30 global currencies, waives overseas payment and ATM withdrawal fees. After traveling, special interest rates of 2% and 1.5% apply to dollars and euros held in foreign currency accounts, respectively, allowing users to earn interest. Additional benefits include 5% discounts at domestic convenience stores and 1% discounts on public transportation. Premium perks include free access to over 1,200 airport lounges worldwide twice a year.

Another option is to use cards issued through Travel Wallet, a foreign currency charging and payment service platform. Physical card delivery takes about 5 to 10 business days, so it’s best to prepare in advance. Travel Wallet offers fee waivers on exchange, payments, and ATM withdrawals for 45 currencies worldwide. Its advantage is that there are no fees when refunding leftover foreign currency to Korean won. In contrast, Travelog charges a 1% refund fee. The SOL Travel Check Card applies only a 50% preferential exchange rate.

Generous Cards for MZ Generation Enjoying Cherry Blossom Outings

March, the season for school openings and new semesters, involves various expenses such as leisure, shopping, and transportation. Cards that help reduce living expenses for the MZ generation (Millennials + Generation Z), whose wallets have thinned due to high inflation, continue to gain popularity.

KB Kookmin Card’s ‘Nori Check Card’ is a prime example. It offers 20% discounts at Outback, VIPS, and Starbucks, as well as 5% discounts at convenience stores (GS25). It also provides 35% discounts on movies (CGV), 50% discounts at theme parks (Everland, Lotte World), and 5% discounts on books (Kyobo Bookstore), making it a representative card for the MZ generation.

BC Card has introduced ‘BC Baro Clear Plus’ targeting young people serious about dining. It offers a 7% discount on all restaurant payments over 10,000 KRW nationwide during lunch hours from 11 a.m. to 2 p.m. It also provides 7% discounts on delivery and 10% discounts at convenience stores.

As mobile payments become the new standard, credit card companies and big tech firms have started collaborating. The ‘Naver Pay Money Hana Check Card’ focuses on Naver Pay, offering 1.2% of payment amounts back as Naver Pay points. IBK Industrial Bank launched 'KaPick' in partnership with Kakao Pay, giving 0.5% of payments back as Kakao Pay points and up to 1.5% on living expenses like shopping, coffee, and fuel. Samsung Pay, a strong offline player, also partnered with card companies. Samsung Card’s 'Samsung Pay Taptap' offers a 10% discount on Samsung Pay usage on the payment date.

There are also cards that ease transportation costs. Seoul City launched the ‘Climate Companion Card’ in January, allowing unlimited use of public transportation within Seoul for 62,000 KRW per month. For 65,000 KRW, users can also access the shared bicycle service ‘Ddareungi.’ Young adults aged 19 to 34 receive a 7,000 KRW discount. Nationwide cards like ‘K Pass’ and regional cards such as Gyeonggi-do’s ‘The Gyeonggi Pass’ and Incheon’s ‘I Pass’ are expected to launch in May.

Fuel Cards for Out-of-Town Excursions

With fuel prices rising sharply, fuel expenses have become a significant burden. Shinhan Card has long focused on fuel discounts. Among Shinhan Card’s Deep series, 'Deep Oil' offers a 10% discount on payments at selected oil companies. Users can choose one from GS Caltex, SK Energy, S-Oil, or Hyundai Oilbank to receive discounts, with the option to change the choice once a year. Besides fuel, users get a 10% discount on payments at all parking lots nationwide. Additional benefits cover maintenance, taxis, coffee, movies, and convenience stores.

KB Kookmin Card’s 'KB Easy Auto Titanium' rewards 150 KRW per liter when fueling at SK Gas Stations and GS Caltex. It also offers 5% points on vehicle maintenance and car wash services.

Samsung Card’s 'MY S-OIL Samsung Card' provides a 10% discount on fuel payments at S-Oil on the payment date. Benefits can reach up to 30,000 KRW per month depending on the previous month’s spending. An industry insider said, "The first step to smart card usage is understanding which category you currently spend the most on," adding, "Checking information on social networking services (SNS) and exploring popular cards is also a good approach."