Problems relating to Trade and Investment on Korea

13. Finance
Issue	Issue details	Requests	Reference

(1) The Guarantor Requirement and the Cap on Credit Card	- To file application for a bank credit card, it is necessary to provide a guarantor. Much inconvenience on business results from the credit limit, which is too small (2-million Won) without regard to the deposit amount and the credit level of the card user.	- It is requested that GOK deregulates the guarantor requirements and the credit limit for a bank credit card.
	(Action) - In July 2002, with cases of delinquent repayments increasing against credit cards, and as disciplines are tightened upon credit card companies, an integration of information concerning the small amount loan was effected. This integration included: confirmation of credit standings of members (in terms of revenue and assets) substantiated by official documents; a stricter control of credit by showing the specific limit of credit amount; a tightened control of credit companies in their solicitation of members; and the small amount loan.