Overseas Check Card Spending Hits All-Time High in October—Boosted by Chuseok Holiday Travel

(Seoul=Yonhap Infomax) Dong Kyu Hur =

In October, South Korean credit card companies recorded the highest-ever monthly overseas check card spending by individuals, driven by a surge in outbound travel during the extended Chuseok holiday.

According to the Credit Finance Association on the 21st, the combined overseas check card spending by individuals at nine major credit card issuers—Samsung Card, Shinhan Card, KB Kookmin Card, Hyundai Card, Lotte Card, Hana Card, Woori Card, BC Card, and NH Nonghyup Card—reached 690.4 billion won ($529 million) in October, marking a new monthly record.

This figure is up 88.3 billion won from the previous record set in January this year (602.0 billion won), as the Chuseok holiday, which could be extended up to 10 days with additional leave, fueled a sharp increase in overseas travel demand.

By issuer, Hana Card led with 293.3 billion won, followed by Shinhan Card at 211.7 billion won. Together, these two companies accounted for over 70% of total individual overseas check card spending.

Among the remaining issuers, KB Kookmin Card posted 77.4 billion won, while Woori Card recorded 59.2 billion won, ranking third and fourth, respectively.

With the domestic card payment market nearing saturation, South Korean card companies are increasingly targeting overseas check card transactions as a new revenue stream. They are rolling out check cards with travel-focused benefits—such as free airport lounge access, previously limited to credit card users, and foreign exchange fee waivers—to capture market share.

As a result, cumulative overseas check card spending by individuals from January to October reached 5.761 trillion won ($4.42 billion), nearly matching the total for all of last year (5.7635 trillion won). If this trend continues, the annual figure for the nine card issuers is expected to not only surpass last year’s total but also exceed the 6 trillion won mark.

Meanwhile, overseas credit card (lump-sum and installment) spending by individuals also hit a record high in October, exceeding 1.4688 trillion won ($1.13 billion).

In the overseas credit card segment, Hyundai Card—which has exclusively offered Apple Pay in South Korea since May 2023—has maintained its top position. Last month, Hyundai Card’s individual overseas credit card spending reached 394.7 billion won, outpacing the second-ranked issuer by more than 100 billion won.

An industry official said, “The increase in overseas credit and check card spending in October was largely due to the spike in outbound travel during the long Chuseok holiday. In particular, payments made with travel-focused check cards are expanding rapidly.”

dghur@yna.co.kr

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