From dormant card inquiry to cancellation… Available in one app

Many people open multiple credit cards to take advantage of various discounts. However, there are usually only 1 or 2 cards that are used on a daily basis. This means that the remaining cards are used once and then left aside.

The actual number of dormant cards increased by 820,000 from 17.79 million at the end of last year to 18.61 million at the end of June this year. The proportion amounts to 14.1% of all cards. Leaving your cards lying around like this is a bad financial habit. Not only do you have to pay an annual fee, but you can also be exposed to illegal use overseas.

There is a service that is good for financial consumers with many unused cards to know about. This is the Korea Financial Telecommunications & Clearings Institute’s account information ‘My card at a glance’ service. You can easily view your dormant cards that have not been used for more than a year and cancel them right away.

If you have used the Account Info service in the past, you may be shaking your head. This is because in the past, only a list of dormant cards could be checked through this service. There was the inconvenience of having to apply for cancellation or continued use only through each credit card company.

Recently, the financial authorities and the Korea Financial Telecommunications and Clearings Institute have significantly revamped their services. Now, you can immediately apply for cancellation by installing the Account Info app. The method is simple. After running the app, go to the ‘dormant card management’ service on the main screen. After going through the service use consent process, a list of card companies that have issued credit cards that have not been used in the past year or more is displayed at a glance.

If you click on the card company, detailed information on each dormant card will appear. The card name, card number, issuance date, etc. are displayed on the screen. Users can choose between ‘cancel card’ and ‘continue use’ for each card. The application is completed by clicking the confirm button and completing the electronic signature.

You can immediately check whether the cancellation was successful. Except when there are restrictions on card cancellation, such as unpaid balances, or when additional features such as Hi-Pass are available, cancellation takes place immediately.

Currently, cards issued by 11 companies, including BC, KB Kookmin, Lotte, Samsung, Shinhan, Woori, Hana, Hyundai Card, Nonghyup, Suhyup, and Jeonbuk Bank, can be managed through the Account Info service. Corporate, Citi, Gwangju, Jeju, SC Jeil, Daegu, Busan, and Gyeongnam Bank cards will be included in the management service starting next year. This service is also available on the Account Info website.

The financial authorities and the Korea Financial Telecommunications and Clearings Institute have also significantly improved the card management service for automatic payment of apartment management fees and public rent. Previously, when a consumer applied to change or cancel automatic card payment here, it took approximately 3 business days to complete the process. There was also the problem that payment could not be made if a new card was not registered after canceling the card. This means that if you trusted the service, you could end up in trouble due to non-payment.

Now, when consumers change or cancel automatic payment of apartment management fees and public rent cards, it is processed in real time and can be confirmed immediately. If you fail to register a new card, your card will be canceled automatically to prevent non-payment.

Through Account Info, you can also cash out unused card points and deposit them immediately into your bank account.

Reporter Choi Han-jong [email protected]