Break Free from Billing Hassles: Easily Manage and Cancel Extra Card Products with Our App

In the future, you will be able to check at a glance whether you have subscribed to the ‘paid additional products’ of the card company you have signed up for and the fee details through the mobile app.

The Financial Supervisory Service announced on the 5th that it has prepared a plan to strengthen mobile channel guidance for card companies’ paid additional products.

This is to respond to changes in the digital financial environment, such as the spread of mobile financial services, so that consumers can more easily and conveniently check whether they have subscribed to paid additional products from card companies and the details of fees.

Card company paid additional product services include ▲Credit information management (provision of credit information, guidance on change details, etc.) ▲Vehicle management (provision of discount coupons for gas, parking, and maintenance, etc.) ▲Shopping management (provision of discount coupons, compensation for loss of purchased items, etc.) ▲Obviously There are exemptions and deferrals (DCDS, credit card debt exemption in case of death or illness), etc.

However, as some credit card companies still have insufficient consumer guidance for mobile channels, with guidance on paid additional products still remaining in the existing method (PC homepage, written statement, etc.), the Financial Supervisory Service has strengthened consumer guidance on mobile channels for paid additional products.

Accordingly, the Financial Supervisory Service plans to provide a ‘one-stop’ service that allows users to comprehensively view and easily cancel subscriptions to paid additional products through the card company’s mobile app.

Currently, some card companies’ mobile apps do not provide integrated inquiry and easy cancellation services for paid additional products, making it difficult for consumers to check the status of paid additional products they have subscribed to at a glance and easily cancel unnecessary products.

In addition, the details of paid additional products and fees being used by consumers must be separately displayed on the mobile billing statement. This measure applies to all eight domestic credit card companies.

Currently, the usage details and fees of paid additional products are not separately displayed on the mobile statements of some card companies, so consumers who use mobile statements are experiencing the inconvenience of not being able to easily check the fees for the paid additional products they are using.

Card companies plan to improve related systems by the end of this year and strengthen mobile channel guidance for paid additional products. The financial authorities plan to check the progress of credit card companies and encourage improvements in any additional matters necessary.

An official from the Financial Supervisory Service said, “Consumers’ rights and interests will be improved, including the reduction of unnecessary fee expenses, as they will be able to easily check and manage products that they were not aware of or have forgotten about because they no longer use them.”