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South Korean Credit Card Interest Rates Diverge in May: Low-Credit Borrowers See Relief, High-Credit Users Face Hikes

GateNews
Forex
According to Yonhapnews, in May, eight major South Korean credit card companies adjusted rates to reflect their inclusive finance approach and regulatory incentives for mid-tier lending. The average card loan interest rate declined slightly to 13.54% from 13.57% in April. However, borrowers with credit scores below 700 saw a greater drop of 0.09 percentage points (17.18% to 17.09%), while those scoring above 900 experienced a 0.47 percentage point increase (10.52% to 10.99%). Industry sources attribute the rate decline for lower-credit customers to the government's inclusive finance expansion policy and incentives that exempt mid-tier loans from total lending volume caps by up to 80%, encouraging card companies to expand offerings to lower-risk segments despite rising fund procurement costs.
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