"When Losing a T-money Card, No Refund for Remaining Balance... Beware of 20% Revolving Fee"

Even Lease Vehicles Must Pay Fines for Missing Regular Inspections
Small Delinquencies Also Affect Credit Ratings

On the 29th, when Seoul announced plans to raise public transportation fares by 300 won each for the subway, city buses, and village buses at the end of April next year, foreign tourists were purchasing transportation cards at City Hall Station on Seoul Subway Line 1. The city decided to increase fares, judging that it could no longer endure the severe accumulated deficits of the subway and buses, especially since the government will not provide budget support for losses from free rides for the elderly next year. Photo by Kim Hyun-min kimhyun81@

The financial authorities have urged caution, stating that amounts charged to T-money affiliated transportation cards will not be refunded even if the card is lost.

On the 24th, the Financial Supervisory Service (FSS) issued a consumer alert classified as "Caution," analyzing common complaints frequently raised by low-income consumers and the outcomes of their handling, and conveyed key points to be aware of.

First, it emphasized that if a T-money affiliated transportation card is lost, the charged amount cannot be refunded or used. This is because T-money stores the charged amount on the physical card itself, so losing the card means losing the charged balance as well. While noting down the T-money card number or taking a photo of the physical card may help, the effectiveness of such remedies is limited. Ultimately, users must be especially careful not to lose their cards.

Caution is also advised regarding credit card revolving payments (partial payment rollover agreements). Revolving payment is a service that allows partial payment of credit card bills and defers up to 90% of the balance to the next month without a delinquency record. Once applied for, high-interest rates ranging from 10% to up to 20% can be charged regardless of the balance in the withdrawal account. For example, if a 10% revolving payment is applied for, only 10% of the payment amount is settled even if there is sufficient payment amount, and high-interest charges are applied to the remaining balance.

Regarding such complaints, the FSS stated, "The contract documents include an agreement to the item 'major contents were explained,' and the usage statement was notified multiple times, so there is no illegality or impropriety in the company's handling of the matter," and urged, "When entering into a revolving payment agreement, carefully review the transaction conditions such as fee rates and minimum payment ratios through the explanatory documents."

When using leased vehicles, regular inspections must be strictly observed. Failure to undergo regular inspections may result in the leasing company imposing fines equivalent to penalties on the user. Additionally, even minor short-term delinquencies can remain as delinquency records and affect credit evaluations, so caution is advised.

This content was produced with the assistance of AI translation services.