A cheque card resembles a debit card in that payments are limited to the balance in the bank account which is linked to the card. Cheque cards can be used at shops as part of contracts with credit card service providers, but there are not many stores accepting debit cards in Korea. Clients over 14 years old can get a cheque card, with no restrictions on the subscribers credit score.Data reflects that cheque cards are used 1.7 million times a day for transactions that reach USD 62.4 million. Their usage has grown by 41.4 percent from 2007. The newly issued cheque cards have totalled 42.8 million in Q1 2008, a number which has grown by 11 million from 2007. According to Kookmin and Woori, banks that operate credit card business units, more than 70 percent of the cheque card subscribers are people in their 20s and 30s. Data was provided by the Bank of Korea.
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