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[Alpha Biz=(Chicago) Reporter Kim Jisun] In the second quarter, consumer complaints to credit card companies increased by 52% compared to the previous quarter.
Seven domestic full-time credit card companies, including Shinhan, Samsung, KB, Hyundai, Lotte, Woori, and Hana Card, reported a total of 2,368 complaints in the second quarter, up 51.6% (806 cases) from the previous quarter (1,562 cases). In the first quarter of last year, complaints fell 16.5% compared to the fourth quarter of last year, but shifted back to an increase in one quarter.
Shinhan Card had the largest number of complaints converted per 100,000 members with 6.22 cases. ▲ Lotte Card 1.82 cases, Hyundai Card 1.67 cases, Hana Card 1.40 cases, Samsung Card 1.25 cases, ▲KB Kookmin Card 0.98 cases, and Woori Card 0.73 cases.
By item, "institutional policy" (568 cases) and "sales" (244 cases) accounted for the majority of the total number of complaints, except for "other" items. The number of complaints related to 'bond' and 'customer counseling' was 179 and 158, respectively.
The surge in consumer complaints in the second quarter is attributed to a reduction in credit card benefits. The credit card industry is cleaning up credit and debit cards with net benefits and reducing benefits, citing worsening business conditions. According to the Credit Finance Association, the number of cards discontinued in the first half of last year was 159, exceeding the number of cards discontinued last year from 116.
The trend is expected to continue in the second half of the year.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
