“3 packages fitting for different money management purposes” comprise of premium benefits for installment savings plan, foreign exchange deals and unsecured loans. Customers can choose any or all of the three types of financial products or services on Coupang’s website and purchase them at zero won (free of charge). Coupons purchased can become readily usable once issued via SMS/MMS. Coupons will stay valid until May 31 for installment savings products and July 31 for foreign exchange and unsecured loan transactions.
The coupon for Life Plan Savings (installment savings plan) offers high rates of up to 5% p.a. (before tax, 3-year maturity) giving 4.3% p.a. (before tax) for 2-year maturity and 4.0% for 1-year maturity (pre-requisite: subscription to Internet Banking, same benefits to be extended to existing members of Internet Banking)
The foreign exchange coupon gives up to 80% discount from foreign exchange fees for up to $1,000 of money exchange in currencies of USD, Euro and Yen (pre-requisite: subscription to Internet Banking, same benefits to be extended to existing members of Internet Banking)
The coupon for unsecured loan for salaried workers gives 1.0% added rate p.a., which is usable along with other benefits of premium rates (pre-requisite: Citibank account should be used as a loan payment account. Not applicable for loans minimum rated at 5.5% p.a. or lower). As of May 7, 2012
For customers who purchase the coupon(s), fees for inter-bank transfer via online banking channels(Internet banking, VM banking and smart phone banking) will be waived for 1 year from the date of coupon registration regardless of frequency of transactions. To qualify for the fee waiver for online banking inter-bank money transfer, customers need to apply for fee waiver at Citibank branches in Korea while the coupons are good and valid.
An official of Citibank Korea is quoted as saying, “The purpose of free coupon promotion is to provide young generation in their 20s and 30s who form the main target of social commerce deal with 3 types of financial products offering substantial and reasonable financial benefits fitting their needs.”