Financial promotions related to the national college entrance exam are largely absent this year compared to previous years, when companies rolled out a variety of events such as special high-interest savings products and card benefits, industry officials said Sunday.
Among the country’s major credit card issuers — Shinhan, Woori, Samsung, Lotte, Hana, Hyundai, NH NongHyup, BC and KB Kookmin — only KB Kookmin Card is running a dedicated promotion for takers of the College Scholastic Ability Test (CSAT), held nationwide last Thursday.
Kookmin Card’s event, which runs until Dec. 12, targets debit card users aged 18 to 24. Participants who spend a certain amount can win prizes such as an Apple Watch or wireless earbuds, and additional points are awarded for purchases of 30,000 won ($21) or more in categories like shopping, lodging, transportation and entertainment.
KB Pay is running a separate event where test-takers can submit their stories to receive small prizes.
“We ran a message-of-support campaign before the exam, and after the exam we created a promotion aimed at giving students tangible benefits,” a Kookmin Card official said.
By contrast, most credit card companies are focusing on general promotions, such as overseas shopping discounts or practical everyday benefits like rental and insurance payment discounts.
Banks, which previously launched special products every November to attract new clients, are seeing a similar trend. This year, savings and deposit rate promotions specifically targeting test-takers have mostly disappeared.
This stands in sharp contrast to other sectors, which are actively targeting students who took the CSAT with a range of discounts on movie tickets, flights, food, fashion and beauty items.
Card industry insiders attribute the trend to a broader effort to reduce marketing expenditures amid declining profits.
“We are cutting marketing expenses due to continued pressure on revenue from measures such as lower merchant fees and stricter card loan regulations. In this environment, promotions aimed at test-takers, which usually deliver limited results, have fallen lower on the priority list,” an official at one of the major card issuers said. “The focus has now shifted toward groups more likely to become long-term clients, such as young working adults and job seekers.”
A banking industry official, meanwhile, noted that the rise in savings and deposit interest rates has shifted the focus from short-term promotional events to enhancing the competitiveness of the products themselves.
“The appeal of preferential benefits has weakened compared with the past, given that interest rates are already higher,” she said.
In contrast to traditional financial institutions, the virtual asset sector is increasing its focus on student-oriented events.
Dunamu, the operator of the country’s largest cryptocurrency exchange, Upbit, is hosting a quiz event as part of its digital asset education program.
Participants gain financial knowledge useful for college life and complete quizzes, with prizes awarded according to their scores. Perfect scorers can win an iPad Air 13, while all participants scoring 80 or above receive a Bitcoin coupon worth 30,000 won. The first 10,000 entrants also receive a 5,000-won convenience store coupon.
This reflects the industry’s effort to strengthen engagement with younger generations.
“We hope students will use our event to improve their financial knowledge and contribute to cultivating a healthy digital asset investment culture,” Dunamu CEO Oh Kyoung-suk said.