In a bustling internet cafe in Seoul’s Cheongho-dong neighborhood, 64-year-old Lee Sang-geum hunches over a tablet PC. “I only need one full credit card per customer,” she explains while processing applications.
Her partner, 64-year-old Kim Mo, reviews two customer names on his screen. He selects a new credit card from dozens offered by major issuers, verifies personal details like resident registration numbers, and completes the issuance on the spot. Veteran recruiters like Kim have thrived in this role since the early 2000s credit card boom. They earn 400,000 to 500,000 won monthly per person, even during economic slumps.
“After 20 years, my income hasn’t budged much from the massive influx back then,” Kim notes. Yet he hides in cafe corners, citing growing sensitivity to personal data amid hacking concerns and societal shifts.
Shrinking Pool of Credit Card Recruiters
Credit card recruiters, mostly in their 50s, face a dwindling market. Recent data from eight major issuers—Shinhan, Samsung, KB Kookmin, Hyundai, Lotte, Woori, Hana, and BC Card—shows 3,324 active agents. The industry peaked at 120,000 in March 2002 amid explosive growth but has since contracted due to rising credit card penetration and financial regulations.
Despite retaining around 10,000 agents, the COVID-19 pandemic wiped out over 9,217 in 2020 alone. Numbers stabilized near 2,000 annually, hovering below 3,000 now—a precarious state. The average age has climbed steadily; it was 50 in 2017 but reached 57.9 recently, with some agents in their 80s still active.
A card industry executive observes, “No 50-year-olds lead anymore; non-agency folks do it casually. Recruiters likely form a significant portion of the rest.”
Digital Push Accelerates Decline
Even hiding in corners or heading to hiking spots fails to deter outreach, as card firms prioritize online channels. Recent figures reveal 57% of new credit cards issued digitally by major companies last June—up sharply from 6% a decade ago.
One issuer leverages AI for underwriting acceleration, digital marketing, and risk management. “Sure, some resist change, but most focus on mass acquisition via online platforms to boost performance,” an executive states. “That’s the core of digital business.”
Targeting Privacy-Conscious Clients
As door-to-door sales wane and personal data fears grow, recruiters zero in on wary individuals. They snag resident details from mailboxes or chats and process applications seamlessly. One agent shares, “I could enter any house before, but now apartment security blocks access. Even so, targeting privacy-sensitive folks generates solid business—it’s how many survive.”
64-year-old veteran Yoo Seong-ja, active for two decades, adds, “Lotte Card hikes make existing clients grumble, so we offer bigger incentives. That keeps new accounts flowing without much trouble.”
Hefty Earnings Keep Them Going
Income remains compelling. Agents like Kim earn 400,000-500,000 won monthly despite slowdowns. Issuing one card nets 50,000 won; one operator reissues 100 lost cards monthly. “Back when demand surged, 300 people yielded that income,” he says. “We sell via robots now, hand cards to locals, and replace old ones profitably.”
“Precisely manage accounts, and even seasonal dips support business,” he continues. Another recruiter recalls, “Mid-2010s peaks hit 10 million won monthly per person without data worries. Earnings hold steady now. Come another boom, or side gigs will sustain us.”
