Card spending by South Koreans aged 70 and older has risen more than 50 percent over the past three years, as the country's population in that age group topped 7 million for the first time last year. By contrast, the average increase in card spending across all age groups was just about 10 percent, showing that consumption growth is concentrated among the elderly. Card companies are focusing on launching specialized products targeting "active seniors" who actively spend and pursue leisure activities after retirement.
Credit and debit card spending by those aged 65 and older rose 49.6 percent over the past three years (2022-2025), according to KB Kookmin Card on Wednesday. Compared with the average increase across all age groups (10.2 percent) over the same period, the senior generation's card usage is growing significantly each year.
By age group, those aged 70 and older recorded the highest increase at 55.3 percent. Those aged 65 to 69 posted 44.6 percent, while those aged 60 to 64 came in at 17.8 percent, and those aged 40 and under at 1.7 percent. The younger generation is understood to have cut spending due to the effects of a prolonged economic downturn.
A similar trend was confirmed in statistics compiled by Woori Card. Last year, credit card spending by those aged 70 and older rose 14.4 percent from a year earlier. Debit card spending also rose 19.5 percent. Compared with 2022, the figures increased about 55.2 percent and 64.6 percent, respectively.
The senior generation not only has strong purchasing power but is also growing in absolute numbers. According to the Ministry of the Interior and Safety, the population in their 20s stood at 5.682 million last year, down 4.59 percent from the previous year. This marked the largest decline among all generations. By contrast, the population aged 70 and older reached 7.033 million, up 6.08 percent from a year earlier.
Card companies are introducing a variety of senior cards in line with this trend. KB Kookmin Card has diversified its product lineup targeting the senior generation, ranging from debit cards with no annual fee burden to general credit cards, public cards for National Pension recipients, and premium cards.
The "KB Golden Life Olim Card," launched in the second half of last year, is a prime example. The card was created to reflect senior-preferred services and consumption trends. As a basic service, it offers up to 2 percent additional rewards in six areas, including golf, health management, travel, home shopping, public transportation, and automatic payment of mobile telecommunications bills. It also includes benefits such as discounts of up to 10,000 won per month for food businesses and pets, and overseas discount cashback of up to 10,000 won per month.
The "Heritage Reserve" points-type card, one of the premium products, targets active seniors who enjoy a luxury lifestyle. It offers up to 1.2 percent rewards at domestic merchants and 3 percent at overseas merchants. As a coupon service, cardholders can choose one of a golf club weekday pass, hotel membership, or airline ticket discount service. Among special services, a medical accompaniment service is also provided.
Woori Card launched two types of "Card Eui Jeongseok 2 Wonder Life" credit and debit cards this month. They target active seniors who are engaged in leisure and consumption activities. The credit card offers a 1.5 percent discount at hospitals and clinics, online shopping, TV home shopping, and large supermarkets. The debit card applies 0.5 percent cashback. When paying insurance premiums for Tongyang Life Insurance, a Woori Financial Group affiliate, the credit card offers a 2.5 percent discount and the debit card 1 percent cashback.
Leisure and travel benefits have also been strengthened. The credit card offers a 2.5 percent discount at golf courses, gyms, saunas, gas stations, and for domestic and overseas online and offline payments. The debit card offers 1 percent cashback for gyms, saunas, and gas stations. In addition, the credit card offers a 1 percent discount and the debit card 0.2 percent cashback at all merchants at home and abroad, with no restrictions on previous-month spending or limits, increasing usability.
Last month, NH Nonghyup Card released the "NH All Wonderful Card." It was designed so that cardholders can choose between discount-type and rewards-type benefits. The discount type offers billing discount benefits in four areas: daily consumption, health and self-care, transportation, and leisure. Depending on previous-month spending, cardholders can receive up to 15,000 won per area and up to 60,000 won per month in discounts.
The rewards type provides 1 percent of domestic and overseas merchant spending as NH Points when previous-month spending is 400,000 won or more. The monthly rewards limit is 50,000 points.
There are also additional rewards benefits. Additional rewards are applied to the industry with the highest spending in the current month among five areas: health, health and beauty, shopping, travel, and leisure. The top area earns an additional 3 percent, and the second area an additional 2 percent. Both services can be changed once a month.
