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The rental service for cellphones are hard to miss once you are at the arrival hall of the airport. You just give them your passport/card information and you will be given a phone . You just have to return it (either by mall or directly at the airport) when you are done.
$100 a day should be fine if you want to do the site seeing/eat/transit type of travel. Korea is pretty credit card friendly so i would just use credit for any shopping/big purchases.
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