[Giha-Young's Life Card] From 1 Point to Cash... Wake Up Your Sleeping Card Points

[Asia Economy Reporter Ki Ha-young]Is there anyone these days without at least one credit card? In modern society, anyone can have a card if they want. Credit cards have brought unparalleled convenience to daily life. Now, you can easily see people paying with credit cards or smartphones wherever you go. As demand has increased, cards with various benefits are being released almost daily. In response, Asia Economy delivers diverse stories related to cards, which are inseparable from our consumer life, through the weekly 'Cards in Daily Life' corner, including introductions to new cards, behind-the-scenes industry stories, and guides for card beginners.

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2.3 trillion won. This is the amount of unused 'card points' as of the first half of last year, compiled by the Financial Supervisory Service.

Card companies notify users of points about to expire six months before expiration. Generally, card points disappear within five years, so they must be used within that period. However, few people keep track of expiring points. Checking the usage amount deducted from the bank account this month is more important than the expiring points on the card statement.

In fact, it is not easy to pay attention to using card points. Even if you visit the point mall operated by the card company, it is difficult to find products that exactly match the points you have. Also, if you only have a few hundred or a few thousand points, it is often easier not to bother with them.

But did you know that card points can be converted to cash starting from just 1 point? By applying through the card company’s website, mobile application (app), or the call center number on the back of the card, you can convert points to cash from 1 point and have it deposited into your account. For cards affiliated with commercial banks, you can even withdraw cash from an ATM in units of 10,000 won. For example, if you apply for ATM withdrawal through the card company’s mobile app and create a one-time password for withdrawal, you can withdraw cash at an ATM.

Also, card points can be used for national tax payments and donations. Through 'Card Tax' operated by the Korea Financial Telecommunications & Clearings Institute, you can pay national taxes with your points, and if you donate points via each card company’s website, you can receive tax deductions during year-end tax settlement.

You can check these card points all at once through the Financial Supervisory Service’s financial consumer information portal, Fine, under 'Card Points Inquiry,' or through the Credit Finance Association’s inquiry system. You can view remaining points, points about to expire, and expiration dates by card company in an integrated manner.

There are also some points to note not only when using card points but also when accumulating them. Instead of choosing a card solely based on a high point accumulation rate, it is better to consider the previous month’s usage requirements and point accumulation limits as well. Generally, taxes, public utility charges, tuition fees, and prepaid card recharge amounts are excluded from the previous month’s usage. Even if you meet the previous month’s usage conditions, points are generally not accumulated for interest-free installment payments, so be sure to remember this.

The Financial Supervisory Service plans to conduct a 'Hidden Financial Assets Search Campaign' including card points in the first half of this year. You can also check hidden financial assets online anytime through Fine and apply for refunds. How about waking up your dormant card points during this opportunity?