[Ki Ha-young's Everyday Card] 'Card Point Cashing' A to Z... "Redeem Your Points for Cash"

Card Point Cash Conversion Service Starts from the 5th
Available to All Individual Members
1 Point = 1 Won, Real-time or Next Day Deposit

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

Since the 5th, the 'Card Point Cash Conversion Service' has started, allowing users to convert card points scattered across multiple card companies into cash and deposit them into their accounts at once. The server crashed within three hours of the service launch due to the rush of users. We have summarized how to use the card point cash conversion service and precautions to take.

Where to apply... Credit Finance Association Card Point Integrated Inquiry Website and App

The application method is simple. You can apply through the Credit Finance Association's Point Integrated Inquiry and Account Transfer website or smartphone applications (apps), or the Korea Financial Telecommunications & Clearings Institute's 'Account Info' app. The Credit Finance Association's 'Card Point Inquiry & Deposit' app is only available on Android phones, while the Account Info app is available on both Android and iPhone.

After accessing the website or app, you need to agree to the terms of use and consent to the collection, use, and provision of personal information, then proceed with identity verification. For the Credit Finance Association app, you can verify your identity using one of mobile phone, card, or IPIN authentication; for the Account Info app, you can choose one of biometric authentication, joint certificate, or financial certificate. After completing identity verification, check the delegation consent to view points or convert them to cash and proceed with account transfer.

Who can apply... Anyone with a personal membership

The card point cash conversion service is available to any individual member holding credit or check cards, excluding corporate members. The card point integrated inquiry and transfer service is available to both domestic and foreign nationals, while the Account Info app is available only to domestic nationals.

Regarding usage hours, the card point integrated inquiry service is available 24/7 all year round. The card point account deposit service is available daily from 00:30 to 23:30, except during system maintenance time (23:30?00:30). However, the Account Info app can be used from 01:00 to 23:00. Also, account deposit applications are limited to once per day per card company.

Account deposit application starts from 1 point... Hyundai Card requires conversion to H Coin

The card point cash conversion rate is 1 point to 1 KRW. Account deposit applications can be made starting from 1 point. The points eligible for account deposit are representative points from 11 card companies: L.POINT (Lotte Card), TOP Point (BC Card), Bonus Point (Samsung Card), My Shinhan Point (Shinhan Card), Woori Honey Money and Moa Point (Woori Card), Hana Money (Hana Card), H-Coin (Hyundai Card), Pointree (KB Kookmin Card), NH Point (NH Nonghyup Card), Citi Point (Citi Card), and Post Office Point (Post Office Card). However, Hana Money integrates Yes, Hana, and Hana Members points from Hana Card into Hana Money for unified inquiry. Hyundai Card M Points must be converted to H Coin via web, app, or call center before use. Note that 1 M Point equals 2/3 H Coin.

Other points are not eligible for account deposit application due to contractual relationships with point partners and complex point conversion structures that make cash conversion difficult.

When is account deposit processed... Real-time or within the next day

The time for card point account deposits varies by card company. Shinhan, KB Kookmin, Woori, BC, and NH Nonghyup Cards process point deposit applications in real-time regardless of weekends or holidays.

Lotte, Hyundai, and Hana Cards have designated real-time deposit hours; applications outside these hours are processed sequentially starting from 8 AM the next day. Real-time deposit hours are: Lotte Card 8:00?22:30 (including weekends and holidays), Hyundai Card 08:00?23:00 (business days only), and Hana Card 08:00?20:00 (business days only). Note that Hana Card processes real-time deposits only for applications of 10,000 KRW or more. For example, if you apply to deposit 3,000 points from Hana Card at 11 AM on a business day, it will not be deposited immediately but sequentially processed the next day.

Samsung Card, Citi Card, and Post Office Card process point deposit applications the next day (next business day) regardless of application time.

Card point deposit cancellations are not allowed

Once a card point account deposit application is completed, cancellation or correction of the application is not possible. This is because points are used and deposits are processed immediately upon application completion. If you want to convert the deposited amount back to points, you must contact each card company.