"1 Point = 1 Won"... Wake Up 2.4 Trillion Won of Dormant Card Points During Seol Holiday

Operation of Card Point Cashing Service During Seol Festival
Suspect Voice Phishing if Fee or Card PIN Requested

[Asia Economy Reporter Ki Ha-young] Approximately 170 billion KRW worth of card points have been converted into cash within one month since the launch of the 'Card Points Cash Conversion Service.' Considering the annual average card points balance is 2.4 trillion KRW, sharing the method of using the card points cash conversion service with parents, relatives, or elders who have not yet converted their points into cash during the Lunar New Year holiday is expected to be helpful.

According to the industry on the 13th, since the start of the card points cash conversion service on the 5th of last month, a total of 169.7 billion KRW worth of card points have been converted into cash over the course of one month, averaging about 5.5 billion KRW per day. In this process, an additional 8.09 billion KRW in deposits from long-unused and dormant accounts were also cashed out through the Financial Settlement Service's Account Info application (app).

Card Points Cash Conversion Service Operates During Lunar New Year

Card companies continue to operate the card points cash conversion service during the Lunar New Year holiday. However, the time when points are deposited as cash varies by card company. Shinhan, KB Kookmin, NH Nonghyup, Woori, BC, and Hyundai Cards deposit the cash on the day of application. For Lotte, Samsung, Hana, Citi, and Post Office cards, which have difficulty using the domestic bank system in real-time due to partnership relations, the card points will be deposited sequentially starting from the 15th, right after the Lunar New Year holiday ends. Hyundai Card deposits in real-time if the application is made between 8 a.m. and 11 p.m.; otherwise, the deposit is made the next day.

The application method is also simple. The card points cash conversion service can be applied for on the Credit Finance Association's 'Card Points Integrated Inquiry and Deposit Service' website or through the 'Points Integrated Inquiry' and 'Account Info' apps. You can download the official apps from Google Play or the App Store. The Credit Finance Association's card points inquiry and deposit app is available only on Android phones, while the Financial Settlement Service's Account Info app is available on both Android and iPhone.

Recommended for Elderly: Credit Finance Association Card Points Integrated Inquiry Site

For the elderly who are not familiar with mobile banking, phone authentication via the internet tends to be more familiar, so it is recommended to use the Credit Finance Association's 'Card Points Integrated Inquiry and Deposit Service' website rather than an app.

First, access the Credit Finance Association's card points integrated inquiry site on a computer or phone, click on Integrated Inquiry & Account Deposit, and check the consent for the collection and use of personal information. Then, after completing identity verification through card authentication, i-PIN authentication, or phone authentication, click on the delegation consent for service use, enter your name and the last six digits of your resident registration number, and then inquire. After checking the integrated card points, you can complete the application by entering the bank name and account number through the account deposit application.

Suspect Voice Phishing if Fees or Card PIN Are Requested

During the Lunar New Year holiday, voice phishing scams impersonating delivery services or relatives tend to increase, so caution is necessary when using the card points cash conversion service. The government and financial institutions never ask for fees, card passwords, or CVC information under the pretext of card points deposits. If such requests are made, suspect voice phishing and stop applying for the card points cash conversion service immediately.

Card points can be converted to cash at a rate of 1 point per 1 KRW. However, Hyundai Card M Points must be converted to H Coins through the web, app, or call center to be used. At this time, 1.5 M Points equal 1 H Coin. It is also important to note that account deposit applications can only be made once per day per card.