'100,000 KRW Monthly' Card Cashback, Application Open Today for Birth Years Ending in 1 and 6

If You Use Cards More Than in Q2, Get About 10% of the Increase Back
Excluding Emart, Coupang, Department Stores... Check Performance Through Card Companies

[Sejong=Asia Economy Reporter Moon Chaeseok] The application process for the Win-Win Consumption Support Fund (card cashback), which refunds a portion if credit or debit card usage increases, begins on the 1st. On this day, those whose birth year ends in 1 or 6 can apply.

According to the Ministry of Economy and Finance on this day, nine card companies including Lotte, BC, Samsung, Shinhan, Woori, Hana, Hyundai, KB Kookmin, and NH Nonghyup will start accepting cashback applications. For the first week, applications will be accepted on a five-day rotation based on the last digit of the birth year. People born in years ending with 1 or 6 can apply on the 1st, those ending with 2 or 7 on the 5th, 3 or 8 on the 6th, 4 or 9 on the 7th, and 5 or 0 on the 8th. Regardless of the application date, card usage from October 1 will be eligible for cashback. The points received can be freely used like cash without restrictions on usage sectors.

Cashback is a policy that refunds 10% of the amount exceeding 3% more than the average monthly usage in the second quarter if credit or debit card usage in a month increases. The refund is given as cash-equivalent card points on the 15th of the following month, with a maximum of 100,000 KRW per person per month, up to 200,000 KRW. It will be implemented for two months, October and November, and may end early if the 700 billion KRW budget is exhausted. For example, if the average monthly usage in the second quarter is 1,000,000 KRW and the card usage in October is 1,530,000 KRW, the increase is 530,000 KRW. After excluding 30,000 KRW (3%), 500,000 KRW is eligible, and 10% of that, 50,000 KRW, is received as cashback. To receive 100,000 KRW, one must spend 2,030,000 KRW in October, which is 1,030,000 KRW more. However, if installment payments are made, the full principal amount counts toward that month's usage. If the card payment is later canceled after receiving cashback, the points must be returned.

Certain sectors are excluded from support. These include ▲large marts (warehouse-type stores such as E-mart, Homeplus, Lotte Mart, Costco), ▲large department stores, ▲large comprehensive online malls (Coupang, Gmarket, Auction, G9, 11st, Wemakeprice, Tmon, Interpark, SSG, Lotte ON), ▲large electronics specialty stores (Hi-Mart, Electronic Land, Samsung Digital Plaza, LG Best Shop, Apple specialty stores, Electromart). Additionally, luxury specialty stores, duty-free shops, home shopping, entertainment sectors (danranjoojeom, yuhengjoojeom, roomsalrong), gambling sectors (casinos, lottery shops, arcades), outdoor golf courses, new car purchases (imported and domestic), and overseas direct purchases are also excluded.

Card cashback is available to those aged 19 or older (born on or before December 31, 2002) who have used a credit or debit card in their name at least once in the second quarter. However, non-consumption expenditures such as taxes and insurance are not included in the usage. Foreigners with a foreign registration number who have card usage in the second quarter can also apply. To apply, one must designate one of the nine participating card companies as the dedicated card company, but it is not necessary to use only that card. Applicants can choose their preferred card company and apply through the card company’s app, website, call center, or branch. Within two days, the average monthly card usage for the second quarter will be notified. Afterwards, daily card usage data (total and by card company) and cashback amounts will be provided.

For more details, check the Win-Win Consumption Support Fund website, the main phone number, or each card company’s call center.