Up to 100,000 KRW Cashback per Month for Increased Credit Card Use in Oct-Nov... Payment on November 15

Item Restrictions, Negative List Approach... Excluding Large Mart and Department Store Purchases
Foreigners Also Eligible to Apply

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government will start distributing the 'Win-Win Consumption Support Fund' (card cashback) for card usage in October on November 15. The core of the program is to refund 10% of the excess amount if the monthly card usage exceeds the average monthly usage in the second quarter by more than 3%, with a monthly limit of 100,000 KRW per person in cashback (cash-equivalent recharge).

According to the Ministry of Economy and Finance on the 2nd, the cashback program will be conducted over two months starting this month, with a total scale of 700 billion KRW, targeting adults aged 19 or older (born on or before December 31, 2002) who have credit or debit card usage records under their name in the second quarter of this year.

Applications for the 'Win-Win Consumption Support Fund' will be accepted until the 8th, based on the last digit of the birth year. The schedule is as follows: October 1 (born in years ending with 1 or 6), October 5 (2 or 7), October 6 (3 or 8), October 7 (4 or 9), and October 8 (5 or 0).

The usage target is primarily domestic spending, but a negative list approach will be applied to restrict industries or items that are inappropriate for the purpose of the program.

▲ Large marts such as E-Mart, Homeplus, Lotte Mart, Costco (including warehouse stores) ▲ Large department stores including Lotte, Shinsegae, Hyundai, Galleria, AK, NC, and E-Land affiliates (including outlets) ▲ Lotte and Shinsegae complex shopping malls ▲ Duty-free shops ▲ Large electronics specialty stores ▲ Major comprehensive online malls such as Coupang, Gmarket, Auction, G9, 11st, Wemakeprice ▲ Home shopping ▲ Entertainment industries ▲ Gambling industries ▲ Other categories such as automobile purchases, luxury specialty stores, outdoor golf courses, and non-consumption expenditures (taxes, insurance, gift certificates, prepaid card recharges, annual fees, etc.) will be excluded from cashback accumulation.

Transactions related to industries affected by COVID-19 such as travel, tourism, exhibitions, performances, culture, and sports, including specialized online malls and small to medium-sized online malls, are eligible for cashback accumulation. According to this criterion, consumption through Norangpungseon, Yes24, Ticketlink, Hanssem Mall, Baedal Minjok, Market Kurly, and Yanolja is recognized for cashback accumulation. Additionally, consumption at individually leased stores within large marts or department stores can also be included.

Meanwhile, foreigners who have a registration number and have credit or debit card usage records under their name in the second quarter can also apply. The consumption amount will be aggregated for all credit and debit cards under the applicant's name, but for convenience in cashback accumulation and usage, one of nine card companies (Lotte, BC, Samsung, Shinhan, Woori, Hana, Hyundai, KB Kookmin, NH Nonghyup) must be designated as the dedicated card company.